<SUBMISSION>
<ACCESSION-NUMBER>0001104659-07-048608
<TYPE>424B3
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20070620
<DATE-OF-FILING-DATE-CHANGE>20070619
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>IRON MOUNTAIN INTELLECTUAL PROPERTY MANAGEMENT, INC.
<CIK>0001085903
<ASSIGNED-SIC>4220
<IRS-NUMBER>770154485
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B3
<ACT>33
<FILE-NUMBER>333-142953-06
<FILM-NUMBER>07929962
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>745 ATLANTIC AVE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
<PHONE>617-535-4766
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>745 ATLANTIC AVE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>DSI TECHNOLOGY ESCROW SERVICES INC
<DATE-CHANGED>19990506
</FORMER-COMPANY>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>IRON MOUNTAIN INC
<CIK>0001020569
<ASSIGNED-SIC>4220
<IRS-NUMBER>232588479
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B3
<ACT>33
<FILE-NUMBER>333-142953
<FILM-NUMBER>07929969
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>745 ATLANTIC AVENUE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
<PHONE>6175354766
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>745 ATLANTIC AVENUE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>IRON MOUNTAIN INC/PA
<DATE-CHANGED>20000201
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PIERCE LEAHY CORP
<DATE-CHANGED>19960807
</FORMER-COMPANY>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>IRON MOUNTAIN INFORMATION MANAGEMENT INC
<CIK>0001020882
<ASSIGNED-SIC>4220
<IRS-NUMBER>043038590
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B3
<ACT>33
<FILE-NUMBER>333-142953-13
<FILM-NUMBER>07929963
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>745 ATLANTIC AVE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
<PHONE>617-535-4766
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>745 ATLANTIC AVE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>IRON MOUNTAIN RECORDS MANAGEMENT INC
<DATE-CHANGED>19960812
</FORMER-COMPANY>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>COMAC INC
<CIK>0001052799
<ASSIGNED-SIC>4220
<IRS-NUMBER>943229868
<STATE-OF-INCORPORATION>DE
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B3
<ACT>33
<FILE-NUMBER>333-142953-11
<FILM-NUMBER>07929967
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>745 ATLANTIC AVE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
<PHONE>617-535-4766
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>745 ATLANTIC AVE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ARCUS STAFFING RESOURCES INC
<DATE-CHANGED>19980112
</FORMER-COMPANY>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>IRON MOUNTAIN GLOBAL LLC
<CIK>0001132691
<IRS-NUMBER>043545070
<STATE-OF-INCORPORATION>DE
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B3
<ACT>33
<FILE-NUMBER>333-142953-09
<FILM-NUMBER>07929965
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>745 ATLANTIC AVE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
<PHONE>617-535-4766
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>745 ATLANTIC AVE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
</MAIL-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>IRON MOUNTAIN GLOBAL INC
<CIK>0001132694
<IRS-NUMBER>043441680
<STATE-OF-INCORPORATION>DE
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B3
<ACT>33
<FILE-NUMBER>333-142953-10
<FILM-NUMBER>07929966
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>745 ATLANTIC AVE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
<PHONE>617-535-4766
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>745 ATLANTIC AVE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
</MAIL-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>MOUNTAIN REAL ESTATE ASSETS INC
<CIK>0001158154
<IRS-NUMBER>043545066
<STATE-OF-INCORPORATION>DE
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B3
<ACT>33
<FILE-NUMBER>333-142953-04
<FILM-NUMBER>07929959
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>745 ATLANTIC AVE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
<PHONE>617-535-4766
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>745 ATLANTIC AVE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
</MAIL-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>TREELINE SERVICES CORP
<CIK>0001234062
<IRS-NUMBER>542110821
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B3
<ACT>33
<FILE-NUMBER>333-142953-01
<FILM-NUMBER>07929956
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>745 ATLANTIC AVENUE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
<PHONE>617-535-4766
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>745 ATLANTIC AVENUE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>MOUNTAIN RESERVE I INC
<DATE-CHANGED>20030519
</FORMER-COMPANY>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>IRON MOUNTAIN GOVERNMENT SERVICES INC
<CIK>0001234063
<IRS-NUMBER>542110823
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B3
<ACT>33
<FILE-NUMBER>333-142953-08
<FILM-NUMBER>07929964
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>745 ATLANTIC AVENUE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
<PHONE>617-535-4766
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>745 ATLANTIC AVENUE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>MOUNTAIN RESERVE II INC
<DATE-CHANGED>20030519
</FORMER-COMPANY>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>IRON MOUNTAIN STATUTORY TRUST - 1998
<CIK>0001321735
<IRS-NUMBER>066466469
<STATE-OF-INCORPORATION>CT
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B3
<ACT>33
<FILE-NUMBER>333-142953-05
<FILM-NUMBER>07929961
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>745 ATLANTIC AVE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
<PHONE>617-535-4766
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>745 ATLANTIC AVE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>IRON MOUNTAIN STATUTORY TRUST 1998
<DATE-CHANGED>20050324
</FORMER-COMPANY>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>IRON MOUNTAIN STATUTORY TRUST - 1999
<CIK>0001321748
<IRS-NUMBER>066496076
<STATE-OF-INCORPORATION>CT
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B3
<ACT>33
<FILE-NUMBER>333-142953-07
<FILM-NUMBER>07929960
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>745 ATLANTIC AVE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
<PHONE>617-535-4766
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>745 ATLANTIC AVE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>IRON MOUNTAIN STATUTORY TRUST 1999
<DATE-CHANGED>20050324
</FORMER-COMPANY>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>MOUNTAIN RESERVE III INC
<CIK>0001321838
<IRS-NUMBER>470952067
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B3
<ACT>33
<FILE-NUMBER>333-142953-03
<FILM-NUMBER>07929958
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>745 ATLANTIC AVENUE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
<PHONE>617-535-4766
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>745 ATLANTIC AVENUE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
</MAIL-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>NETTLEBED ACQUISITION CORP
<CIK>0001321839
<IRS-NUMBER>200388018
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B3
<ACT>33
<FILE-NUMBER>333-142953-02
<FILM-NUMBER>07929957
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>100 PENNSYLVANIA AVENUE
<CITY>FRAMINGHAM
<STATE>MA
<ZIP>01701
<PHONE>508-808-7300
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>100 PENNSYLVANIA AVENUE
<CITY>FRAMINGHAM
<STATE>MA
<ZIP>01701
</MAIL-ADDRESS>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>IRON MOUNTAIN CANADA CORP
<CIK>0001398770
<IRS-NUMBER>980159724
<STATE-OF-INCORPORATION>A5
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B3
<ACT>33
<FILE-NUMBER>333-142953-12
<FILM-NUMBER>07929968
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>195 SUMMERLEA ROAD
<CITY>BRAMPTON
<STATE>A6
<ZIP>L6T 4P6
<PHONE>617-535-4769
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>C/O IRON MOUNTAIN INC
<STREET2>745 ATLANTIC AVENUE
<CITY>BOSTON
<STATE>MA
<ZIP>02111
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>a07-13368_1424b3.htm
<DESCRIPTION>424B3
<TEXT>
<html>

<head>






</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">


<p align="right" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:right;"><b>Filed Pursuant to Rule 424(b)(3)<br>
Registration No. 333-142953</b></p>

<p style="font-weight:bold;margin:0pt 0pt 3.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">PROSPECTUS</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 3.5pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">C$175,000,000</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 3.5pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Offer to Exchange</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 3.5pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">All Outstanding 7</font></b><font size="1" style="font-size:4.5pt;position:relative;top:-2.0pt;">1</font><font size="1" face="Symbol" style="font-size:8.0pt;">&#164;</font><font size="1" style="font-size:4.5pt;">2</font><font size="1" style="font-size:8.0pt;">% CAD Senior Subordinated Notes due 2017</font></p>

<p style="font-weight:bold;margin:0pt 0pt 3.5pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">for</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 3.5pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">7</font></b><font size="1" style="font-size:4.5pt;position:relative;top:-2.0pt;">1</font><font size="1" face="Symbol" style="font-size:8.0pt;">&#164;</font><font size="1" style="font-size:4.5pt;">2</font><font size="1" style="font-size:8.0pt;">% CAD Senior Subordinated Notes due 2017</font></p>

<p style="font-weight:bold;margin:0pt 0pt 3.5pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">of</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:16.0pt;">IRON MOUNTAIN
CANADA CORPORATION</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 3.5pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">(the continuing company
under an amalgamation<br>
involving Iron Mountain Nova Scotia Funding Company)</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Fully and Unconditionally Guaranteed By<br>
</font></b><font size="5" style="font-size:16.0pt;">IRON MOUNTAIN
INCORPORATED<br>
</font><font size="1" style="font-size:8.0pt;">and certain of its
subsidiaries</font></p>

<div style="line-height:9.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt 3.5pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">The Exchange Offer will
expire at 5:00&nbsp;p.m. New York City time,</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">on July&nbsp;19, 2007, unless extended</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt 3.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Terms of the Exchange Notes</font></b></p>

<p style="margin:0pt 0pt 3.5pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" style="font-size:8.0pt;">&#160;&#160; The
terms of the 7&#189;% CAD Senior Subordinated Notes due 2017 to be issued, or the
exchange notes, are substantially identical to the outstanding 7&#189;% CAD Senior
Subordinated Notes due 2017, or the outstanding notes, that were issued on March&nbsp;15,
2007, except for the transfer restrictions under U.S. securities laws,
registration rights and additional interest provisions relating to the
outstanding notes that will not apply to the exchange notes. The exchange notes
and the outstanding notes are sometimes collectively referred to in this
prospectus as the notes.</font></p>

<p style="margin:0pt 0pt 3.5pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" style="font-size:8.0pt;">&#160;&#160; Interest
on the exchange notes accrues at the rate of 7&#189;% per year, payable on March&nbsp;15
and September&nbsp;15 of each year, with the first payment on September&nbsp;15,
2007.</font></p>

<p style="margin:0pt 0pt 3.5pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" style="font-size:8.0pt;">&#160;&#160; The
exchange notes and the guarantees are subordinated to some of the issuer&#146;s and
the guarantors&#146; current and future debts that the issuer and the guarantors are
permitted to incur under the indenture governing the exchange notes. The
exchange notes and the guarantees will rank equally with the issuer&#146;s and the
guarantors&#146; other senior subordinated indebtedness, including the outstanding
notes. If the issuer or any guarantor goes into bankruptcy, payments on the
notes and the guarantees will only be made after the issuer&#146;s senior debts or
the senior debts of such guarantor have been paid in full.</font></p>

<p style="margin:0pt 0pt 9.5pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" style="font-size:8.0pt;">&#160;&#160; The
issuer may, at its option, redeem the notes at any time prior to March&nbsp;15,
2012 at the CAD make-whole price set forth in this prospectus. The issuer may,
at its option, redeem the notes at any time after March&nbsp;15, 2012 at the
prices set forth under &#147;Description of the Notes.&#148;&#160; Prior to March&nbsp;15, 2010 the issuer may
redeem a portion of the notes with the proceeds of certain equity offerings of
Iron Mountain Incorporated, or IMI, as long as at least C$115.0&nbsp;million in
aggregate principal amount of notes remains outstanding immediately afterwards.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 3.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Terms of the Exchange Offer</font></b></p>

<p style="margin:0pt 0pt 3.5pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" style="font-size:8.0pt;">&#160;&#160; Expires
at 5:00&nbsp;p.m., New York City time, on July&nbsp;19, 2007, unless extended. Such
date and time, as it may be extended, is referred to herein as the expiration
date.</font></p>

<p style="margin:0pt 0pt 3.5pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" style="font-size:8.0pt;">&#160;&#160; All
outstanding notes that are validly tendered and not validly withdrawn will be
exchanged for an equal principal amount at maturity of the exchange notes that
are registered under the Securities Act of 1933, as amended, or the Securities
Act.</font></p>

<p style="margin:0pt 0pt 3.5pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" style="font-size:8.0pt;">&#160;&#160; Tenders
of outstanding notes may be withdrawn at any time prior to the expiration of
the exchange offer.</font></p>

<p style="margin:0pt 0pt 3.5pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" style="font-size:8.0pt;">&#160;&#160; The
exchange offer is not conditioned upon any minimum principal amount of
outstanding notes being tendered.</font></p>

<p style="margin:0pt 0pt 3.5pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" style="font-size:8.0pt;">&#160;&#160; The
exchange offer is not subject to any condition other than that it must not
violate applicable law or any applicable interpretation of the staff of the
Securities and Exchange Commission, or the Commission.</font></p>

<p style="margin:0pt 0pt 3.5pt 30.0pt;text-indent:-10.0pt;"><font size="1" face="Symbol" style="font-size:8.0pt;">&#183;</font><font size="1" style="font-size:8.0pt;">&#160;&#160; Neither
we nor the guarantors will receive any cash proceeds from the exchange offer.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Each broker-dealer that receives exchange notes for its
own account pursuant to the exchange offer must acknowledge that it will
deliver a prospectus in connection with any resale of such exchange notes. The
letter of transmittal states that by so acknowledging and by delivering a
prospectus, a broker-dealer will not be deemed to admit that it is an &#147;underwriter&#148;
within the meaning of the Securities Act. This prospectus, as it may be amended
or supplemented from time to time, may be used by a broker-dealer in connection
with resales of the exchange notes received in exchange for the outstanding
notes where such outstanding notes were acquired by such broker-dealer as a
result of market-making activities or other trading activities.</font></p>

<div style="line-height:9.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="margin:0pt 0pt 3.5pt;text-indent:20.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Investing
in the exchange notes involves risks. See &#147;Risk Factors&#148; beginning on page&nbsp;16
of this prospectus, as well as the risk factors that are incorporated by
reference in this prospectus from our Annual Report on Form&nbsp;10-K for
the year ended December&nbsp;31, 2006.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Neither the Commission nor any
regulatory body has approved or disapproved of these securities or passed upon
the adequacy or accuracy of this prospectus. Any representation to the contrary
is a criminal offense.</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 3.5pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>


 <p style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The date of this prospectus is June&nbsp;19, 2007.</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='',FILE='C:\fc\17016434103_H10733_2199910\13368-1-bc.htm',USER='jmsproofassembler',CD='Jun 19 16:05 2007' -->



<br clear="all" style="page-break-before:always;">
<div>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">REFERENCES TO
ADDITIONAL INFORMATION<a name="ReferencesToAdditionalInformation_074209"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This prospectus incorporates by reference or refers to
important business and financial information about us that is not included in
or delivered with this prospectus. You may obtain documents that are filed by
us without charge upon your written or oral request. You may also obtain the
documents incorporated by reference into this prospectus, other than certain
exhibits to those documents, by accessing the Commission&#146;s website maintained
at www.sec.gov.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, Commission filings are available to the
public on our website, www.ironmountain.com. Information contained on or
accessible through our website or the website of any other person is not
incorporated by reference into this prospectus, and you should not consider
information contained on or accessible through those websites as part of this
prospectus.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will provide you with copies of this information,
without, charge, if you request in writing or by telephone from:</font></p>

<p align="center" style="margin:0pt 0pt 6.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Iron Mountain
Incorporated<br>
745 Atlantic Avenue<br>
Boston, Massachusetts 02111<br>
Attention: Investor Relations<br>
Telephone: (617) 535-4799</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you would like
to request copies of these documents, please do so by July&nbsp;12, 2007 in
order to receive them before the expiration of the exchange offer. For
additional information, see &#147;Where You Can Find More Information&#148; and &#147;Documents
Incorporated by Reference.&#148;</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You should not assume that the information contained
or incorporated by reference in this prospectus is accurate as of any date
other than the date on the front cover of this prospectus, or, in the case of
the information incorporated by reference, its date.</font></p>

<div style="line-height:9.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">ii</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='ii',FILE='C:\fc\17016518278_H10733_2199910\13368-1-be.htm',USER='jmsproofassembler',CD='Jun 19 16:06 2007' -->



<br clear="all" style="page-break-before:always;">
<div>


<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">TABLE
OF CONTENTS<a name="TableOfContents_075138"></a></font></b></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="577" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CautionaryNoteRegardingForwardloo_080114" title="Click to goto "><!-- SET mrlHTMLTableLeft --><!-- SET mrlNoTableShading -->CAUTIONARY NOTE REGARDING
  FORWARD-LOOKING STATEMENTS</a></font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iv</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="577" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.6pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Summary_081034" title="Click to goto ">SUMMARY</a></font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="577" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.6pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RiskFactors_081620" title="Click to goto ">RISK FACTORS</a></font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="577" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.6pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#UseOfProceeds_082408" title="Click to goto ">USE OF PROCEEDS</a></font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="577" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.6pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Capitalization_082330" title="Click to goto ">CAPITALIZATION</a></font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="577" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.6pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#RatioOfEarningsToFixedCharges_084551" title="Click to goto ">RATIO OF EARNINGS TO FIXED CHARGES</a></font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="577" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.6pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TheExchangeOffer_090232" title="Click to goto ">THE EXCHANGE OFFER</a></font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="577" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.6pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DescriptionOfTheNotes_090351" title="Click to goto ">DESCRIPTION OF THE NOTES</a></font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="577" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.6pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#CertainTaxConsiderations_084723" title="Click to goto ">CERTAIN
  TAX CONSIDERATIONS</a></font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">77</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="577" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.6pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#PlanOfDistribution_101947" title="Click to goto ">PLAN OF DISTRIBUTION</a></font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">87</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="577" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.6pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#NoticeToCanadianResidents_101950" title="Click to goto ">NOTICE
  TO CANADIAN RESIDENTS</a></font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">89</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="577" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.6pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#LegalMatters_102150" title="Click to goto ">LEGAL MATTERS</a></font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">97</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="577" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.6pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Experts_102152" title="Click to goto ">EXPERTS</a></font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">97</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="577" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.6pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#WhereYouCanFindMoreInformation_102153" title="Click to goto ">WHERE YOU CAN FIND MORE INFORMATION</a></font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">97</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="577" valign="top" style="padding:0pt .7pt 0pt 0pt;width:432.6pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#DocumentsIncorporatedByReference_102155" title="Click to goto ">DOCUMENTS INCORPORATED BY REFERENCE</a></font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">97</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ABOUT THIS
PROSPECTUS<a name="AboutThisProspectus_075146"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All references to &#147;Iron Mountain,&#148; &#147;IMI&#148; and the &#147;Company&#148;
in this prospectus are to Iron Mountain Incorporated and not any of its
subsidiaries. All references to &#147;we,&#148; &#147;our&#148; or &#147;us&#148; in this prospectus are to
the Issuer, IMI and the subsidiary guarantors (unless the context otherwise
requires), except that references to &#147;we,&#148; &#147;us&#148; or &#147;our&#148; under the captions &#147;Summary,&#148;
&#147;Risk Factors&#151;Operational Risks&#148; and &#147;Risk Factors&#151;Acquisition and
International Expansion Risks&#148; below are to IMI and its consolidated
subsidiaries. All references to the &#147;Issuer&#148; or &#147;issuer&#148; in this prospectus
refer only to Iron Mountain Canada Corporation, and not any of its
subsidiaries.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise indicated, references in this
prospectus to &#147;Canadian dollars,&#148; &#147;CAD&#148; or &#147;C$&#148; are to the lawful currency of
Canada, and references to &#147;dollars,&#148; &#147;US$&#148; or &#147;$&#148; are to the lawful currency of
the U.S.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In making an investment decision, you must rely on
your own examination of us and the terms of the exchange offer, including the
merits and risks involved. You should not construe anything in this prospectus
as legal, business or tax advice. You should consult your own advisors as
needed to make your investment decision and to determine whether you are
legally permitted to participate in the exchange offer under applicable laws
and regulations. <font style="letter-spacing:-.1pt;">We have not authorized
anyone to provide you with any other information. If you receive any
unauthorized information, you must not rely on it.</font></font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None of Iron Mountain Canada Corporation, any of the
guarantors, the exchange agent nor any of their respective affiliates makes any
recommendation as to whether or not holders of the outstanding notes should
exchange their outstanding notes for the exchange notes in response to the
exchange offer.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">iii</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='iii',FILE='C:\fc\164181859175_P83101_2188589\13368-1-bg.htm',USER='jmsproofassembler',CD='Jun 13 18:19 2007' -->



<br clear="all" style="page-break-before:always;">
<div>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CAUTIONARY NOTE
REGARDING FORWARD-LOOKING STATEMENTS<a name="CautionaryNoteRegardingForwardloo_080114"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have made statements in this prospectus, including
the documents that are incorporated by reference, which constitute &#147;forward-looking
statements&#148; as that term is defined in the Private Securities Litigation Reform
Act of 1995, other U.S. federal securities laws and Canadian securities laws.
These forward-looking statements concern our operations, economic
performance, financial condition, goals, beliefs, future growth strategies,
investments objectives, plans and current expectations. The forward-looking
statements are subject to various known and unknown risks, uncertainties and
other factors. When we use words such as &#147;believes,&#148; &#147;expects,&#148; &#147;anticipates,&#148; &#147;estimates&#148;
or similar expressions, we are making forward-looking statements.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although we believe
that our forward-looking statements are based on reasonable assumptions,
our expected results may not be achieved, and actual results may differ
materially from our expectations. Important factors that could cause actual
results to differ from expectations include, among others:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>changes
in customer preferences and demand for our services;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>changes
in the price for our services relative to the cost of providing such services;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>in
the various digital businesses in which we are engaged, capital and technical
requirements will be beyond our means, markets for our services will be less
robust than anticipated, or competition will be more intense than anticipated;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
cost to comply with current and future legislation or regulation relating to
privacy issues;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
impact of litigation that may arise in connection with incidents of inadvertent
disclosures of customers&#146; confidential information;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>our
ability or inability to complete acquisitions on satisfactory terms and to
integrate acquired companies efficiently;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
cost and availability of financing for contemplated growth;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>business
partners upon whom we depend for technical assistance or management and
acquisition expertise outside the U.S. will not perform as anticipated;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>changes
in the political and economic environments in the countries in which our
international subsidiaries operate; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>other
trends in competitive or economic conditions affecting our financial condition
or results of operations not presently contemplated.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For a more detailed discussion of some of these
factors, please read the information under &#147;Risk Factors&#148; beginning on page&nbsp;16.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These cautionary
statements should not be construed by you to be exhaustive and they are made
only as of the date of this prospectus. You should not rely upon forward-looking
statements except as statements of our present intentions and of our present
expectations, which may or may not occur. You should read these cautionary
statements as being applicable to all forward-looking statements wherever
they appear. Except as required by law, we undertake no obligation to release
publicly the result of any revision to these forward-looking statements
that may be made to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events. Readers are also urged to
carefully review and consider the various disclosures we have made in this
prospectus, including the documents that are incorporated by reference.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">iv</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='iv',FILE='C:\fc\164163435667_P83101_2188336\13368-1-bi.htm',USER='jmsproofassembler',CD='Jun 13 16:35 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ENFORCEMENT OF
JUDGMENTS<a name="EnforcementOfJudgments_080131"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IMI and the subsidiary guarantors are corporate
entities organized under the laws of the U.S. All or a substantial portion of
both IMI&#146;s and the subsidiary guarantors&#146; assets are located in the U.S. and,
as a result, it may not be possible for investors to effect service of process
or enforce judgments obtained against IMI or the subsidiary guarantors outside
the U.S. However, the Issuer is a Nova Scotia unlimited liability company. In
addition, all of IMI&#146;s directors reside in the U.S. and its executive officers
reside in the U.S. or in Europe, and all or some portion of their assets are
located in the U.S. or in Europe, and, as a result, it may not be possible for
investors to effect service of process or enforce judgments obtained against
IMI&#146;s directors and its executive officers outside the U.S. or Europe, as the
case may be. See&nbsp;&#147;Notice to Canadian Residents&#151;Enforcement of Legal
Rights.&#148;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">v</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='v',FILE='C:\fc\164163435667_P83101_2188336\13368-1-bi.htm',USER='jmsproofassembler',CD='Jun 13 16:35 2007' -->



<br clear="all" style="page-break-before:always;">
<div>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SUMMARY<a name="Summary_081034"></a></font></b></p>

<p style="font-style:italic;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">This summary highlights information contained
elsewhere in this prospectus, including the documents that are incorporated by
reference. This summary is not complete and does not contain all the
information that is important to you or that you should consider before
investing in the exchange notes. As a result, you should read this entire
prospectus, including the documents that are incorporated by reference,
carefully.</font></i></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Iron Mountain
Canada Corporation<a name="IronMountainCanadaCorporation_081037"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Iron Mountain Canada Corporation, or the Issuer, is an
unlimited liability company under the laws of Nova Scotia, Canada, and is the
continuing company resulting from the amalgamation of Iron Mountain Nova Scotia
Funding Company, or Funding, and Iron Mountain Canada Corporation, both of
which were wholly owned subsidiaries of IMI&#146;s wholly owned U.S. subsidiary,
Treeline Services Corporation, or Treeline, and Iron Mountain Box Company,
which was a wholly owned subsidiary of Iron Mountain Canada Corporation. Funding
was formed on February&nbsp;23, 2007 as an unlimited liability company under
the laws of Nova Scotia, Canada, and was the issuer of the outstanding notes.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have not included or incorporated by reference
separate financial statements of the Issuer in this prospectus as the financial
statements of IMI incorporated by reference herein from IMI&#146;s Current Report on
Form&nbsp;8-K filed with the Commission on May&nbsp;10, 2007 include
condensed consolidating financial information of IMI, which presents
information with respect to the Issuer along with information with respect to
IMI and the other guarantors.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registered office of
the Issuer is located at </font>195 Summerlea Rd., Brampton, Ontario, Canada L6T 4P6,
and its telephone number is (905) 792-7050.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Iron Mountain
Incorporated<a name="IronMountainIncorporated_081116"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe we are the global leader in information
protection and storage services. We help organizations around the world reduce
the costs and risks associated with information protection and storage. We
offer comprehensive records management and data protection solutions, along
with the expertise and experience to address complex information challenges
such as rising storage costs, litigation, regulatory compliance and disaster recovery.
Founded in 1951, we are a trusted partner to more than 90,000 corporate clients
throughout North America, Europe, Latin America and Asia Pacific. We have a
diversified customer base comprised of commercial, legal, banking, healthcare,
accounting, insurance, entertainment and government organizations, including
more than 90% of the Fortune 1000 and more than 85% of the FTSE 100.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our information protection and storage services can be
broadly divided into three major service categories: records management, data
protection&nbsp;&amp; recovery, and information destruction. We offer both
physical services and technology solutions in each of these categories, and we
continue to expand our geographic footprint in order to protect and store our
customers&#146; information without regard to media format or geographic location.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our physical records management services include:
records management program development and implementation based on
best-practices to help customers comply with specific regulatory requirements, implementation
of policy-based programs that feature secure, cost-effective storage for
all major media, including paper (which is the dominant form of records
storage), flexible retrieval access and retention management. Our technology-based
records management services are comprised primarily of digital archiving and
related services for secure, legally compliant and cost-effective long-term
archiving of electronic records. Within the records management services
category, we have developed specialized services for vital records and
regulated industries such as healthcare, energy and financial services.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">1</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='1',FILE='C:\fc\1701662473_H10733_2199910\13368-1-ca.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our physical data protection&nbsp;&amp; recovery
services include disaster preparedness, planning, support and secure, off-site
vaulting of data backup media for fast and efficient data recovery in the event
of a disaster, human error or virus. Our technology-based data protection&nbsp;&amp;
recovery services include online backup and recovery solutions (also known as
electronic vaulting) for desktop and laptop computers and remote servers.
Additionally, we serve as a trusted, neutral third party and offer technology
escrow services to protect and manage source code and other proprietary
information.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our information destruction services are comprised
almost exclusively of secure shredding services. Secure shredding services
complete the life cycle of a record and involve the shredding of sensitive
documents in a way that ensures privacy and a secure chain of record custody.
These services typically include the scheduled pick-up of loose office records
which customers accumulate in specially designed secure containers we provide.
Our technology-based information destruction services include
DataDefense, which provides automatic, intelligent encryption of sensitive PC
data and, when behaviors that are inconsistent with authorized use are
detected, that data is automatically eliminated and the PC is disabled, which
is designed to render the data useless to unauthorized users.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to our core records management, data
protection&nbsp;&amp; recovery, and information destruction services, we sell
storage materials, including cardboard boxes and magnetic media, and provide
consulting, facilities management, fulfillment and other outsourcing services.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our vision is to protect and store the world&#146;s
information, and to that end we have organized our business into a geographic
model with separate management teams for each of the following major geographic
regions: North America, Europe, Latin America and Asia Pacific. The one
exception to this model is our Digital Services business unit. Digital
services, by their nature, are deployed in a virtual fashion leveraging a
common set of intellectual property and a global technology infrastructure. Our
largest segment, the North American Physical Business, offers all of our
physical records management services, data protection&nbsp;&amp; recovery
services, and information destruction services. We expect that over time all of
these products and services will be available on a global basis throughout all
of our geographic segments.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Iron Mountain was founded in 1951 in an underground
facility near Hudson, New York. Now in our 56th year, we have experienced
tremendous growth and organizational change, particularly since successfully
completing the initial public offering of our common stock in February&nbsp;1996.
Since then, we have grown from a regional business with limited product
offerings and annual revenues of $104&nbsp;million in 1995 into a global
enterprise providing a broad range of information protection and storage services
to customers in markets around the world. For the year ended December&nbsp;31,
2006, we had total revenues of $2.4&nbsp;billion.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our growth since 1995 has been accomplished primarily
through the acquisition of U.S. and international information protection and
storage services companies. The goals of our current acquisition program are:
to supplement internal growth in our physical businesses by continuing to
establish a footprint in targeted international markets and adding fold-in
acquisitions both in the U.S. and internationally; and to accelerate our
strategy, leadership and time to market in our digital businesses. We expect
our digital acquisitions will be of two primary types, those that bring us new
or improved technologies to enhance our existing technology portfolio and those
that increase our market position through technology and established revenue
streams. To date, we completed two significant technology acquisitions:
Connected Corporation, or Connected, in November&nbsp;2004 and LiveVault
Corporation, or LiveVault, in December&nbsp;2005.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Having substantially completed our North American
geographic expansion by the end of 2000, we shifted our focus from growth
through acquisitions to internal revenue growth. In 2001, as a result of this
shift, internal revenue growth exceeded growth through acquisitions for the
first time since we began our acquisition program in 1996. This has been the
case in each year since 2001 with the exception of 2004, </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='2',FILE='C:\fc\1701662473_H10733_2199910\13368-1-ca.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">when revenue growth from
acquisitions exceeded internal revenue growth due primarily to the acquisition
of the records management operations of Hays plc, or Hays IMS, in July&nbsp;2003.
In the absence of unusual acquisition activity, we expect to achieve most of
our revenue growth internally in 2007 and beyond.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We expect to achieve our internal revenue growth
objectives primarily through a sophisticated sales and account management
coverage model designed to drive incremental revenues by acquiring new customer
relationships and increasing business with new and existing customers by
selling them our products and services in new geographies and selling
additional products and services such as secure shredding and digital data
protection. These selling efforts will be augmented and supported by an
expanded marketing program, which includes product management as a core
discipline. We are also developing an extensive worldwide network of channel
partners through which we are selling a wide array of technology solutions,
primarily our digital data protection and recovery products and services.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of December 31, 2006,
we provided services to over 90,000 corporate clients in 85 markets in the U.S.
and 86 markets outside of the U.S., employed over 18,600 people and operated
over 900 records management facilities in the U.S., Canada, Europe, Latin
America and Asia Pacific.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial
Characteristics of Our Business<a name="FinancialCharacteristicsOfOurBusi_081124"></a></font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our financial model
is based on the recurring nature of our various revenue streams. The historical
predictability of our revenues and the resulting operating income before
depreciation and amortization, or OIBDA</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">1</font>, allow us to operate with a high degree
of financial leverage. Our primary financial goal has always been, and
continues to be, to increase consolidated OIBDA in relation to capital
invested, even as our focus has shifted from growth through acquisitions to
internal revenue growth. Our business has the following financial
characteristics:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Recurring Revenues</i>. We derive a majority of our consolidated
revenues from fixed periodic, usually monthly, fees charged to customers based
on the volume of records stored. Once a customer places physical records in
storage with us and until those records are destroyed or permanently removed,
for which we typically receive a service fee, we receive recurring payments for
storage fees without incurring additional labor or marketing expenses or
significant capital costs. Similarly, contracts for the storage of electronic
backup media consist primarily of fixed monthly payments. Our quarterly
revenues from these fixed periodic storage fees have grown for
73&nbsp;consecutive quarters. For each of the five years 2002 through 2006,
storage revenues, which are stable and recurring, have accounted for over 56%
of our total consolidated revenues. This stable and growing storage revenue
base also provides the foundation for increases in service revenues and OIBDA.</p>

<div style="margin:0pt 0pt .0001pt;page-break-after:auto;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;position:relative;top:-2.0pt;">1</font><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="1" style="font-size:8.0pt;">We
use OIBDA, an integral part of our internal planning and reporting systems, to
evaluate the operating performance of our consolidated business. As such, we believe
OIBDA provides our current and potential investors with relevant and useful
information regarding our ability to grow our revenues faster than our
operating expenses. Additionally, we use multiples of current and projected
OIBDA in our discounted cash flow models to determine our overall enterprise
valuation and to evaluate acquisition targets. OIBDA should be considered in
addition to, but not as a substitute for, other measures of financial
performance reported in accordance with generally accepted accounting
principles, or GAAP, such as operating or net income or cash flows from
operating activities (as determined in accordance with GAAP). For a more
detailed definition and reconciliation of OIBDA and a discussion of why we
believe this measure provides relevant and useful information to our current
and potential investors, see Item 7. &#147;Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations&#151;Non-GAAP Measures&#148; in our Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2006 which is
incorporated by reference in this prospectus.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='3',FILE='C:\fc\1701662473_H10733_2199910\13368-1-ca.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Historically Non-Cyclical Storage Business</i>. We have not
experienced any significant reductions in our storage business as a result of
past economic downturns, although we can give no assurance that this would be
the case in the future. We believe that companies that have outsourced records
management services are less likely during economic downturns to incur the
move-out costs and other expenses associated with switching vendors or moving
their records management services programs in-house. However, during a recent
economic slowdown, the rate at which some customers added new cartons to their
inventory was below historical levels. The net effect of these factors has been
the continued growth of our storage revenue base, albeit at a lower rate. For
each of the five years 2002 through 2006, total net volume growth in North
America has ranged between 6% and 7%.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Inherent Growth from Existing Physical Records Customers.</i>
Our physical records customers have on average generated additional cartons at
a faster rate than stored cartons have been destroyed or permanently removed.
We estimate that inherent growth from existing customers represents
approximately half of our total net volume growth in North America. We believe
the consistent growth of our physical records storage revenues is the result of
a number of factors, including: (1)&nbsp;the trend toward increased records
retention; (2)&nbsp;customer satisfaction with our services; and (3)&nbsp;the costs
and inconvenience of moving storage operations in-house or to another provider
of information protection and storage services.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Diversified and Stable Customer Base</i>. As of December 31,
2006, we had over 90,000 corporate clients in a variety of industries. We
currently provide services to commercial, legal, banking, healthcare,
accounting, insurance, entertainment and government organizations, including
more than 90% of the Fortune&nbsp;1000 and 85% of the FTSE&nbsp;100. No
customer accounted for more than 2% of our consolidated revenues for the years
ended December&nbsp;31, 2004, 2005 and 2006. For each of the three years 2004
through 2006, the average volume reduction due to customers terminating their
relationship with us was less than 2%.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Capital
Expenditures Related Primarily to Growth</i>. Our information protection
and storage business requires limited annual capital expenditures made in order
to maintain our current revenue stream. For the years 2004 through 2006, over
85% of our aggregate capital expenditures were growth-related
investments, primarily in storage systems, which include racking, building and
leasehold improvements, computer systems hardware and software, and buildings.
These growth-related capital expenditures are primarily discretionary and
create additional capacity for increases in revenues and OIBDA. In addition,
since shifting our focus from growth through acquisitions to internal revenue
growth, our capital expenditures, made primarily to support our internal
revenue growth, have exceeded the aggregate acquisition consideration we
conveyed in both 2001 and 2002. Although this was not the case in 2003 due to
the acquisition of Hays IMS and in 2004 due to the acquisition of Connected and
the 49.9% equity interest held by Mentmore plc in Iron Mountain Europe Limited,
or IME, it was the case in both 2005 and 2006 and we expect this trend to
continue in the future absent unusual acquisition activity.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Growth Strategy<a name="GrowthStrategy_081142"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our objective is to
maintain a leadership position in the information protection and storage
services industry around the world, protecting and storing our customers&#146;
information without regard to media format or geographic location. In the U.S.
and Canada, we seek to be one of the largest information protection and storage
services providers in each of our markets. Internationally, our objectives are
to continue to capitalize on our expertise in the information protection and
storage services industry and to make additional acquisitions and investments
in selected international markets. Our primary avenues of growth are: (1)&nbsp;increased
business with existing customers; (2)&nbsp;the addition of new customers; (3)&nbsp;the
</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">4</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='4',FILE='C:\fc\1701662473_H10733_2199910\13368-1-ca.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">introduction
of new products and services such as secure shredding and electronic vaulting;
and (4)&nbsp;selective acquisitions in new and existing markets.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Growth from
Existing Customers</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our existing customers storing physical records
contribute to storage and storage-related service revenues growth because
on average they generate additional cartons at a faster rate than old cartons
are destroyed or permanently removed. In order to maximize growth opportunities
from existing customers, we seek to maintain high levels of customer retention
by providing premium customer service through our local account management
staff.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our sales coverage model
is designed to identify and capitalize on incremental revenue opportunities by
allocating our sales resources based on a sophisticated segmentation of our
customer base and selling additional records management, data protection&nbsp;&amp;
recovery and information destruction services, in new and existing markets,
within our existing customer relationships. We also seek to leverage existing
business relationships with our customers by selling complementary services and
products. Services include records tracking, indexing, customized reporting,
vital records management and consulting services.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Addition of New
Customers</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our sales forces are
dedicated to three primary objectives: (1)&nbsp;establishing new customer
account relationships: (2)&nbsp;generating additional revenue from existing
customers; and (3)&nbsp;expanding new and existing customer relationships by
effectively selling a wide array of complementary services and products. In
order to accomplish these objectives, our sales forces draw on our U.S. and international
marketing organizations and senior management.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Introduction of New
Products and Services</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We continue to expand our
menu of products and services. We have established a national presence in the
secure shredding industry in the U.S., Canada and the U.K. and offer our
electronic vaulting management services worldwide. These new products and
services allow us to further penetrate our existing customer accounts and
attract new customers in previously untapped markets.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Growth through
Acquisitions</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our acquisition strategy
includes expanding geographically, as necessary, and increasing our presence
and scale within existing markets through &#147;fold-in&#148; acquisitions. We have a
successful record of acquiring and integrating information protection and
storage services companies. Between January&nbsp;1, 1996, when we began our
acquisition program, and December&nbsp;31, 2006, we completed 187 acquisitions
in North America, Europe, Latin America and Asia Pacific for total
consideration of approximately $3.1&nbsp;billion, including approximately
$1&nbsp;billion associated with our merger with Pierce Leahy Corp. in February&nbsp;2000.
During that period, we substantially completed our geographic expansion in
North America, Europe and Latin America and began our expansion into Asia
Pacific.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Acquisitions in the
U.S. and Canada</font></i></p>

<p style="margin:0pt 0pt 11.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We intend to continue our
acquisition program in the U.S. and Canada focusing primarily on the secure
shredding industry, expanding geographically as necessary, and building scale
in some of our smaller markets through &#147;fold-in&#148; acquisitions. However, given
the small number of large acquisition prospects and our increased revenue base,
future acquisitions are expected to be less significant to overall U.S. and
Canadian revenue growth.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">5</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='5',FILE='C:\fc\1701662473_H10733_2199910\13368-1-ca.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-style:italic;margin:0pt 0pt 5.5pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">International Acquisition Strategy</font></i></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We also intend to continue
to make acquisitions and investments in information protection and storage
services businesses outside the U.S. and Canada. We have acquired and invested
in, and seek to acquire and invest in, information protection and storage services
companies in countries, and, more specifically, markets within such countries,
where we believe there is sufficient demand from existing multinational
customers or the potential for significant growth. Since beginning our
international expansion program in January&nbsp;1999, we have directly and
through joint ventures, expanded our operations into 26 countries in Europe,
Latin America and Asia Pacific. These transactions have taken, and may continue
to take, the form of acquisitions of the entire business or of controlling or
minority investments, with a long-term goal of full ownership. In addition to
the criteria we use to evaluate U.S. and Canadian acquisition candidates, we
also evaluate the presence in the potential market of our existing customers as
well as the risks uniquely associated with an international investment,
including those risks described below.</font></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The experience, depth and
strength of local management are particularly important in our international
acquisition strategy. As a result, we have formed joint ventures with, or
acquired significant interests in, target businesses throughout Europe, Latin
America and Asia Pacific. We began our international expansion by acquiring a
50.1% controlling interest in each of our IME, Iron Mountain South
America,&nbsp;Ltd., or IMSA, and Sistemas de Archivo Corporativo (a Mexican
limited liability company) subsidiaries.</font></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2006, we established a
majority-owned joint venture serving four major markets in India,
completed minority investments in information protection and storage businesses
with operations in Poland and Russia, and signed a definitive agreement to
establish a majority-owned joint venture in Asia Pacific. The Asia
Pacific transaction closed in the second quarter of 2007 for consideration of
approximately $2&nbsp;million and gives us an initial presence in Singapore,
Hong Kong-SAR, China, Indonesia, Sri Lanka, Taiwan and Malaysia.</font></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe this strategy,
rather than an outright acquisition, may, in certain markets, better position
us to expand the existing business. The local partner benefits from our
expertise in the information protection and storage services industry, our
multinational customer relationships, our access to capital and our technology,
and we benefit from our local partner&#146;s knowledge of the market, relationships
with local customers and their presence in the community.</font></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our long-term goal is to
acquire full ownership of each such business. To that end, in February&nbsp;2004,
we acquired the remaining 49.9% minority equity interest in IME, in January&nbsp;2005,
we acquired the remaining 49.9% minority equity interest in IMSA and in April&nbsp;2006,
we acquired the remaining minority equity ownership in our Mexican operations.
In addition, we have bought out partnership interests, in whole or in part, in
Chile, Eastern Europe and the Netherlands. As a result of these transactions we
own more than 98% of our international operations, measured as a percentage of
consolidated revenues.</font></p>

<p style="margin:0pt 0pt 5.5pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our international
investments are subject to risks and uncertainties relating to the indigenous
political, social, regulatory, tax and economic structures of other countries,
as well as fluctuations in currency valuation, exchange controls, expropriation
and governmental policies limiting returns to foreign investors.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The amount of our revenues derived from international
operations and other relevant financial data for fiscal years 2004, 2005 and
2006 are set forth in Note&nbsp;9 to Notes to Consolidated Financial Statements
in our Current Report on Form&nbsp;8-K filed with the Commission on May&nbsp;10,
2007 </font>which is incorporated
by reference in this prospectus. For the years ended December&nbsp;31,
2004, 2005 and 2006, we derived approximately 27%, 28% and 30%, respectively,
of our total revenues from outside of the U.S. As of December&nbsp;31, 2004,
2005 and 2006, we have long-lived assets of approximately 31%, 31% and 33%,
respectively, from outside of the U.S.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">6</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='6',FILE='C:\fc\1701662473_H10733_2199910\13368-1-ca.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-style:italic;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Digital Growth and
Technology Innovation Strategy</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Similar to our physical
businesses, we seek to grow revenues in our Worldwide Digital Segment by
selling our products and services to existing and new customers. Our focus on
technology innovation allows us to bring to market leading products and
services designed to solve customer problems in the areas of data protection
and e-records management. Our approach to innovation has three major
components: build, buy and partner. We will build or develop our own technology
in areas core to our strategy in order to protect and extend our lead in the
market. Examples include, back up and archiving Software as a Service and data
reduction technologies. Our technology acquisition strategy is designed to
accelerate our product strategy, leadership and time to market and past
examples include the Connected and LiveVault acquisitions. Finally, we are
developing global technology partnerships that complement our product and
service offerings, allow us to offer a complete solution to the marketplace and
keep us in contact with emerging technology companies.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address and
Telephone Number<a name="AddressAndTelephoneNumber_082115"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IMI was incorporated in
1990, but its operations date from 1951. It is a Delaware corporation. IMI&#146;s
principal place of business is located at 745 Atlantic Avenue, Boston,
Massachusetts 02111, and its telephone number is (617) 535-4766.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Background<a name="Background_082117"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;15,
2007, one of the Issuer&#146;s predecessor constituent companies, Funding, sold
C$175&nbsp;million in aggregate principal amount of its 7&#189;% CAD Senior
Subordinated Notes due 2017, or the outstanding notes, in a private offering to
initial purchasers for resale to qualified institutional buyers in accordance
with Rule&nbsp;144A under the Securities Act and, in Canada, to &#147;accredited
investors&#148; pursuant to applicable prospectus exemptions. We used the net
proceeds from the sale of the outstanding notes to repay a portion of amounts
outstanding under IMI&#146;s existing term loan facility. In connection with the
offering of the outstanding notes, we entered into a registration rights
agreement with the several initial purchasers of the outstanding notes. Under
the registration rights agreement, we agreed, for the benefit of the holders of
the outstanding notes, at our cost to use our reasonable best efforts to, among
other things:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>cause
a registration statement relating to the notes to be filed with the Commission
within 90 days after the date on which the Issuer issued the outstanding notes;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>use
all commercially reasonable efforts to cause such registration statement to be
declared effective by the Commission on or prior to 180 days after the date on
which the Issuer issued the outstanding notes; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>as
soon as practicable following the effectiveness of such registration statement,
commence an exchange offer through which the Issuer will exchange the
outstanding notes for the exchange notes.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A copy of the registration
rights agreement is filed with the Commission as an exhibit to our Current
Report on Form&nbsp;8-K filed with the Commission on March&nbsp;23, 2007,
which is incorporated by reference in this prospectus.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">7</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='7',FILE='C:\fc\1701662473_H10733_2199910\13368-1-ca.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Summary
of the Exchange Offer<a name="SummaryOfTheExchangeOffer_082124"></a></font></b></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><!-- SET mrlNoTableShading --><b><i style="font-weight:bold;">Securities Offered</i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7&#189;% CAD Senior Subordinated Notes due 2017.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">The Exchange Offer</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Issuer is offering
  to exchange up to C$175 million aggregate principal amount of its exchange
  notes, which have been registered under the Securities Act, for up to C$175&nbsp;million
  aggregate principal amount of its outstanding notes. You have the right to
  exchange the outstanding notes you hold for exchange notes with substantially
  identical terms.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:6.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:6.0pt 0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order for your
  outstanding notes to be exchanged, you must properly tender them before the
  expiration of the exchange offer. All outstanding notes that are validly
  tendered and not validly withdrawn will be exchanged. We will issue the
  exchange notes promptly after the expiration of the exchange offer. You may
  tender your outstanding notes for exchange by following the procedures
  described under the heading &#147;The Exchange Offer&#151;Procedures for Tendering
  Outstanding Notes.&#148;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Purpose of the Exchange Offer</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The purpose of the exchange offer is to satisfy our
  obligations under the registration rights agreement. After the exchange offer
  is complete, you will not have any further rights under the registration
  rights agreement, including any right to require us to register any
  outstanding notes that you do not exchange or to pay you the additional
  interest we agreed to pay to holders of outstanding notes if we failed to
  timely commence and complete the exchange offer.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Conditions of the Exchange
  Offer</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange offer is subject to specified
  conditions described under the caption &#147;The Exchange Offer&#151;Conditions,&#148; some
  of which we may waive in our sole discretion. The exchange offer is not
  conditioned upon any minimum principal amount of outstanding notes being
  tendered.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Extensions; Amendments</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We reserve the right,
  subject to applicable law, at any time and from time to time, but before the
  expiration of the exchange offer:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt 6.0pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; to extend the expiration date (as defined
  below) of the exchange offer and retain all outstanding notes tendered
  pursuant to the exchange offer subject to the right of tendering holders to
  withdraw their tender of outstanding notes;</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; to
  terminate the exchange offer and to refuse to accept outstanding notes not
  previously accepted, if one or more specified conditions occur; and/or </p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; to waive
  any condition or amend the terms of the exchange offer in any manner.</p>
  </td>
 </tr>
</table>

</div>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">8</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='8',FILE='C:\fc\1701662473_H10733_2199910\13368-1-ca.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="font-size:10.0pt;margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><!-- SET mrlNoTableShading --><b><i style="font-weight:bold;">Denominations of the Exchange Notes</i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange notes will
  be issued in minimum denominations of C$1,000 and integral multiples thereof.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Tenders; Expiration Date</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange offer will
  expire at 5:00&nbsp;p.m., New York City time, on July&nbsp;19, 2007, unless
  we extend the exchange offer, or the expiration date. We will extend the
  exchange offer as required by applicable law, and may choose to extend the
  exchange offer in our sole discretion. If we decided for any reason not to
  accept any outstanding notes you have tendered for exchange, those
  outstanding notes will be returned to you without cost promptly after the
  expiration or termination of the exchange offer. See &#147;The Exchange
  Offer&#151;Procedures for Tendering Outstanding Notes&#148; for a more complete
  description of the tender provisions.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Withdrawal Rights</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You may withdraw tenders
  of outstanding notes at any time prior to the expiration date by delivering a
  written notice of withdrawal to the exchange agent (as defined below) in
  conformity with the procedures discussed under &#147;The Exchange Offer&#151;Withdrawal
  of Tenders.&#148;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Settlement Date</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The settlement date of
  the exchange offer, or the settlement date, will be promptly after the
  expiration date, which is expected to be the third business day following the
  expiration date.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Material U.S. Federal Income
  Tax Considerations</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
  An exchange of our outstanding notes for exchange notes will be regarded for
  U.S. federal income tax purposes as a nontaxable continuation of our
  outstanding notes. Immediately after the exchange, for U.S. federal income
  tax purposes, your adjusted basis, holding period and other tax
  characteristics in the exchange notes received will be the same as your
  adjusted basis, holding period, and other tax characteristics in the
  outstanding notes immediately before the exchange. For additional
  information, see &#147;Certain Tax Considerations&#151;Material United States Federal
  Income Tax Considerations.&#148;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Certain Canadian Federal Income
  Tax Considerations</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
  An exchange of our outstanding notes for exchange notes will be regarded for
  Canadian federal income tax purposes as a non-taxable continuation of our
  outstanding notes. For additional information see &#147;Certain Tax
  Considerations&#151;Certain Canadian Federal Income Tax Considerations.&#148;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Use of Proceeds</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will not receive any
  cash proceeds from the exchange offer.</font></p>
  </td>
 </tr>
</table>

</div>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">9</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='9',FILE='C:\fc\1701662473_H10733_2199910\13368-1-ca.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="font-size:10.0pt;margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><!-- SET mrlNoTableShading --><b><i style="font-weight:bold;">Procedures for Tendering Outstanding Notes</i></b><font style="letter-spacing:2.25pt;"> </font></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
  If you wish to participate in the exchange offer and your outstanding notes
  are held by a custodial entity, such as a bank, broker, dealer, trust company
  or other nominee through CDS Clearing and Depository Services Inc., or CDS,
  you will be required to comply with the book-entry delivery procedures
  established by CDS. Any CDS participant may make book-entry delivery of the
  outstanding notes (on behalf of a noteholder wishing to accept the exchange
  offer) by complying with the procedures of CDS.<b><font style="font-weight:bold;">  </font>Noteholders who wish to tender outstanding
  notes to the exchange offer should contact their nominees for assistance.</b></font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If your outstanding
  notes are registered in your name, you must deliver the certificates
  representing your outstanding notes, together with a completed letter of
  transmittal and any other documents required by the letter of transmittal, to
  the exchange agent, before the expiration of the exchange offer. See &#147;The
  Exchange Offer&#151;Procedures for Tendering Outstanding Notes.&#148; In the
  alternative, you may comply with the guaranteed delivery procedures described
  under &#147;The Exchange Offer&#151;Guaranteed Delivery Procedures.&#148;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Please do not send your
  letter of transmittal or certificates representing your outstanding notes to
  us. Those documents should be sent only to your nominee or the exchange agent,
  as applicable. Questions regarding how to tender and requests for information
  with respect to the exchange offer procedures should be directed to the
  exchange agent. For additional information, see &#147;The Exchange Offer&#151;Exchange
  Agent.&#148;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Special Procedures for
  Beneficial Owners</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If your outstanding
  notes are registered in the name of a broker, dealer, commercial bank, trust
  company or other nominee, we urge you to contact that person promptly if you
  wish to tender your outstanding notes pursuant to the exchange offer. For
  additional information, see &#147;The Exchange Offer&#151;Procedures for Tendering
  Outstanding Notes.&#148;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Consequences of Failure to
  Exchange</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you do not exchange
  your outstanding notes for exchange notes, your outstanding notes will
  continue to be subject to the restrictions on transfer described in the
  outstanding notes. In general, outstanding notes may not be offered or sold
  unless registered or exempt from registration under the Securities Act, or in
  a transaction not subject to the registration requirements of the U.S. federal
  securities laws and applicable state securities law, or pursuant to
  prospectus exemptions under Canadian securities laws. See &#147;Risk Factors&#151;Risks
  Related to the Failure to Exchange.&#148; Following the completion of the exchange
  offer, we will have no obligation to exchange outstanding notes for exchange
  notes.</font></p>
  </td>
 </tr>
</table>

</div>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">10</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='10',FILE='C:\fc\1701662473_H10733_2199910\13368-1-ca.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="font-size:10.0pt;margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><!-- SET mrlNoTableShading --><b><i style="font-weight:bold;">Resales of the Exchange Notes</i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe that you will
  be able to offer for resale, resell or otherwise transfer the exchange notes
  issued in the exchange offer without further compliance with the registration
  and prospectus delivery provisions of the U.S. securities laws, provided
  that:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; you are
  not an affiliate of ours within the meaning of Rule&nbsp;405 under the
  Securities Act;</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; you are
  not a broker-dealer who purchased the outstanding notes from us for resale
  pursuant to Rule&nbsp;144A or any other available exemption under the
  Securities Act;</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; the
  exchange notes to be received by you will be acquired in the ordinary course of
  your business;</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; you have
  no arrangement or understanding with any person to participate in the
  distribution, within the meaning of the Securities Act, of the exchange
  notes;</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; you are
  not engaged in, and do not intend to engage in, a distribution, within the
  meaning of the Securities Act, of the exchange notes; and </p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; you are
  not prohibited by law or any policy of the Commission from participating in
  the exchange offer.</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:6.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our belief is based on
  existing interpretations of the Securities Act by the staff of the Commission
  set forth in several no-action letters to third parties unrelated to us. The
  staff has not considered this exchange offer in the context of a no-action
  letter, and we cannot assure you that the staff would make a similar determination
  with respect to this exchange offer. </font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If our belief is not
  accurate and you transfer an exchange note without delivering a prospectus
  meeting the requirements of the U.S. federal securities laws without an
  exemption from these laws, you may incur liability under the U.S. federal
  securities laws. We do not and will not assume, or indemnify you against,
  this liability. </font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, in
  connection with any resales of the exchange notes, any broker-dealer that
  acquired exchange notes for its own account as a result of market-making or
  other trading activities must acknowledge that it will deliver a prospectus
  meeting the requirements of the Securities Act in connection with any resale
  of the exchange notes. See &#147;The Exchange Offer&#151;Resale of the Exchange Notes&#148;
  and &#147;Plan of Distribution.&#148;</font></p>
  </td>
 </tr>
</table>

</div>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">11</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='11',FILE='C:\fc\1701662473_H10733_2199910\13368-1-ca.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally, the filing of
  this registration statement and the consummation of the exchange offer will
  not qualify the exchange notes for resale in Canada and will not affect the
  resale restrictions discussed under &#147;Notice to Canadian Residents&#151;Resale
  Restrictions.&#148;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Dissenters&#146; Rights of Appraisal</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders of the
  outstanding notes do not have any appraisal or dissenters&#146; rights in
  connection with the exchange offer.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Exchange Agent</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange agent for
  the exchange offer is BNY Trust Company of Canada. The address, telephone
  number and facsimile number of the exchange agent are set forth in the &#147;The
  Exchange Offer&#151;Exchange Agent&#148; and in the letter of transmittal.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.35pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="355" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.95pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For additional
  information, see &#147;The Exchange Offer,&#148; which includes more detailed
  information concerning the exchange offer.</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">12</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='12',FILE='C:\fc\1701662473_H10733_2199910\13368-1-ca.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Exchange Notes<a name="TheExchangeNotes_085438"></a></font></b></p>

<p style="font-style:italic;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">This summary is not a complete description of the
exchange notes. You should read the full text and more specific details
contained elsewhere in this prospectus. For a more detailed description of the
exchange notes, see the section entitled &#147;Description of the Notes&#148; in this
prospectus. </font></i></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><!-- SET mrlNoTableShading --><b><i style="font-weight:bold;">Issuer</i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Iron Mountain Canada Corporation, an unlimited
  liability company organized under the laws of Nova Scotia, Canada, and
  wholly-owned subsidiary of IMI.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Exchange Notes</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The terms of the
  outstanding notes and the exchange notes are identical in all material
  respects, except the exchange notes offered in the exchange offer:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; will have been registered under the
  Securities Act;</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; will not have transfer restrictions under
  U.S. securities laws and registration rights that relate to the outstanding
  notes; and </p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; will not have rights relating to the payment
  of additional interest to holders of outstanding notes if we fail to timely
  commence and complete the exchange offer.</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A brief description of
  the exchange notes is set forth below. For additional information regarding
  the exchange notes, see &#147;Description of the Notes.&#148;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Maturity</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange notes will
  mature on March&nbsp;15, 2017, unless previously redeemed.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Interest Rate</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange notes will
  bear interest at a rate of 7&#189;% per annum.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Interest Payment Dates</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">The
  Issuer will pay the interest due on the notes s</font>emiannually in arrears
  on March&nbsp;15 and September&nbsp;15, beginning September&nbsp;15, 2007.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Guarantors</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IMI is a guarantor along
  with certain of its U.S. wholly owned subsidiaries, or the subsidiary
  guarantors, and with IMI, the guarantors. However, not all of IMI&#146;s
  subsidiaries are guarantors. In particular, neither IME nor IMI&#146;s other non-U.S.
  subsidiaries are guarantors. If the Issuer cannot make payments on the
  exchange notes when they are due, the guarantors must make them instead. </font></p>
  </td>
 </tr>
</table>

</div>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">13</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='13',FILE='C:\fc\1701662473_H10733_2199910\13368-1-ca.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under certain conditions
  as permitted by the indenture, upon a sale or other disposition of a
  subsidiary guarantor, that guarantor&#146;s guarantee will be released, and upon a
  sale or other disposition of the Issuer, if the acquirer assumes the guarantees
  of the exchange notes (and in certain circumstances, assumes the exchange
  notes), IMI elects to make an offer to repurchase the exchange notes at 101%
  of par and certain other conditions are met, all guarantees, including that
  of IMI, will be released (and, in certain circumstances involving the sale or
  disposition of all or substantially all of the assets of the Issuer, the
  Issuer will be released of its obligations in respect of the exchange notes).
  See &#147;Description of the Notes&#151;Certain Covenants&#151;Release of Guarantees and
  Guarantors.&#148;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Ranking</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange notes and
  the guarantees are unsecured senior subordinated debts. They rank behind all
  of the Issuer&#146;s and the guarantors&#146; current and future indebtedness other
  than trade payables, except indebtedness that expressly provides that it is
  not senior to the exchange notes and the guarantees.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Offer to Repurchase Notes</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If IMI sells certain
  assets or experiences specific kinds of changes of control, IMI or the Issuer
  must offer to repurchase the exchange notes at the prices listed in this
  prospectus in the section captioned &#147;Description of the Notes&#148; under the
  subheading &#147;&#151;Offer to Repurchase Notes.&#148;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Optional Redemption</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Issuer may, at its
  option, redeem some or all of the exchange notes at any time prior to
  March&nbsp;15, 2012 at the CAD make-whole price set forth in this
  prospectus. At its option, the Issuer may also redeem some or all of the
  exchange notes at any time after March&nbsp;15, 2012 at the redemption prices
  listed in this prospectus in the section captioned &#147;Description of the Notes&#148;
  under the subheading &#147;&#151;Optional Redemption.&#148;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Before March&nbsp;15, 2010, the Issuer may, at its
  option, redeem a portion of the exchange notes with the proceeds of certain
  equity offerings of IMI as long as at least C$115.0&nbsp;million in aggregate
  principal amount of notes (including any additional notes subsequently issued
  as part of the same class) remains outstanding immediately afterwards.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Certain Covenants</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Issuer will issue
  the exchange notes under the same indenture with The Bank of New York Trust
  Company, N.A., as trustee, under which the outstanding notes were issued. The
  indenture, among other things, restricts the ability of the Issuer, IMI and
  IMI&#146;s restricted subsidiaries to: </font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; borrow money; </p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; pay dividends on stock or purchase stock; </p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; make investments;</p>
  </td>
 </tr>
</table>

</div>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">14</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='14',FILE='C:\fc\1701662473_H10733_2199910\13368-1-ca.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; use assets as security in other
  transactions;</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; enter into transactions with affiliates; and
  </p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="font-size:10.0pt;margin:6.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font>&nbsp; sell certain assets or merge with or into
  other companies.</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For more details, see
  the section captioned &#147;Description of the Notes-Certain Covenants.&#148;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Governing Law</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The indenture, the
  exchange notes and each guarantee are governed by and will be construed in
  accordance with the laws of the State of New York.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Delivery and Form</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange notes will
  be issued in the form of one or more fully registered global notes in book-entry
  form, which will be deposited with, <font style="letter-spacing:-.1pt;">and
  registered in the name of, CDS&nbsp;&amp; Co. as nominee for CDS Clearing and
  Depository Services&nbsp;Inc., or CDS</font>. <font style="letter-spacing:-.1pt;">Ownership of interests in the global notes, or Book-Entry
  Interests, will be available to participants in CDS or persons that may hold
  interests through those participants. The Depository Trust Company is a
  participant in CDS. Book-Entry Interests in the notes will be shown on,
  and transfers thereof will be effected through, records maintained in book-entry
  form by CDS and their participants. See &#147;Description of the Notes&#151;Book-Entry,
  Delivery and Form.&#148;</font>  </font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="margin:6.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as set forth
  under &#147;Description of the Notes&#151;<font style="letter-spacing:-.1pt;">Book-Entry,
  Delivery and Form,&#148; </font>holders of the exchange notes will not be entitled
  to receive physical delivery of definitive exchange notes or to have exchange
  notes issued and registered in their names and will not be considered the
  record owners or holders of the exchange notes under the indenture governing
  the exchange notes. Interest in the global note will be issued in minimum
  denominations of C$1,000 and integral multiples thereof.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="239" valign="top" style="padding:0pt .7pt 0pt 0pt;width:179.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Listing</font></i></b></p>
  </td>
  <td width="15" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.4pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="353" valign="top" style="padding:0pt .7pt 0pt 0pt;width:264.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We do not intend to list
  the exchange notes on any securities exchange or to arrange for quotation
  through any automated trading system.</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Risk Factors<a name="RiskFactors_093707"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You should carefully consider all of the information
in this prospectus, including the information incorporated by reference in this
prospectus. In particular, you should evaluate the specific risks set forth
under the sections captioned &#147;Risk Factors&#148; beginning on page&nbsp;16 of this
prospectus for a discussion of certain risks in making an investment in the
exchange notes.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">15</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='15',FILE='C:\fc\1701662473_H10733_2199910\13368-1-ca.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->



<br clear="all" style="page-break-before:always;">
<div>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">risk factors<a name="RiskFactors_081620"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You should carefully
consider the following factors, the risk factors included in &#147;Item&nbsp;1A.
Risk Factors&#148; in our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31,
2006, which is incorporated by reference, and other information in this
prospectus before deciding to invest in our exchange notes.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Risks Related to
the Exchange Notes<a name="RisksRelatedToTheExchangeNotes_081728"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our substantial
indebtedness could adversely affect our financial health and prevent us from
fulfilling our obligations under our various indebtedness.<a name="OurSubstantialIndebtednessCouldAd_081732"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have
a significant amount of indebtedness. The following table shows important
credit statistics for Iron Mountain and its consolidated subsidiaries, and
assumes that we had closed our new revolving credit and term loan facilities,
or the &#147;New Credit Agreement,&#148; and applied the initial borrowings thereunder as
described under &#147;Capitalization&#148;:</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="385" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:288.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="96" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:72.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">As&nbsp;Adjusted<br>
  At&nbsp;March&nbsp;31,&nbsp;2007</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="385" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:288.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="96" colspan="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:72.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">(Dollars&nbsp;in&nbsp;millions)</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="385" valign="top" style="padding:0pt .7pt 0pt 0pt;width:288.85pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total long-term
  debt</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="42" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:31.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,910.1</font></p>
  </td>
  <td width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="385" valign="top" style="padding:0pt .7pt 0pt 0pt;width:288.85pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stockholders&#146; equity</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="42" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:31.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,584.9</font></p>
  </td>
  <td width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="385" valign="top" style="padding:0pt .7pt 0pt 0pt;width:288.85pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Debt to equity
  ratio</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.84</font></p>
  </td>
  <td width="24" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:17.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our substantial
indebtedness could have important consequences to you. Our indebtedness may
increase as we continue to borrow under existing and future credit arrangements
in order to finance future&nbsp;acquisitions and for general corporate
purposes, which would increase the associated risks. These risks include:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>inability
to satisfy our obligations with respect to our various indebtedness;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>inability
to adjust to adverse economic conditions;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>inability
to fund future working capital, capital expenditures, acquisitions and other
general corporate requirements, including possible required repurchases of our
various indebtedness;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>limits
on our flexibility in planning for, or reacting to, changes in our business and
the information protection and storage services industry;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>limits
on future borrowings under our existing or future credit arrangements, which
could affect our ability to pay our indebtedness, including the notes, or to
fund our other liquidity needs;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>inability
to generate sufficient funds to cover required interest payments, including on
the notes; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>restrictions
on our ability to refinance our indebtedness on commercially reasonable terms.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restrictive loan
covenants may limit our ability to pursue our growth strategy.<a name="RestrictiveLoanCovenantsMayLimitO_082149"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our credit facility
and our indentures contain covenants restricting or limiting our ability to,
among other things:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>incur
additional indebtedness;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>pay
dividends or make other restricted payments;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>make
asset dispositions;</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">16</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='16',FILE='C:\fc\164163520479_P83101_2188336\13368-1-cc.htm',USER='jmsproofassembler',CD='Jun 13 16:36 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>create
or permit liens; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>make
capital expenditures and other investments.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These restrictions may adversely affect our ability to
pursue our acquisition and other growth strategies.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Despite current
indebtedness levels, we may still be able to incur substantially more debt.<a name="DespiteCurrentIndebtednessLevelsW_082237"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The terms of the indenture generally do not prohibit
us from borrowing additional funds under our revolving credit facility and
possible future credit arrangements. The New Credit Agreement would permit
additional borrowings, under such facilities (subject to customary borrowing
conditions) or otherwise, of up to $323.6&nbsp;million as of March&nbsp;31,
2007 assuming we had closed the New Credit Agreement and applied the initial
borrowings thereunder as described under &#147;Capitalization.&#148; Additional
borrowings under such facilities would be, and other borrowings could be,
senior to the exchange notes and the guarantees.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our ability to
generate sufficient cash to service our indebtedness depends on many factors
beyond our control.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our ability to make payments on and to refinance our
indebtedness, including the exchange notes, and to fund capital expenditures
and future acquisitions will depend on our ability to generate cash in the
future. This, to some extent, is subject to general economic, financial,
competitive, legislative, regulatory and other factors that are beyond our
control. We believe our cash flow from operations and available borrowings
under our existing and future credit arrangements will be adequate to meet our
foreseeable future liquidity needs.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We cannot assure you, however, that our business will
generate sufficient cash flow from operations or that future borrowings will be
available to us under our existing and future credit arrangements in an amount
sufficient to enable us to pay our indebtedness, including the exchange notes,
or to fund our other liquidity needs. We may need to refinance all or a portion
of our indebtedness, including the exchange notes, on or before maturity. We
cannot assure you that we will be able to refinance any of our indebtedness,
including the New Credit Agreement and the exchange notes, on commercially
reasonable terms or at all.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange notes
and the guarantees are junior to all of our existing senior indebtedness and
possibly to all of our future borrowings, and in some situations, this may
reduce our ability to fulfill our full obligations under the exchange notes.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange notes and the guarantees rank behind all
of our existing senior indebtedness and all of our future borrowings, other
than trade payables, except any future indebtedness that expressly provides
that it ranks equal with, or is subordinated in right of payment to, the
exchange notes and the guarantees. As a result, upon any distribution to our
creditors in a bankruptcy, liquidation or reorganization or similar proceeding
relating to us or our property, the holders of our senior debt will be entitled
to be paid in full in cash before any payment may be made with respect to the
exchange notes or the guarantees.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, all payments on the exchange notes and
the guarantees will be blocked in the event of a payment default on our senior
debt and may be blocked for up to 179 of 360 consecutive days in the event of
certain non-payment defaults on our senior debt.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If we become subject to a bankruptcy, liquidation or
reorganization or similar proceeding, holders of the exchange notes will
participate with trade creditors and all other holders of our senior
subordinated indebtedness in the assets remaining after we have paid all of the
senior debt. However, because the indenture requires that amounts otherwise
payable to holders of the exchange notes in a bankruptcy or similar proceeding
be paid to holders of senior debt instead, holders of the exchange notes may
receive less, ratably, than holders of trade payables in any such proceeding.
In any of these cases, we may not have </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">17</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='17',FILE='C:\fc\164163520479_P83101_2188336\13368-1-cc.htm',USER='jmsproofassembler',CD='Jun 13 16:36 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">sufficient funds to pay
all of our and their creditors and holders of the exchange notes may receive
less, ratably, than the holders of senior debt.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assuming we had closed the New Credit Agreement and applied
the initial borrowings thereunder as of March&nbsp;31, 2007 as described under &#147;Capitalization,&#148;
the guarantees would have been subordinated to $574.7&nbsp;million of our
senior debt and would have ranked equally with $2,260.6&nbsp;million (includes
$0.6&nbsp;million of net discounts) of our other senior subordinated debt and
trade payables. We will be permitted to incur substantial additional
indebtedness, including senior debt, in the future under the terms of the
indenture.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your right to
receive payments on these exchange notes could be adversely affected if any of
our non-guarantor subsidiaries declare bankruptcy, liquidate or
reorganize.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IMI and substantially all of Iron Mountain&#146;s direct
and indirect wholly owned U.S. subsidiaries will guarantee the exchange notes.
IME, its subsidiaries and our other existing non-U.S. subsidiaries do
not, and we anticipate that our future non-U.S. subsidiaries, including
the Issuer&#146;s subsidiaries, will not, guarantee the exchange notes. In the event
of a bankruptcy, liquidation or reorganization of any of our non-guarantor
subsidiaries, holders of their indebtedness and their trade creditors will
generally be entitled to payment of their claims from the assets of those non-guarantor
subsidiaries before any assets are made available for distribution to us.
Assuming the closing of the New Credit Agreement and the application of the
initial borrowings thereunder as of March&nbsp;31, 2007 as described under &#147;Capitalization,&#148;
the exchange notes were effectively junior to $64.7&nbsp;million of
indebtedness and other liabilities (including trade payables) of our
non-guarantor subsidiaries. Our non-guarantor subsidiaries generated 23.5%
of our consolidated revenues in the year ended December&nbsp;31, 2006 and held 26.9%
of our consolidated total assets as of December&nbsp;31, 2006, in the latter
case without reduction for the minority interests in certain of our non-U.S.
subsidiaries.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our condensed consolidating financial information
included in the notes to our consolidated financial statements, which are
included in our Current Report on Form&nbsp;8-K filed with the Commission on May&nbsp;10,
2007, and in our Quarterly Report for the quarter ended March&nbsp;31, 2007,
each of which is incorporated herein by reference, includes information for the
Issuer, IMI, the subsidiary guarantors on a combined basis and our
non-guarantor subsidiaries on a combined basis.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">You may not be able
to effect service of process or enforce judgments obtained against us or the
subsidiary guarantors outside the U.S.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IMI and the subsidiary guarantors are entities
organized under the laws of the U.S. All or a substantial portion of both IMI&#146;s
and the subsidiary guarantors&#146; assets are located in the U.S. and, as a result,
it may not be possible for investors to effect service of process or enforce
judgments obtained against IMI or the subsidiary guarantors outside the U.S. In
addition, all of IMI&#146;s directors reside in the U.S. and its executive officers
reside in the U.S. or in Europe, and all or some portion of their assets are
located in the U.S. or in Europe, as the case may be. As a result, it may not
be possible for investors to effect service of process or enforce judgments obtained
against IMI&#146;s directors outside the U.S. and executive officers outside the
U.S. or Europe, as the case may be.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">We may not have the
ability to raise the funds necessary to finance the repurchase of outstanding
senior subordinated indebtedness, including the exchange notes, upon a change
of control event as required by the indenture.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the occurrence of a Change of Control (as defined
in &#147;Description of the Notes&#148;), the Issuer will be required to offer to
repurchase all exchange notes and outstanding notes and IMI will be required to
repurchase all its other existing senior subordinated indebtedness. However, it
is possible that we will not have sufficient funds at the time of the Change of
Control to make the required repurchase of the exchange notes and outstanding
notes or that restrictions in our credit facilities will not allow such </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">18</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='18',FILE='C:\fc\164163520479_P83101_2188336\13368-1-cc.htm',USER='jmsproofassembler',CD='Jun 13 16:36 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">repurchases. In addition,
certain important corporate events, such as leveraged recapitalizations that
would increase the level of our indebtedness, would not constitute a &#147;Change of
Control&#148; under the Indenture. See &#147;Description of the Notes&#151;Offer to Repurchase
the Notes&#151;Change of Control.&#148;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">U.S. federal and
state statutes could allow courts, under specific circumstances, to void
guarantees and require holders of the exchange notes to return payments
received from guarantors.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under U.S. federal
bankruptcy laws and comparable provisions of state fraudulent transfer laws, a
guarantee could be voided, or claims in respect of a guarantee could be
subordinated to all other debts of that guarantor, if, among other things, the
guarantor, at the time it incurred the indebtedness evidenced by its guarantee:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>received
less than reasonably equivalent value or fair consideration for the incurrence
of such guarantee; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>was
insolvent or rendered insolvent by reason of such incurrence; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>was
engaged in a business or transaction for which the guarantor&#146;s remaining assets
constituted unreasonably small capital; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>intended
to incur, or believed that it would incur, debts beyond its ability to pay such
debts as they mature.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, any payment by that guarantor pursuant to
its guarantee could be voided and required to be returned to the guarantor, or
to a fund for the benefit of the creditors of the guarantor.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The measures of insolvency
for purposes of these fraudulent transfer laws will vary depending upon the law
applied in any proceeding to determine whether a fraudulent transfer has
occurred. Generally, however, a guarantor would be considered insolvent if:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
sum of its debts, including contingent liabilities, were greater than the fair
saleable value of all of its assets;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>if
the present fair saleable value of its assets were less than the amount that
would be required to pay its probable liability on its existing debts,
including contingent liabilities, as they become absolute and mature; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>it
could not pay its debts as they become due.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the basis of historical financial information,
recent operating history and other factors, we believe that each guarantor,
including Iron Mountain, after giving effect to its guarantee of the exchange
notes, will not be insolvent, will not have unreasonably small capital for the
business or any transaction in which it is engaged and will not have incurred
debts beyond its ability to pay such debts as they mature. There can be no
assurance, however, as to what standard a court would apply in making such
determinations or that a court would agree with our conclusions in this regard.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Some or all of the
guarantees of the exchange notes may be released automatically.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Iron
Mountain sells or otherwise disposes, by way of a merger, consolidation or
otherwise, all the capital stock or all or substantially all of the assets of
the Issuer to an unaffiliated third party,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
guarantees (and, in certain circumstances involving the sale or disposition of
all or substantially all of the assets of the Issuer, the exchange notes) are
assumed by such third party,</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">19</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='19',FILE='C:\fc\164163520479_P83101_2188336\13368-1-cc.htm',USER='jmsproofassembler',CD='Jun 13 16:36 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Iron
Mountain elects to make an irrevocable offer for all of the exchange notes at
an offer price in cash equal to 101% of the aggregate principal amount thereof
plus accrued and unpaid interest to but excluding the date of repurchase, and Additional
Amounts, if any, and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>certain
other conditions are met;</p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">then Iron Mountain and the subsidiary guarantors will
be unconditionally released and relieved of any obligations under their
guarantees of the exchange notes and under the Indenture with respect to the
exchange notes (and, in certain circumstances involving the sale or disposition
of all or substantially all of the assets of the Issuer, the Issuer will also
be released and relieved of any obligations in respect of the exchange notes).
See &#147;Description of the Notes&#151;Certain Covenants&#151;Release of Guarantees and
Guarantors.&#148;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A subsidiary guarantor may be released from its
guarantee at any time upon a sale, exchange or transfer, in compliance with the
provisions of the indenture, of the capital stock of such subsidiary guarantor
or of substantially all of the assets of such subsidiary guarantor. In
addition, in some other circumstances, a subsidiary guarantor may be released
from its subsidiary guarantee in connection with IMI&#146;s designation of such
subsidiary guarantor as an unrestricted subsidiary or excluded restricted
subsidiary. See &#147;Description of the Notes&#151;Certain Covenants&#151;Additional
Subsidiary Guarantees.&#148;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Since Iron Mountain
is a holding company, its ability to make payments under its guarantee of the
exchange notes depends in part on the operations of its subsidiaries.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Iron Mountain is a holding company, and substantially
all of its assets consist of the stock of its subsidiaries and substantially
all of its operations are conducted by its direct and indirect wholly owned
subsidiaries. As a result, its ability to make payments under its guarantee of
the exchange notes will be dependent upon the receipt of sufficient funds from
its subsidiaries. However, the exchange notes will be a direct obligation of
the Issuer and will also be guaranteed, on a joint and several and full and
unconditional basis, by most, but not all, of IMI&#146;s direct and indirect wholly
owned U.S. subsidiaries.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">There is currently
no active trading market for the exchange notes. If an active trading market
does not develop for the exchange notes, you may not be able to resell them.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No active trading market currently exists for the
exchange notes, and an active trading market may not develop in the future. The
exchange notes will not be listed on any securities exchange. If an active
trading market does not develop, you may not be able to resell your exchange
notes at their fair market value or at all. Historically, the market for
non-investment grade debt has been subject to disruptions that have caused
substantial volatility in the prices of securities similar to the exchange
notes. The market for the exchange notes, if any, may be subject to similar
disruptions. The trading price may depend upon prevailing interest rates, the
market for similar securities, and other factors, including general economic
conditions and our financial condition, performance and prospects. </font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transfer of the
exchange notes will still be restricted in Canada.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange notes have not been registered under the
securities laws of any jurisdiction other than the United States, including
Canada, and may not be offered or sold in Canada or by any resident of Canada
except pursuant to prospectus exemptions under Canadian securities laws and, in
any other non-U.S. jurisdiction, except pursuant to an exemption from
applicable securities laws. This registration statement will not qualify the
notes for resale in Canada and will not affect the resale restrictions
described under &#147;Notice to Canadian Residents&#151;Resale Restrictions.&#148; See &#147;Description
of the Notes&#151;Exchange Offer; Registration Rights&#148; and &#147;Notice to Canadian
Residents.&#148;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">20</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='20',FILE='C:\fc\164163520479_P83101_2188336\13368-1-cc.htm',USER='jmsproofassembler',CD='Jun 13 16:36 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you participate in the
exchange offer for the purpose of participating in the distribution of the
exchange notes, restrictions will apply.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you participate in the
exchange offer for the purpose of participating in the distribution of the
exchange notes, you must comply with the registration and prospectus delivery
requirements of the Securities Act for any resale transaction. Each
broker-dealer who holds outstanding notes for its own account due to
market-making or other trading activities and who receives exchange notes for
its own account must acknowledge that it will deliver a prospectus in
connection with any resale of the exchange notes.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Risks Related to
the Failure to Exchange<a name="RisksRelatedToTheFailureToExchang_082405"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">You may have
difficulty selling the outstanding notes that you do not exchange.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you do not exchange
your outstanding notes for exchange notes in the exchange offer, your
outstanding notes will continue to be subject to restrictions on transfer
described in your outstanding notes. In general, the outstanding notes may not
be offered or sold unless registered or exempt from registration under the U.S.
federal securities laws, or in a transaction not subject to the registration
requirements of the U.S. federal securities laws and <font style="letter-spacing:-.1pt;">other applicable securities laws and pursuant to prospectus exemptions
under Canadian securities laws</font>. We do not plan to register the
outstanding notes under the Securities Act <font style="letter-spacing:-.1pt;">or
the securities laws of any other jurisdiction, including Canada</font>. If a
large number of outstanding notes are exchanged for exchange notes registered
under the Securities Act, it may be more difficult for you to sell your
outstanding notes because the trading market for outstanding notes (if any)
could be negatively affected due to the limited amount expected to remain
outstanding following the completion of the exchange offer. In addition, if you
do not exchange your outstanding notes in the exchange offer and the exchange
offer is consummated, you will no longer be entitled to the registration rights
provided under the registration rights agreement relating to the outstanding
notes.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">USE OF PROCEEDS<a name="UseOfProceeds_082408"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will not receive any cash proceeds from the
issuance of the exchange notes in exchange for the outstanding notes. In
consideration for issuing the exchange notes in exchange for the outstanding
notes as described in this prospectus, we will receive outstanding notes of
equal principal amount. Any outstanding notes that are properly tendered and
accepted for exchange pursuant to this exchange offer will be retired and
cancelled.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">21</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='21',FILE='C:\fc\164163520479_P83101_2188336\13368-1-cc.htm',USER='jmsproofassembler',CD='Jun 13 16:36 2007' -->



<br clear="all" style="page-break-before:always;">
<div>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CAPITALIZATION<a name="Capitalization_082330"></a></font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table sets forth at March&nbsp;31, 2007
our (a)&nbsp;actual cash and cash equivalents and capitalization and (b)&nbsp;cash
and cash equivalents and capitalization as adjusted to give effect to the
closing of the New Credit Agreement which provides for borrowings in an
aggregate principal amount of up to $900&nbsp;million, including revolving
credit facilities in an aggregate amount of $600&nbsp;million (including
Canadian Dollar and multi-currency revolving credit facilities), and a $300&nbsp;million
term loan facility, and the application of the initial borrowings ($544.1
million) under the New Credit Agreement to repay, in their entirety, IMI&#146;s
prior $750&nbsp;million maximum principal amount revolving credit and term loan
facilities and IME&#146;s &#163;</font>200&nbsp;million
maximum principal amount revolving credit and term loan facilities.</p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
table should be read in conjunction with our consolidated financial statements,
and the footnotes thereto, in our Quarterly Report on Form&nbsp;10-Q for
the quarter ended March&nbsp;31, 2007, which is incorporated by reference into
this prospectus.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="71%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlHTMLTableFull --></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="23%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:23.0%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">As&nbsp;of&nbsp;March&nbsp;31,&nbsp;2007</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="71%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Actual</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">As&nbsp;Adjusted</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="71%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="23%" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:23.0%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">(In&nbsp;thousands)</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash and Cash
  Equivalents</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;&nbsp;&nbsp;61,481</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;275,410</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 1.125pt 0pt;width:3.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Long-Term
  Debt (Including Current Maturities):</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Old Iron Mountain Revolving Credit Facility</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;&nbsp;&nbsp;39,676</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Old IME Revolving Credit Facility</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;&nbsp;&nbsp;92,202</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Old IME Term Loan Facility</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;194,691</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New Iron Mountain Revolving Credit Facility</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;244,071</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New Iron Mountain Term Loan Facility</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;300,000</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="font-size:10.0pt;margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font><font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">1</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">4</font>% Senior
  Subordinated Notes due 2011</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;&nbsp;&nbsp;71,794</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;&nbsp;&nbsp;71,794</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="font-size:10.0pt;margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font><font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">5</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">8</font>% Senior
  Subordinated Notes due 2013</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;447,996</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;447,996</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="font-size:10.0pt;margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font><font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">1</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">4</font>% GBP Senior
  Subordinated Notes due 2014</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;294,375</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;294,375</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="font-size:10.0pt;margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font><font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">3</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">4</font>% Senior Subordinated
  Notes due 2015</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;438,365</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;438,365</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="font-size:10.0pt;margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font><font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">5</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">8</font>% Senior
  Subordinated Notes due 2016</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;315,676</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;315,676</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="font-size:10.0pt;margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font><font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">3</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">4</font>% Senior
  Subordinated Notes due 2018</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;200,000</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;200,000</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8% Senior Subordinated Notes due 2018</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;&nbsp;&nbsp;49,670</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;&nbsp;&nbsp;49,670</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="font-size:10.0pt;margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font><font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">3</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">4</font>% Euro Senior
  Subordinated Notes due 2018</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;336,967</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;336,967</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="font-size:10.0pt;margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font><font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">1</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">2</font>% CAD Senior
  Subordinated Notes due 2017</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;151,463</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;151,463</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Real Estate Mortgages and Other</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;&nbsp;&nbsp;59,727</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;&nbsp;&nbsp;&nbsp;59,727</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="margin:4.0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total Long-Term Debt (Including Current
  Maturities)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;2,692,602</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;2,910,104</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total Stockholders&#146; Equity</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;1,587,509</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;1,584,864</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="71%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:71.3%;">
  <p style="margin:4.0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total
  Capitalization</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;4,280,111</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.62%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:10.18%;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$&nbsp;4,494,968</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.06%;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The excess initial
borrowings over debt repaid is included in cash and cash equivalents and was
used to fund the acquisition of ArchivesOne, Inc. on May 4, 2007 for
approximately $202 million and for general corporate purposes.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">22</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='22',FILE='C:\fc\164163545227_P83101_2188336\13368-1-ce.htm',USER='jmsproofassembler',CD='Jun 13 16:36 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">RATIO OF EARNINGS
TO FIXED CHARGES<a name="RatioOfEarningsToFixedCharges_084551"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following table sets forth our consolidated ratios of earnings to fixed charges
for the periods shown.</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="267" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:199.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="204" colspan="9" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:152.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Year&nbsp;Ended&nbsp;December&nbsp;31,</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="49" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Quarter<br>
  Ended<br>
  March&nbsp;31,</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="267" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:199.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="28" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2002</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="28" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2003</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="28" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="28" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2005</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="28" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:20.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2006</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="49" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2007</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="267" valign="top" style="padding:0pt .7pt 0pt 0pt;width:199.95pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consolidated
  ratio of earnings to<br>
  fixed charges</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:20.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.6x</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:20.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.8x</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:20.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.7x</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:20.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.8x</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:20.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.8x</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.85pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:20.95pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.8x</font></p>
  </td>
  <td width="10" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="267" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="28" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="28" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="28" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="28" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="28" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="28" style="border:none;"></td>
  <td width="10" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For this purpose, earnings have been calculated by
adding fixed charges to income from continuing operations before provision for
income taxes and minority interest. Fixed charges consist of interest costs,
including amortization of deferred financing costs, but do not include interest
expense related to uncertain tax positions.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">23</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='23',FILE='C:\fc\164163545227_P83101_2188336\13368-1-ce.htm',USER='jmsproofassembler',CD='Jun 13 16:36 2007' -->



<br clear="all" style="page-break-before:always;">
<div>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE EXCHANGE OFFER<a name="TheExchangeOffer_090232"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purpose and Effect
of the Exchange Offer<a name="PurposeAndEffectOfTheExchangeOffe_090233"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On March&nbsp;15, 2007, one of the Issuer&#146;s
predecessor constituent companies, Funding, issued C$175&nbsp;million of the
outstanding notes. In connection with the offering of the outstanding notes, we
entered into a registration rights agreement with the initial purchasers of the
outstanding notes. Under the agreement, we must, among other things, file with
the Commission a registration statement under the Securities Act covering the
exchange offer and use commercially reasonable efforts to cause that
registration statement to become effective under the Securities Act. Upon the
effectiveness of that registration statement, we must offer each holder of the
outstanding notes the opportunity to exchange its outstanding notes for an
equal principal amount of exchange notes. You are a holder with respect to the
exchange offer if you are a person in whose name any outstanding notes are
registered on our books, any other person who has obtained a properly executed
bond power from a registered holder, or any person whose outstanding notes are
held of record by CDS who desires to deliver such notes by book-entry transfer
at CDS.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">We are making the exchange
offer to comply with our obligations under the registration rights agreement. </font>A
copy of the registration rights agreement is filed with the Commission as an
exhibit to IMI&#146;s Current Report on Form&nbsp;8-K filed with the
Commission on March&nbsp;23, 2007 and is incorporated by reference into this
prospectus.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to participate
in the exchange offer, you must represent to us, among other things, that:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>you
are acquiring the exchange notes under the exchange offer in the ordinary
course of your business;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>you
are not engaged in, and do not intend to engage in, a distribution, within the
meaning of the Securities Act, of the exchange notes;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>you
do not have any arrangement or understanding with any person to participate in
the distribution, within the meaning of the Securities Act, of the exchange
notes;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>you
are not a broker-dealer tendering outstanding notes acquired directly from us
for your own account;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>you
are not one of our &#147;affiliates,&#148; as defined in rule&nbsp;405 of the Securities
Act; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>you are not limited by law
or any policy of the Commission from participating in the exchange offer.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Resale of the
Exchange Notes<a name="ResaleOfTheExchangeNotes_090237"></a></font></b></p>

<p style="margin:0pt 0pt .0001pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based
on a previous interpretation by the staff of the Commission set forth in
no-action letters issued to third parties, including, Exxon Capital Holdings
Corporation (available May&nbsp;13, 1988), Morgan Stanley&nbsp;&amp; Co.
Incorporated (available June&nbsp;5, 1991), Mary Kay Cosmetics,&nbsp;Inc.
(available June&nbsp;5, 1991), Warnaco,&nbsp;Inc. (available October&nbsp;11,
1991), and K-III Communications Corp. (available May&nbsp;14, 1993), we believe
that the exchange notes issued in the exchange offer may be offered for resale,
resold and otherwise transferred by you, except if you are an affiliate of us,
without compliance with the registration and prospectus delivery provisions of
the Securities Act, provided that the representations set forth in </font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;&#151;&nbsp;Purpose and Effect of the Exchange Offer&#148;
apply to you.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you tender in the exchange offer with the intention
of participating in a distribution of the exchange notes, you cannot rely on
the interpretations of the staff of the Commission as set forth in the Morgan
Stanley&nbsp;&amp; Co. Incorporated no-action letter and other similar letters
and you must comply with the registration and prospectus delivery provisions of
the Securities Act in connection with a secondary resale transaction. If our
belief regarding resale is inaccurate, those who transfer exchange notes in
violation of </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">24</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='24',FILE='C:\fc\17016728922_H10733_2199910\13368-1-cg.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the prospectus delivery
provisions of the Securities Act and without an exemption from registration
under the U.S. federal securities laws may incur liability under these laws. We
do not assume or indemnify you against this liability.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange offer is not
being made to, nor will we accept surrenders for exchange from, holders of
outstanding notes in any jurisdiction in which the exchange offer or the
acceptance thereof would not be in compliance with the securities or blue sky
laws of the particular jurisdiction. Each broker-dealer that receives exchange
notes for its own account in exchange for outstanding notes, where the
outstanding notes were acquired by that broker-dealer as a result of
market-making activities or other trading activities, must acknowledge that it
will deliver a prospectus in connection with any resale of the exchange notes. For
additional information, see &#147;Plan of Distribution.&#148; In order to facilitate the
disposition of exchange notes by broker-dealers participating in the exchange
offer, we have agreed, subject to specific conditions, to make this prospectus,
as it may be amended or supplemented from time to time, available for delivery
by those broker-dealers to satisfy their prospectus delivery obligations under
the Securities Act. Any holder that is a broker-dealer participating in the
exchange offer must notify the exchange agent at the telephone number set forth
in the enclosed letter of transmittal and must comply with the procedures for
broker-dealers participating in the exchange offer. We have not entered into
any arrangement or understanding with any person to distribute the exchange
notes to be received in the exchange offer.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Expiration Date;
Extensions; Amendments<a name="ExpirationDateExtensionsAmendment_090240"></a></font></b></p>

<p style="margin:0pt 0pt .0001pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
expiration date is 5:00&nbsp;p.m., New York City time, on July&nbsp;19, 2007,
unless we, in our sole discretion or if required by applicable law, extend the
exchange offer, in which case, the expiration date will be the latest date and
time to which the exchange offer is extended. We may, in our sole discretion,
extend the expiration date of the exchange offer or, upon the occurrence of
particular events, terminate the exchange offer. The events that would cause us
to terminate the exchange offer are set forth under </font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;&#151;Conditions.&#148;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To extend the exchange offer, we must notify the
exchange agent by oral (promptly confirmed in writing) or written notice before
9:00&nbsp;a.m., New York City time, on the next business day after the
previously scheduled expiration date and make a public announcement of the
extension.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We reserve the
right:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>to
extend the exchange offer or to terminate the exchange offer if any of the
conditions set forth below under &#147;&#151;Conditions&#148; are not satisfied by giving oral
(promptly confirmed in writing) or written notice of the delay, extension or
termination to the exchange agent; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>to
amend the terms of the exchange offer in any manner consistent with the
registration rights agreement.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any delay in acceptance, extension, termination or
amendment will be followed as promptly as practicable by notice of the delay to
the registered holders of the outstanding notes. If we amend the exchange offer
in a manner that constitutes a material change, we will promptly disclose the
amendment by means of a prospectus supplement that will be distributed to the
registered holders of the outstanding notes, and we will extend the exchange
offer for a period of up to ten business days, depending on the significance of
the amendment and the manner of disclosure to the registered holders of the
outstanding notes, if the exchange offer would otherwise expire during that
extension period.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Without limiting the manner in which we may choose to
make a public announcement of any delay, extension, amendment or termination of
the exchange offer, we will have no obligation to publish, advertise or
otherwise communicate that public announcement, other than by making a timely
release to an appropriate news agency.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">25</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='25',FILE='C:\fc\17016728922_H10733_2199910\13368-1-cg.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">When all the conditions to the exchange offer have
been satisfied or waived, we will accept, promptly after the expiration of the
exchange offer, all outstanding notes properly tendered and will issue the
exchange notes promptly after the expiration date of the exchange offer. For
additional information, see &#147;&#151;Conditions&#148; below. For purposes of the exchange
offer, we will be deemed to have accepted properly tendered outstanding notes
for exchange when, as and if we will have given oral (promptly confirmed in
writing) or written notice of our acceptance to the exchange agent.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In all cases, issuance of
the exchange notes for outstanding notes that are accepted for exchange under
the exchange offer will be made only after timely receipt by the exchange agent
of certificates for those outstanding notes or a timely confirmation of book-entry
transfer of the outstanding notes through the procedures of CDS, a properly
completed and duly executed letter of transmittal or an agent&#146;s message in lieu
thereof, and all other required documents; provided, however, that we reserve
the absolute right to waive any defects or irregularities in the tender of
outstanding notes or in the satisfaction of conditions of the exchange offer by
holders of the outstanding notes. If any tendered outstanding notes are not
accepted for any reason set forth in the terms and conditions of the exchange
offer, if the holder withdraws any previously tendered outstanding notes, or if
outstanding notes are submitted for a greater principal amount of outstanding
notes than the holder desires to exchange, then the unaccepted, withdrawn or
portion of non-exchanged outstanding notes, as appropriate, will be returned
promptly after the expiration or termination of the exchange offer, without
expense to the tendering holder.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conditions<a name="Conditions_090246"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Without regard to
other terms of the exchange offer, we will not be required to exchange any
exchange notes for any outstanding notes and may terminate the exchange offer
before the acceptance of any outstanding notes for exchange and before the
expiration of the exchange offer, if:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>any
action or proceeding is instituted or threatened in any court or by or before
any governmental agency with respect to the exchange offer that, in our reasonable
judgment, might materially impair our ability to proceed with the exchange
offer;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
staff of the Commission or other regulatory authorities proposes, adopts or
enacts any law, statute, rule&nbsp;or regulation or issues any interpretation
of any existing law, statute, rule&nbsp;or regulation that, in our reasonable
judgment, might materially impair our ability to proceed with the exchange
offer; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>any
governmental approval or approval by holders of the outstanding notes has not
been obtained if we, in our reasonable judgment, deem this approval necessary
to proceed with the exchange offer.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If we determine
that any of these conditions are not satisfied, we may:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>refuse
to accept any outstanding notes and return all tendered outstanding notes to
the tendering holders, or, in the case of outstanding notes tendered by
book-entry transfer, credit those outstanding notes to an account maintained
with CDS, without expense to the tendering holder;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>extend
the exchange offer and retain all outstanding notes tendered before the
expiration of the exchange offer, subject, however, to the rights of holders
who tendered the outstanding notes to withdraw their outstanding notes; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>waive unsatisfied
conditions with respect to the exchange offer and accept all properly tendered
outstanding notes that have not been withdrawn. If the waiver constitutes a
material change to the exchange offer, we will promptly disclose the waiver by
means of a prospectus supplement that will be distributed to the registered
holders of the outstanding notes, and we will extend the exchange offer for a
period of up to ten business days, depending on the significance of the waiver
and the </p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">26</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='26',FILE='C:\fc\17016728922_H10733_2199910\13368-1-cg.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt 30.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">manner of
disclosure of the registered holders of the outstanding notes, if the exchange
offer would otherwise expire during this period.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Procedures for
Tendering Outstanding Notes<a name="ProceduresForTenderingOutstanding_090256"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To tender in the exchange offer, you must complete,
sign and date an original or facsimile letter of transmittal, have the
signatures guaranteed if required by the letter of transmittal, and mail or
otherwise deliver the letter of transmittal to the exchange agent before the
expiration date of the exchange offer. If your outstanding notes are held by a
custodial entity, such as a bank, broker, dealer, trust company or other
nominee through CDS, you will be required to comply with the book-entry
delivery procedures established by CDS. Any CDS participant may make book-entry
delivery of the outstanding notes (on behalf of a noteholder wishing to accept
the exchange offer) by complying with the procedures of CDS. Noteholders and
their respective CDS participants, who use CDSX (the CDS on-line tendering
system pursuant to which book-entry deliveries may be effected) to accept the
exchange offer through book-entry delivery will be deemed to have completed and
submitted a letter of transmittal and to be bound by its terms and therefore
any book-entry delivery in accordance with CDS procedures will be considered a
valid tender in accordance with the terms of the exchange offer. <b>Noteholders who wish to tender outstanding notes to
the exchange offer should contact their nominees for assistance. </b>In
addition:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
exchange agent must receive certificates, if any, for the outstanding notes,
along with the letter of transmittal;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
exchange agent must receive a timely confirmation of the transfer by book-entry
of those outstanding notes before the expiration of the exchange offer, if the
book-entry procedure is available, as set forth in the procedure for book-entry
transfer described below; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>you
must comply with the guaranteed delivery procedures described below.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To be tendered effectively, the exchange agent must
receive the letter of transmittal and other required documents at the address
set forth below under &#147;&#151;Exchange Agent&#148; before the expiration of the exchange
offer.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you tender your outstanding notes and do not
withdraw them before the expiration date of the exchange offer, you will be
deemed to have made an agreement with us in accordance with the terms and
subject to the conditions set forth in this prospectus and in the letter of
transmittal.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The method of delivery of outstanding notes and the
letter of transmittal and all other required documents to the exchange agent is
at your risk. Instead of delivery by mail, we recommend that you use an
overnight or hand delivery service, properly insured. In all cases, you should
allow sufficient time to ensure delivery to the exchange agent before the
expiration date of the exchange offer. You should not send your letter of
transmittal or outstanding notes to us. You may request your respective broker,
dealers, commercial banks, trust companies or nominees to effect the above
transactions for you.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any beneficial owner whose outstanding notes are
registered in the name of a broker, dealer, commercial bank, trust company or
other nominee and who wishes to tender its outstanding notes should contact the
registered holder promptly and instruct that registered holder to tender the
outstanding notes on the beneficial owner&#146;s behalf. If the beneficial owner
wishes to tender its outstanding notes on the owner&#146;s own behalf, that owner
must, before completing and executing the letter of transmittal and delivering
its outstanding notes, either make appropriate arrangements to register
ownership of the outstanding notes in that owner&#146;s name or obtain a properly
completed assignment from the registered holder. The transfer of registered
ownership of outstanding notes may take considerable time.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">27</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='27',FILE='C:\fc\17016728922_H10733_2199910\13368-1-cg.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signatures on a
letter of transmittal or a notice of withdrawal must be guaranteed by an
eligible institution unless the related outstanding notes tendered are
tendered:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>by
a registered holder who has not completed the box entitled &#147;Special Issuance
Instructions&#148; or &#147;Special Delivery Instructions&#148; on the letter of transmittal;
or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>for
the account of an eligible institution.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If signatures on a
letter of transmittal or a notice of withdrawal are required to be guaranteed,
each of the following is deemed an eligible institution:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
member firm of a registered national securities exchange or of the National
Association of Securities Dealers,&nbsp;Inc.;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
commercial bank having an office or correspondent in the United States;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
trust company having an office or correspondent in the United States; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>an
eligible guarantor institution as provided by Rule&nbsp;17Ad-15 of the United
States Securities Exchange Act of 1934, as amended, or the Exchange Act.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the letter of transmittal is signed by a person
other than the registered holder of any outstanding notes, the outstanding
notes must be endorsed or accompanied by a properly completed bond power,
signed by the registered holder as his, her or its name appears on the
outstanding notes.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If trustees, executors, administrators, guardians,
attorneys-in-fact, officers of corporations or others acting in a fiduciary or
representative capacity sign the letter of transmittal or any outstanding notes
or bond power, those persons should so indicate when signing, and evidence
satisfactory to us of their authority to so act must be submitted with the
letter of transmittal unless we waive such requirement.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will determine all questions as to the validity,
form, eligibility, including time of receipt, acceptance of tendered
outstanding notes, and withdrawal of tendered outstanding notes, in our sole
discretion. All of these determinations by us will be final and binding. We
reserve the absolute right to reject any and all outstanding notes not properly
tendered or any outstanding notes our acceptance of which would, in the opinion
of our counsel, be unlawful. We also reserve the right to waive any defects,
irregularities or conditions of tender as to particular outstanding notes. Our
interpretation of the terms and conditions of the exchange offer, including the
instructions in the letter of transmittal, will be final and binding on all
parties. Unless waived, any defects or irregularities in connection with
tenders of outstanding notes must be cured within the time we determine. Although
we intend to notify holders of outstanding notes of defects or irregularities
with respect to tenders of outstanding notes, neither we, nor the exchange
agent, nor any other person will incur any liability for failure to give this
notification. Tenders of outstanding notes will not be deemed to have been made
until defects or irregularities have been cured or waived. Any outstanding
notes received by the exchange agent that are not properly tendered and as to
which the defects or irregularities have not been cured or waived will be
returned by the exchange agent to the tendering holders of outstanding notes, unless
otherwise provided in the letter of transmittal, promptly following the
expiration date of the exchange offer.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, we reserve the right, in our sole
discretion, to purchase or make offers for any outstanding notes that remain
outstanding subsequent to the expiration date of the exchange offer or, as set
forth above under &#147;&#151;Conditions,&#148; to terminate the exchange offer and, to the
extent permitted by applicable law and the terms of our agreements relating to
our outstanding debt, purchase outstanding notes in the open market, in
privately negotiated transactions or otherwise. The terms of any purchases or
offers could differ from the terms of the exchange offer.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the holder of outstanding notes is a broker-dealer
participating in the exchange offer that will receive exchange notes for its
own account in exchange for outstanding notes that were acquired as a result </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">28</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='28',FILE='C:\fc\17016728922_H10733_2199910\13368-1-cg.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of market-making
activities or other trading activities, that broker-dealer will be required to
acknowledge in the letter of transmittal that it will deliver a prospectus in
connection with any resale of the exchange notes and otherwise agree to comply
with the procedures described above under &#147;&#151;Resale of the Exchange Notes&#148;;
however, by so acknowledging and delivering a prospectus, that broker-dealer
will not be deemed to admit that it is an &#147;underwriter&#148; within the meaning of
the Securities Act.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In all cases, issuance of
exchange notes under the exchange offer will be made only after timely receipt
by the exchange agent of certificates for the outstanding notes or a timely
confirmation of book-entry transfer of outstanding notes, a properly completed
and duly executed letter of transmittal or an agent&#146;s message in lieu thereof,
and all other required documents. If any tendered outstanding notes are not
accepted for any reason set forth in the terms and conditions of the exchange
offer or if outstanding notes are submitted for a greater principal amount of
outstanding notes than the holder of the outstanding notes desires to exchange,
the unaccepted or portion of non-exchanged outstanding notes will be returned
as promptly as practicable after the expiration or termination of the exchange
offer, or, in the case of outstanding notes tendered by book-entry transfer
pursuant to the book-entry transfer procedures described below, the unaccepted
or portion of non-exchanged outstanding notes will be credited to an account
maintained with CDS, without expense to the tendering holder of outstanding
notes.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Book-Entry Transfer<a name="BookentryTransfer_090311"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any financial institution
that is a participant in CDS may cause CDS to make book-entry delivery of
outstanding notes by complying with CDS&#146;s procedures for transfer. Noteholders
and their respective CDS participants, who use CDSX to accept the exchange
offer through book-entry delivery, will be deemed to have completed and
submitted a letter of transmittal and to be bound by its terms and therefore
any book-entry delivery in accordance with CDS procedures will be considered a
valid tender in accordance with the terms of the exchange offer.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Guaranteed Delivery
Procedures<a name="GuaranteedDeliveryProcedures_090316"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders who wish to
tender their outstanding notes and (1)&nbsp;whose outstanding notes are not
immediately available or (2)&nbsp;who cannot deliver their outstanding notes,
the letter of transmittal or any other required documents to the exchange agent
or complete the procedure for book-entry transfer prior to the expiration date,
may effect a tender if:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
tender is made through an eligible institution;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>before
the expiration date of the exchange offer, the exchange agent receives from the
eligible institution a properly completed and duly executed notice of
guaranteed delivery, by facsimile transmission, mail or hand delivery, setting
forth the name and address of the holder, the certificate number(s)&nbsp;of the
outstanding notes and the principal amount of outstanding notes tendered and
stating that the tender is being made thereby and guaranteeing that, within
three New York Stock Exchange, or NYSE, trading days after the expiration of
the exchange offer, the letter of transmittal, together with the certificate(s)&nbsp;representing
the outstanding notes in proper form for transfer or a confirmation of
book-entry transfer, as the case may be, and any other documents required by
the letter of transmittal will be deposited by the eligible institution with
the exchange agent; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
exchange agent receives the properly completed and executed letter of
transmittal, as well as the certificate(s)&nbsp;representing all tendered
outstanding notes in proper form for transfer and other documents required by
the letter of transmittal or confirmation of book-entry transfer within three
NYSE trading days after the expiration date of the exchange offer.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">29</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='29',FILE='C:\fc\17016728922_H10733_2199910\13368-1-cg.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon request to the
exchange agent, a notice of guaranteed delivery will be sent to holders who
wish to tender their outstanding notes according to the guaranteed delivery
procedures set forth above.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Withdrawal of
Tenders<a name="WithdrawalOfTenders_090320"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise
provided, tenders of outstanding notes may be withdrawn at any time prior to
the expiration of the exchange offer. To withdraw a tender of outstanding notes
in the exchange offer, a written or facsimile transmission notice of withdrawal
must be received by the exchange agent at its address set forth herein prior to
5:00&nbsp;p.m., New York City time, on the expiration date of the exchange
offer. Any notice of withdrawal must:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>specify
the name of the person who deposited the outstanding notes to be withdrawn;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>identify
the outstanding notes to be withdrawn;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>be
signed by the holder in the same manner as the original signature on the letter
of transmittal by which the outstanding notes were tendered or be accompanied
by documents of transfer sufficient to have the exchange agent register the
transfer of the outstanding notes in the name of the person withdrawing the
tender; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>specify
the name in which any outstanding notes are to be registered, if different from
the name of the person who deposited the outstanding notes to be withdrawn.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If outstanding notes have been tendered pursuant to
the procedures for book-entry tender discussed above, any notice of withdrawal
must specify the name and number of the account at CDS to be credited with the
withdrawn notes and must otherwise comply with the procedures of CDS.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will determine all questions as to the validity,
form and eligibility of the notices, which determinations will be final and
binding on all parties. Any outstanding notes withdrawn will be deemed not to
have been validly tendered for purposes of the exchange offer, and no exchange
notes will be issued with respect to those outstanding notes unless the
outstanding notes withdrawn are validly retendered.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any outstanding notes that
have been tendered but that are not accepted for exchange will be returned to
the holder of those outstanding notes without cost to the holder promptly after
withdrawal, rejection of tender or termination of the exchange offer. Properly
withdrawn outstanding notes may be retendered by following one of the
procedures described above under &#147;&#151;Procedures for Tendering Outstanding Notes&#148;
at any time prior to the expiration date of the exchange offer.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">30</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='30',FILE='C:\fc\17016728922_H10733_2199910\13368-1-cg.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exchange Agent</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BNY Trust Company of
Canada has been appointed as the exchange agent for the exchange offer. Letters
of transmittal and all correspondence in connection with the exchange offer
should be sent or delivered by each holder of outstanding notes, or a
beneficial owner&#146;s commercial bank, broker, dealer, trust company or other
nominee, to the exchange agent at the following address and telephone number:</font></p>

<p align="center" style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><!-- SET mrlNoTableShading --><b>BNY Trust Company of Canada</b></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="296" valign="top" style="padding:0pt .7pt 0pt 0pt;width:222.1pt;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlNoTableShading --><i>By Registered or Certified Mail:<b><br>
  </b></i><b>BNY Trust Company of
  Canada<i><br>
  </i></b>Suite 1101<br>
  4 King Street West<br>
  Toronto, Ontario M5H 1B6<br>
  Canada<br>
  Attn: Marcia Redway</p>
  </td>
  <td width="311" valign="top" style="padding:0pt .7pt 0pt 0pt;width:233.6pt;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">By Hand and Overnight Courier<b>:<br>
  </b></font></i><b>BNY Trust Company of Canada</b><br>
  Suite 1101<br>
  4 King Street West<br>
  Toronto, Ontario M5H 1B6<br>
  Canada<br>
  Attn: Marcia Redway</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="296" valign="top" style="padding:0pt .7pt 0pt 0pt;width:222.1pt;">
  <p align="center" style="margin:6.0pt 0pt .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">By Facsimile (for eligible institutions only):<br>
  (416) 360-1711/1727</font></i></p>
  </td>
  <td width="311" valign="top" style="padding:0pt .7pt 0pt 0pt;width:233.6pt;">
  <p align="center" style="margin:6.0pt 0pt .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Confirm by Telephone:<br>
  (416) 993-8504</font></i></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will pay the exchange agent reasonable and
customary fees for its services and will reimburse it for its reasonable
out-of-pocket expenses in connection with its services as exchange agent.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Delivery of the letter of transmittal to an address
other than as set forth in the letter of transmittal or transmission of such
letter of transmittal via facsimile other than as set forth in the letter of
transmittal does not constitute a valid delivery of the letter of transmittal.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fees and Expenses<a name="FeesAndExpenses_090336"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will pay the expenses of soliciting tenders in
connection with the exchange offer. The principal solicitation is being made by
mail; however, additional solicitation may be made by telecopier, telephone,
e-mail or in person by our officers and regular employees and by officers and
regular employees of our affiliates.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have not retained any dealer-manager in connection
with the exchange offer and will not make any payments to broker-dealers or
others soliciting acceptances of the exchange offer.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will pay the exchange agent reasonable and
customary fees for its services and will reimburse the exchange agent for its
reasonable out-of-pocket expenses in connection with the exchange offer.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We estimate that our cash expenses in connection with
the exchange offer will be approximately $300,000. These expenses include
registration fees, fees and expenses of the exchange agent, accounting and
legal fees, and printing costs, among others.</font></p>

<p style="margin:0pt 0pt 3.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
will pay all transfer taxes, if any, applicable to the exchange of the
outstanding notes for exchange notes. The tendering holder of outstanding
notes, however, will pay applicable taxes if:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>certificates
representing outstanding notes not tendered or accepted for exchange are to be
delivered to, or are to be issued in the name of, any person other than the
registered holder of outstanding notes tendered;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>if
tendered, the certificates representing outstanding notes are registered in the
name of any person other than the person signing the letter of transmittal; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 9.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>if
a transfer tax is imposed for any reason other than the exchange of the
outstanding notes in the exchange offer. If satisfactory evidence of payment of
the transfer taxes or exemption from payment </p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">31</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='31',FILE='C:\fc\17016728922_H10733_2199910\13368-1-cg.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 9.0pt 30.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of transfer taxes
is not submitted with the letter of transmittal, the amount of the transfer
taxes will be billed directly to the tendering holder and the exchange notes
need not be delivered until the transfer taxes are paid.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 3.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consequences of Failure to Exchange<a name="ConsequencesOfFailureToExchange_090341"></a></font></b></p>

<p style="margin:0pt 0pt 3.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Participation in the
exchange offer is voluntary. Holders of the outstanding notes are urged to
consult their financial and tax advisors in making their own decisions on what
action to take.</font></p>

<p style="margin:0pt 0pt 3.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outstanding
notes that are not exchanged for the exchange notes in the exchange offer will
have only limited remaining rights under the registration rights agreement and
will remain restricted securities for purposes of the U.S. federal securities
laws. Accordingly, such outstanding notes may not be offered, sold, pledged or otherwise
transferred except:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>to
us or any of our subsidiaries;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>to
a &#147;qualified institutional buyer&#148; within the meaning of Rule&nbsp;144A under
the Securities Act;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>pursuant
to an exemption from registration provided by Rule&nbsp;144 under the
Securities Act, if available;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>pursuant
to another exemption from registration under the Securities Act, if available,
or in an offshore transaction not subject to the registration requirements of
the Securities Act pursuant to Regulation&nbsp;S; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 3.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
registration statement that has been declared effective under the Securities
Act and that continues to be effective at the time of such action,</p>

<p style="margin:0pt 0pt 9.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and in each case, in
accordance with all other applicable securities laws, including the laws of
Canada, and the terms of the outstanding notes and the indenture governing the
outstanding notes.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 3.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounting Treatment<a name="AccountingTreatment_090348"></a></font></b></p>

<p style="margin:0pt 0pt 9.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For accounting purposes,
we will recognize no gain or loss as a result of the exchange offer. The
exchange notes will be recorded at the same carrying value as the outstanding
notes, as reflected in our accounting records on the date of the exchange. The
costs of the exchange offer will be initially capitalized and expensed over the
term of the exchange notes.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 3.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Appraisal or Dissenters&#146; Rights<a name="NoAppraisalOrDissentersRights_090350"></a></font></b></p>

<p style="margin:0pt 0pt 3.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the
exchange offer, you do not have any appraisal or dissenters&#146; rights under the Companies
Act of the Province of Nova Scotia, the General Corporation Law of the State of
Delaware, the Connecticut Statutory Trust Act of the State of Connecticut or
the indenture governing the outstanding notes. We intend to conduct the
exchange offer in accordance with the registration rights agreement, the
applicable requirements of the Exchange Act and the rules&nbsp;and regulations
of the Commission related to exchange offers.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">32</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='32',FILE='C:\fc\17016728922_H10733_2199910\13368-1-cg.htm',USER='jmsproofassembler',CD='Jun 19 16:08 2007' -->



<br clear="all" style="page-break-before:always;">
<div>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">DESCRIPTION OF THE
NOTES<a name="DescriptionOfTheNotes_090351"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following description summarizes certain terms and
provisions of the exchange notes and the outstanding notes, or the notes, the
indenture and the registration rights agreement, does not purport to be
complete and is subject to, and qualified in its entirety by reference to, the
actual terms and provisions of the exchange notes, the indenture and the
registration rights agreement, which are incorporated herein by reference.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registration rights agreement contains
representations, warranties and other provisions that were made or agreed to,
among other things, to provide the parties thereto with specified rights and
obligations and to allocate risk among them. Accordingly, the registration
rights agreement should not be relied upon as constituting a description of the
state of affairs of any of the parties thereto or their affiliates at the time
it was entered into or otherwise.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.1pt;">You
can find the definitions of certain terms used in this description under the
subheading &#147;Certain Definitions.&#148; Certain defined terms used in this
description but not defined below under the subheading &#147;Certain Definitions&#148;
have the meanings assigned to them in the Indenture described below. In this
description, the word &#147;Company&#148; refers only to Iron Mountain and not to any of
its subsidiaries, and the word &#147;Issuer&#148; refers to Iron Mountain Canada
Corporation, and not to any of its subsidiaries. </font>Unless the context
otherwise requires, the term &#147;interest&#148; includes additional interest, if any,
due under the registration rights agreement.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">General<a name="General_090353"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Issuer will issue the exchange notes under an indenture
dated as of December&nbsp;30, 2002, or the Base Indenture, as supplemented by a
Sixth Supplemental Indenture dated as of the issue date of the outstanding
notes, or the Supplemental Indenture, among the Issuer, the guarantors
(including the Company) and The Bank of New York Trust Company, N.A., as
trustee, or the Trustee. For convenience, the Base Indenture as supplemented by
the Supplemental Indenture is referred to as the &#147;Indenture.&#148; The terms of the
notes include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939, as amended, or the
Trust Indenture Act.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following
description is a summary of the material provisions of the Indenture and the
Registration Rights Agreement. It does not restate the Indenture and the
Registration Rights Agreement in their entirety. We urge you to read the
Indenture and the Registration Rights Agreement because they, and not this
description, define your rights as a holder of the notes. If you would like more
information on these provisions, review the copies of the Indenture and the
Registration Rights Agreement that we have filed with the Commission. See
&#147;Where You Can Find More Information&#148; in this prospectus for information about
how to locate these documents. You may also review the Indenture at the
Trustee&#146;s corporate trust office at 222&nbsp;Berkeley Street, 2nd&nbsp;Floor,
Boston, MA 02116.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange notes are part of the same series of
notes as the outstanding notes. The outstanding notes were issued and the exchange
notes will be issued pursuant to the Indenture. The terms of the exchange notes
are substantially identical to the outstanding notes, expect for the transfer
restrictions under U.S. securities laws, registration rights and additional
interest provisions relating to the outstanding notes that will not apply to
the exchange notes. The outstanding notes and the exchange notes are
collectively referred to in this &#147;Description of the Notes,&#148; as the notes.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Indenture permits the issuance of additional notes
from time to time having identical terms and conditions to the notes. Any
offering of additional notes is subject to the covenant described below under
the caption &#147;&#151;Certain Covenants&#151;Incurrence of Indebtedness and Issuance of
Preferred Stock.&#148; The notes and any additional notes subsequently issued under
the Indenture will be treated as a single class for </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">33</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='33',FILE='C:\fc\16416374151_P83101_2188336\13368-1-ci.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">all purposes under the
Indenture, including, without limitation, waivers, amendments, redemptions and
offers to purchase.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange notes will be general unsecured
obligations of the Issuer and will mature on March&nbsp;15, 2017. The exchange
notes will be issued in registered form, without coupons, and in denominations
of C$1,000 and integral multiples thereof. The exchange notes will be evidenced
by a global note in book-entry form, except under the limited circumstances
described below under &#147;&#151;Book-Entry, Delivery and Form.&#148; The registered holder
of a note, or Holder, will be treated as the owner of it for all purposes. Only
registered Holders will have rights under the Indenture.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The notes:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>are
general unsecured obligations of the Issuer;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>are
subordinated in right of payment to all existing and future Senior Debt of the
Issuer;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>are
<i>pari passu</i> in right of payment with
existing and any future senior subordinated Indebtedness of the Issuer; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>are
unconditionally guaranteed by the guarantors.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The notes are
guaranteed by the guarantors. Each guarantee of the notes:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>is
a general unsecured obligation of the guarantor;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>is
subordinated in right of payment to all existing and future Senior Debt of the
guarantor; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>is
<i>pari passu</i> in right of payment with any
existing and future senior subordinated Indebtedness of the guarantor.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assuming we had closed the New Credit Agreement and
applied the initial borrowings thereunder as of March&nbsp;31, 2007 as
described under &#147;Capitalization,&#148; the notes and the guarantees of the notes
would have been subordinated to $574.7&nbsp;million of Iron Mountain&#146;s, the
Issuer&#146;s and the guarantors&#146; Senior Debt and would have ranked equally with $2,260.6
million (including $0.6&nbsp;million of net discounts) of Iron Mountain&#146;s, the
Issuer&#146;s and the guarantors&#146; other senior subordinated debt and trade payables.
As indicated above and as discussed in detail below under the caption &#147;&#151;Subordination,&#148;
payments on the notes and under the guarantees will be subordinated to the
payment of Senior Debt. The Indenture permits the Issuer and the guarantors to
incur additional Senior Debt.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not all of the Company&#146;s
subsidiaries will guarantee the exchange notes. Substantially all of the
Company&#146;s direct and indirect wholly owned U.S. subsidiaries will guarantee the
exchange notes. The Issuer&#146;s subsidiaries, IME, and its subsidiaries and the
Company&#146;s other existing non-U.S. subsidiaries will not be guarantors. In the
event of a bankruptcy, liquidation or reorganization of any of these
non-guarantor subsidiaries, these non-guarantor subsidiaries will pay the
holders of their debts and their trade creditors before they will be able to
distribute any of their assets to us. The non-guarantor subsidiaries generated 23.5%,
of the Company&#146;s consolidated revenues in the year ended December&nbsp;31, 2006
and held 26.9% of the Company&#146;s consolidated total assets as of December&nbsp;31,
2006, in the latter case without reduction for the minority interests in
certain of the Company&#146;s non-U.S. subsidiaries. See the consolidated financial
statements included in our Current Report on Form&nbsp;8-K filed with the
Commission on May&nbsp;10, 2007, and in the Company&#146;s Quarterly Report on
Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2007, </font>which is incorporated by reference in this
prospectus, for more detail about the division of Iron Mountain&#146;s
consolidated revenues and assets between the guarantor and non-guarantor
subsidiaries.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">34</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='34',FILE='C:\fc\16416374151_P83101_2188336\13368-1-ci.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest<a name="Interest_090406"></a></font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest on the notes will
accrue at the rate of 7</font><font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">1</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">2</font>%
per annum and will be payable semi-annually in arrears on March&nbsp;15 and
September&nbsp;15, commencing on September&nbsp;15, 2007 to Holders of record
on the immediately preceding March&nbsp;1 and September&nbsp;1. Interest on the
notes will accrue from the most recent date to which interest has been paid or,
if no interest has been paid, from the date of original issuance. Interest will
be computed on the basis of a 360-day year comprised of twelve 30-day
months.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Methods of
Receiving Payments on the Notes<a name="MethodsOfReceivingPaymentsOnTheNo_090407"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The notes will be payable
both as to principal and interest and additional interest and Additional
Amounts, if any, at the office or agency of any of the paying agents or, at the
option of the Company, payment of interest may be made by check mailed to the Holders
at their addresses set forth in the register of Holders.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Paying Agent and
Registrar for the Notes<a name="PayingAgentAndRegistrarForTheNote_090409"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trustee will initially
act as paying agent and registrar. The Company may change the paying agent or
registrar without prior notice to the Holders, and the Company or any of its
Subsidiaries may act as paying agent or registrar. Until otherwise designated
by the Company, the Company&#146;s office or agency in New York will be the office
of the Trustee maintained for such purpose. The Company has appointed BNY Trust
Company of Canada as a sub-paying agent for the notes.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transfer and
Exchange<a name="TransferAndExchange_090410"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Holder may transfer or
exchange the notes in accordance with the Indenture. The registrar and the
Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents. The Issuer may require a Holder to pay any
taxes and fees required by law or permitted by the Indenture. The Issuer is not
required to transfer or exchange any note selected for redemption. Also, the
Issuer is not required to transfer or exchange any note for a period of
15&nbsp;days before the mailing of a notice of redemption of notes to be
redeemed.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Guarantees<a name="Guarantees_083510"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Issuer&#146;s payment obligations under the notes are
jointly and severally guaranteed pursuant to the&nbsp;guarantees on an
unsecured senior subordinated basis by the Company and all of the Company&#146;s
Restricted Subsidiaries other than the Excluded Restricted Subsidiaries (as
defined below). See &#147;&#151;Certain Covenants&#151;Additional Subsidiary Guarantees.&#148; Each
guarantee will be subordinated to the prior payment in full of all Senior Debt
of each such guarantor, which, assuming we had closed our New Credit Agreement
and applied the initial borrowings therefrom on March&nbsp;31, 2007 as
described under &#147;Capitalization,&#148; would have been $574.7&nbsp;million.
Notwithstanding the subordination provisions contained in the Indenture, the
obligations of a guarantor under its guarantee will be unconditional but will
contain language intended to prevent that guarantee from constituting a
fraudulent conveyance under applicable law. See &#147;Risk Factors&#151;U.S. federal and
state statutes could allow courts, under specific circumstances, to void
guarantees and require holders of the exchange notes to return payments
received from guarantors.&#148;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All of the guarantees will be released under the
circumstances described under &#147;&#151;Certain Covenants&#151;Release of Guarantees and
Guarantors.&#148;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The guarantee of a
subsidiary guarantor will be released under the circumstances described under <br>
&#147;&#151;Certain Covenants&#151;Additional Subsidiary Guarantees.&#148;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">35</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='35',FILE='C:\fc\16416374151_P83101_2188336\13368-1-ci.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subordination<a name="Subordination_083532"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The payment of principal of, premium, additional
interest or Additional Amounts, if any, and interest on the notes is
subordinated in right of payment, as set forth in the Indenture, to the prior
payment in full in cash of all Obligations with respect to Senior Debt, whether
outstanding on the date of the Indenture or thereafter incurred.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The holders of
Senior Debt will be entitled to receive payment in full in cash of all
Obligations due in respect of such Senior Debt (including interest after the
commencement of any such proceeding at the rate specified in the applicable
Senior Debt, whether or not allowed as a claim in such proceeding) before the
Holders of notes will be entitled to receive any payment or distribution with
respect to the notes. Until all Obligations with respect to Senior Debt are
paid in full in cash, any payment or distribution to which the Holders of notes
would be entitled shall be made to the holders of Senior Debt, upon any payment
or distribution to creditors of the Issuer or any guarantor:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in a liquidation or
dissolution of the Issuer or such guarantor; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in a bankruptcy,
reorganization, insolvency, receivership or similar proceeding relating to the
Issuer or any guarantor or its property; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in an assignment for the
benefit of creditors; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in any marshaling of the
assets and liabilities of the Issuer or any guarantor.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Neither the Issuer
nor any guarantor may make any payment or distribution upon or in respect of
the notes, including, without limitation, by way of set-off or otherwise, or
redeem (or make a deposit in redemption of), defease or acquire any of the
notes for cash, properties or securities if:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a default in the payment
of any Obligation in respect of any Senior Debt occurs and is continuing; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any other default (or any
event that, after notice or passage of time would become a default), or a
Non-Monetary Default, occurs and is continuing with respect to Senior Debt and
the Trustee receives a notice of such default, or a Payment Blockage Notice,
from the holders (or the agent or representative of such holders) of any
Designated Senior Debt.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payments on the
notes may and shall be resumed:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in the case of a payment
default, on the date on which such default is cured or waived; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in the case of a
Non-Monetary Default, on the earlier of the date on which such Non-Monetary
Default is cured or waived or 179&nbsp;days after the date on which the
applicable Payment Blockage Notice is received, unless the maturity of any
Senior Debt has been accelerated.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any number of
Payment Blockage Notices may be given; <i>provided</i>,
<i>however</i>, that:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>not more than one Payment
Blockage Notice may be commenced during any period of 360&nbsp;consecutive
days; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any Non-Monetary Default
that existed or was continuing on the date of delivery of any Payment Blockage
Notice to the Trustee (to the extent the holder of Designated Senior Debt, or
such trustee or agent, giving such Payment Blockage Notice had knowledge of the
same) shall not be the basis for a subsequent Payment Blockage Notice, unless
such default has been cured or waived for a period of not less than 90
consecutive days.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company must promptly notify holders of Senior
Debt if payment of the notes is accelerated because of an Event of Default (as
described below).</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">36</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='36',FILE='C:\fc\16416374151_P83101_2188336\13368-1-ci.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a result of the
subordination provisions described above, in the event of a liquidation or
insolvency, Holders of notes may recover less ratably than creditors of the
Issuer who are holders of Senior Debt. After giving effect to our closing of
our New Credit Agreement and the use of the initial borrowings thereunder as of
March&nbsp;31, 2007 as described under &#147;Capitalization,&#148; the principal amount
of Senior Debt of the Issuer and the guarantors outstanding would have been $574.7&nbsp;million.
The Indenture will not limit the amount of additional Indebtedness, including
Senior Debt, that the Issuer, the Company and its Restricted Subsidiaries can
incur if certain financial tests are met. See &#147;&#151;Certain Covenants&#151;Incurrence of
Indebtedness and Issuance of Preferred Stock.&#148;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional Amounts<a name="AdditionalAmounts_083612"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All payments made
by or on behalf of the Issuer under or with respect to the notes or any of the
guarantors on its guarantee will be made free and clear of and without
withholding or deduction for, or on account of, any present or future Taxes
imposed or levied by or on behalf of any jurisdiction in which the Issuer or
any guarantor (including any successor entity), is then incorporated or
resident for tax purposes or any political subdivision thereof or therein (for
avoidance of doubt, it being understood that tax residency for these purposes
does not result from mere permanent establishments), each of the foregoing, a
Tax Authority, unless the withholding or deduction of such Taxes is then
required by law. If any deduction or withholding for, or on account of, any
Taxes of any Tax Authority will at any time be required to be made from or
imposed directly on any Holder or beneficial owner of the notes on any payments
made by or on behalf of the Issuer under or with respect to the notes or any of
the guarantors with respect to any guarantee, including payments of principal,
redemption price, purchase price, interest, premium or additional interest, if
any, the Issuer or the relevant guarantor, as applicable, will pay such
additional amounts, or Additional Amounts, as may be necessary in order that
the net amounts received and retained in respect of such payments by each
Holder or beneficial owner (including Additional Amounts) after such
withholding, deduction or imposition will equal the respective amounts which
would have been received and retained in respect of such payments in the
absence of such withholding, deduction or imposition; <i>provided</i>, <i>however</i>,
that no Additional Amounts will be payable with respect to:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any payments on a note in
respect of Taxes which would not have been imposed but for the Holder or the
beneficial owner of the note being, or having been, a citizen or resident or
national of, incorporated in, or carrying on a business in the jurisdiction in
which such Taxes are imposed other than by the mere holding of such note or
enforcement of rights thereunder or the receipt of payments in respect thereof;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any Taxes that are
imposed or withheld as a result of the failure of the Holder of a note or
beneficial owner of a note to satisfy any certification, identification,
information or other reporting requirement, which is required or imposed by a
statute, treaty, regulation or administrative practice of the relevant taxing
jurisdiction as a precondition to exemption from all or part of such Taxes;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any note presented for
payment (where notes are in physical, certificated form and presentation is
required) more than 30&nbsp;days after the relevant payment is first made
available for payment to the Holder (except to the extent that the Holder would
have been entitled to Additional Amounts had the note been presented on the
last day of such 30&nbsp;day period);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any estate, inheritance,
gift, sale, transfer, personal property or similar Tax or assessment;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any Taxes payable
otherwise than by way of deduction or withholding;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any person who is a
fiduciary or partnership or any person other than the sole beneficial owner of
such payment, to the extent that a beneficiary or settlor with respect to such
fiduciary, a member of such partnership or the beneficial owner of such payment
would not have been entitled to the </p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">37</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='37',FILE='C:\fc\16416374151_P83101_2188336\13368-1-ci.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt 40.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional Amounts had
such beneficiary, settlor, member or beneficial owner been the actual holder of
the note;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any Holder of a note or a
beneficial owner of a note that is or was a &#147;10-percent shareholder&#148; of the
Company as defined in Section&nbsp;871(h)(3)&nbsp;of the United States Internal
Revenue Code of 1986, as amended, or the Code, or any successor provision;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any Holder of a note or a
beneficial owner of a note that is a bank receiving interest described in Section&nbsp;881(c)(3)(A)&nbsp;of
the Code; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any combination of items (1)&nbsp;through
(8)&nbsp;above.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to the foregoing, the Issuer and the guarantors
will also pay any present or future stamp, transfer, court or documentary
taxes, or any other excise or property taxes, charges or similar levies or
Taxes which are levied by any Tax Authority on the execution, delivery,
registration or enforcement of any of the notes, the Indenture, any guarantee
or any other document or instrument referred to therein, or the receipt of any
payments with respect to the notes or the guarantees. The Issuer and the
guarantors will not, however, be obligated to pay any present or future stamp,
transfer, court or documentary tax, or any other excise or property tax, charge
or similar levy or Tax which is levied by any Tax Authority in connection with
any transfer of any note by any Holder.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Issuer or any guarantor, as the case may be,
becomes aware that it will be obligated to pay Additional Amounts with respect
to any payment under or with respect to the notes or any guarantee, the Issuer
or the relevant guarantor, as the case may be, will deliver to the Trustee on a
date which is at least 30&nbsp;days prior to the date of that payment (unless
the obligation to pay Additional Amounts arises after the 30th day prior to
that payment date, in which case the Issuer or the relevant guarantor shall
notify the Trustee promptly thereafter) an Officers&#146; Certificate stating the
fact that Additional Amounts will be payable and the amount estimated to be so
payable. The Officers&#146; Certificate must also set forth any other information
reasonably necessary to enable the Paying Agents to pay Additional Amounts to
Holders on the relevant payment date. The Issuer or the relevant guarantor will
provide the Trustee with documentation reasonably satisfactory to the Trustee
evidencing the payment of Additional Amounts.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Issuer or the relevant guarantor will make all
required withholdings and deductions and will remit the full amount deducted or
withheld to the relevant Tax Authority in accordance with applicable law. The
Issuer or the relevant guarantor will use commercially reasonable efforts to
facilitate administrative actions necessary to assist beneficial owners to
obtain any refund of or credit against Taxes for which Additional Amounts are
not paid as a result of the conditions in the proviso to the first paragraph
hereof.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event that either the Issuer or the relevant
guarantor has become, or would be, obliged to pay on the next date on which any
amount would be payable under or with respect to the notes, any Additional
Amounts as a result of certain changes affecting the laws relating to
withholding or deduction of Taxes, the Issuer may redeem all, but not less than
all, the notes in accordance with the section entitled &#147;Redemption for Changes
in Withholding Taxes.&#148;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Whenever in the Indenture
or in this &#147;Description of the Notes&#148; there is mentioned, in any context, the
payment of amounts based upon the principal amount of the notes or of
principal, interest, additional interest or of any other amount payable under,
or with respect to, any of the notes, such mention shall be deemed to include
mention of the payment of Additional Amounts to the extent that, in such
context, Additional Amounts are, were or would be payable in respect thereof.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Optional Redemption<a name="OptionalRedemption_083647"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prior
to March&nbsp;15, 2012, the notes will be subject to redemption at any time at
the option of the Issuer, in whole or in part, upon not less than 10 nor more
than 60&nbsp;days&#146; notice, at the CAD Make-Whole </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">38</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='38',FILE='C:\fc\16416374151_P83101_2188336\13368-1-ci.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Price, plus accrued and unpaid interest and additional
interest and Additional Amounts, if any, to but excluding the applicable redemption
date. On and after March&nbsp;15, 2012, the notes will be subject to redemption
at any time at the option of the Issuer, in whole or in part, upon not less
than 10 nor more than 60&nbsp;days&#146; notice, at the redemption price (expressed
as percentages of principal amount) set forth below, plus accrued and unpaid
interest and additional interest and Additional Amounts, if any, to but
excluding the applicable redemption date, if redeemed during the 12- month
period beginning on March&nbsp;15 of the years indicated below:</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="24" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:17.8pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Year</font></b></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="378" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:283.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="63" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:47.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Percentage</font></b></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="409" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:306.55pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2012</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">103.750</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="409" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:306.55pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2013</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">102.500</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="409" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:306.55pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2014</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101.250</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="409" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:306.55pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2015 and thereafter</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100.000</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the
foregoing, at any time prior to March&nbsp;15, 2010, the Issuer may on any one
or more occasions redeem the notes at a redemption price of 107.500% of the
principal amount thereof, plus accrued and unpaid interest, and additional
interest and Additional Amounts, if any, to the redemption date, with the net
cash proceeds of one or more Qualified Equity Offerings; <i>provided</i> that:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>at least
C$115.0&nbsp;million in the aggregate principal amount of the notes (including
any additional notes subsequently issued as part of the same class) issued
under the Indenture remains outstanding immediately after the occurrence of
such redemption (excluding notes held by the Company and the Company&#146;s
Subsidiaries); and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
redemption occurs within six months of the date of the closing of any such
Qualified Equity Offering.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Redemption for
Changes in Withholding Taxes<a name="RedemptionForChangesInWithholding_083736"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Issuer may
redeem the notes, in whole but not in part, at its discretion at any time upon
giving not less than 10 nor more than 60&nbsp;days&#146; prior notice to the Holders
(which notice will be irrevocable and given in accordance with the procedures
described in &#147;&#151;Notices&#148;), at a redemption price equal to the principal amount
thereof, together with accrued and unpaid interest, if any, to the date fixed
by the Issuer for redemption, or Tax Redemption Date, and all additional
interest and Additional Amounts (if any) then due and which will become due on
the Tax Redemption Date as a result of the redemption or otherwise (and in the
case of notes that are in physical, certificated form, subject to the right of
Holders on the relevant record date to receive interest due on the relevant Interest
Payment Date and additional interest and Additional Amounts (if any) in respect
thereof), if on the next date on which any amount would be payable in respect
of the notes, the Issuer has or would be required to pay Additional Amounts,
and the Issuer cannot avoid any such payment obligation taking reasonable
measures available, as a result of:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any change in, or
amendment to, the laws or treaties (or any regulations, or rulings promulgated
thereunder) of the relevant Tax Authority affecting taxation which becomes
effective on or after the date of the Supplemental Indenture (or, if the
relevant Tax Authority has changed since the date of the Supplemental
Indenture, the date on which the then current Tax Authority became the
applicable Tax Authority under the Supplemental Indenture); or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any change in, or
amendment to, the existing official position or the introduction of an official
position regarding the application, administration or interpretation of such
laws, treaties, regulations or rulings (including a holding, judgment or order
by a court of competent jurisdiction or a change in published practice), which
becomes effective on or after the date of the Supplemental Indenture (or, if
the relevant Tax Authority has changed since the date of the </p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">39</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='39',FILE='C:\fc\16416374151_P83101_2188336\13368-1-ci.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt 40.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Supplemental Indenture,
the date on which the then current Tax Authority became the applicable Tax
Authority under the Supplemental Indenture).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Issuer will not give
any such notice of redemption earlier than 90&nbsp;days prior to the earliest
date on which the Issuer would be obligated to make such payment or withholding
if a payment in respect of the notes were then due. Prior to the publication
or, where relevant, mailing of any notice of redemption of the notes pursuant
to the foregoing, the Issuer will deliver to the Trustee (a)&nbsp;an Officers&#146;
Certificate to the effect that the Issuer cannot avoid such obligation to pay
Additional Amounts by taking reasonable measures available to it and (b)&nbsp;an
opinion of independent counsel to the effect that the Issuer will be obligated
to pay Additional Amounts as a result of an event described above.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mandatory
Redemption<a name="MandatoryRedemption_083852"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Issuer is not required
to make mandatory redemption or sinking fund payments with respect to the
notes.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Offer to Repurchase
Notes<a name="OfferToRepurchaseNotes_083903"></a></font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Change
of Control.</font></i></font><i>&nbsp;&nbsp; </i>Upon
the occurrence of a Change of Control, the Issuer shall repurchase all of each
Holder&#146;s notes pursuant to the offer described below, or the Change of Control
Offer, at an offer price in cash equal to 101% of the aggregate principal
amount thereof plus accrued and unpaid interest to but excluding the date of
repurchase, and additional interest and Additional Amounts, if any, or the
Change of Control Payment.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Within 30 calendar
days following any Change of Control, the Issuer will mail a notice to each Holder
stating:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that the Change of
Control Offer is being made pursuant to the covenant entitled &#147;Change of
Control&#148; and that all notes tendered will be accepted for payment;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the purchase price and
the purchase date, which will be no earlier than 30 calendar days nor later
than 60 calendar days from the date such notice is mailed, or the Change of
Control Payment Date;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that any note not
tendered will continue to accrue interest;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that, unless the Issuer
defaults in the payment of the Change of Control Payment, all notes accepted
for payment pursuant to the Change of Control Offer will cease to accrue
interest on and after the Change of Control Payment Date;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that Holders electing to
have any notes purchased pursuant to a Change of Control Offer will be required
to surrender the notes, with the form entitled &#147;Option of Holder to Elect
Purchase&#148; on the reverse of the notes completed, to the paying agent at the
address specified in such notice prior to the close of business on the fifth
Business Day preceding the Change of Control Payment Date;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that Holders will be
entitled to withdraw their election if the paying agent receives, not later
than the close of business on the second Business Day preceding the Change of
Control Payment Date, facsimile transmission or letter setting forth the name
of the Holder, the principal amount of notes delivered for purchase, and a
statement that such Holder is withdrawing its election to have such notes
purchased; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>that Holders whose notes
are being purchased only in part will be issued new notes equal in principal
amount to the unpurchased portion of the notes surrendered, which unpurchased
portion must be equal to C$1,000 in principal amount or an integral multiple
thereof.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">40</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='40',FILE='C:\fc\16416374151_P83101_2188336\13368-1-ci.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Issuer will comply with the requirements of Rule&nbsp;14e-1
under the Securities Exchange Act of 1934, as amended, or the Exchange Act, and
any other securities laws and regulations thereunder, to the extent such laws
and regulations are applicable to the repurchase of the notes in connection
with a Change of Control. To the extent that the provisions of any securities
laws or regulations conflict with the Change of Control provisions of the
Indenture, the Issuer will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations under the
Change of Control provisions of the Indenture by virtue of such conflict.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the Change of
Control Payment Date, the Issuer will, to the extent lawful:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>accept for payment notes
or portions thereof tendered pursuant to the Change of Control Offer;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>deposit with the paying
agent an amount equal to the Change of Control Payment in respect of all notes
or portions thereof so tendered; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>deliver or cause to be
delivered to the Trustee the notes so accepted together with an Officers&#146;
Certificate stating the notes or portions thereof tendered to the Issuer.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The paying agent will promptly mail to each Holder of
notes so accepted the Change of Control Payment for such notes, and the Trustee
will promptly authenticate and mail to each Holder a new note equal in
principal amount to any unpurchased portion of the notes surrendered, if any; <i>provided</i> that each such new note will be
in a principal amount of C$1,000 or an integral multiple thereof.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as described above with respect to a Change of
Control, the Indenture does not contain provisions that permit the Holders of
the notes to require that the Company or the Issuer repurchase or redeem the
notes in the event of a takeover, recapitalization or similar restructuring,
nor does it contain any other &#147;event risk&#148; protections for Holders of the
notes.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although the Change of Control provision may not be
waived by the Issuer, and may be waived by the Trustee only in accordance with
the provisions of the Indenture, there can be no assurance that any particular
transaction (including a highly leveraged transaction) cannot be structured or
effected in a manner not constituting a Change of Control.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Credit Agreement currently limits the right of the
Company or any subsidiary thereof to purchase any notes prior to their
scheduled maturity and also provides that a Change of Control with respect to
the Company is a default thereunder. Any future credit agreements or other
agreements relating to Senior Debt to which the Company or the Issuer becomes a
party may contain similar restrictions and provisions. In the event a Change of
Control occurs at a time when the Issuer is prohibited from purchasing notes,
the Company could seek a waiver of the default under the Credit Agreement, the
consent of lenders to the purchase of notes or could attempt to refinance the
borrowings that contain such prohibition. If the Company does not obtain such a
waiver and consent or repay such borrowings, the Issuer would remain prohibited
from purchasing notes and the Company would be in default under the Credit
Agreement. In such case, the failure to purchase tendered notes would, in turn,
constitute an Event of Default under the Indenture. In such circumstances, the
subordination provisions in the Indenture would likely restrict payments to the
Holders of notes.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Issuer will not be required to make a Change of
Control Offer upon a Change of Control if a third party, including the Company,
makes the Change of Control Offer in the manner, at the times and otherwise in
compliance with the requirements set forth in the Indenture applicable to a
Change of Control Offer made by the Issuer and purchases all notes properly
tendered and not withdrawn under the Change of Control Offer.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The definition of Change of Control includes a phrase
relating to the direct or indirect sale, lease, transfer, conveyance or other
disposition of &#147;all or substantially all&#148; of the properties or assets of the
Company. Although there is a limited body of case law interpreting the phrase &#147;substantially
all,&#148; there is </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">41</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='41',FILE='C:\fc\16416374151_P83101_2188336\13368-1-ci.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">no precise established
definition of the phrase under applicable law. Accordingly, the ability of a
Holder of notes to require the Issuer to repurchase its notes as a result of a
sale, lease, transfer, conveyance or other disposition of less than all of the
assets of the Company to another Person or group may be uncertain.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Asset Sales.</font></i></font><i>&nbsp;&nbsp; </i>The Company will not, and will not
permit any of its Restricted Subsidiaries to:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>sell, lease, convey or
otherwise dispose of any assets (including by way of a Sale and Leaseback
Transaction, but excluding a Qualifying Sale and Leaseback Transaction) other
than sales of inventory in the ordinary course of business (<i>provided</i> that the sale, lease, conveyance
or other disposition of all or substantially all of the assets of the Company
will be governed by the provisions of the Indenture described above under the
caption &#147;Change of Control&#148; and/or the provisions described below under the
caption &#147;Certain Covenants&#151;Merger, Consolidation or Sale of Assets&#148; and not by
the provisions of this covenant); or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>issue or sell Equity
Interests of any of its Restricted Subsidiaries that, in the case of either
clause&nbsp;(1)&nbsp;or (2)&nbsp;above, whether in a single transaction or a
series of related transactions:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>have a fair market
value in excess of $2.0&nbsp;million; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>result in Net Proceeds in
excess of $2.0&nbsp;million, each of the foregoing, an Asset Sale, unless (x)&nbsp;the
Company (or the Restricted Subsidiary, as the case may be) receives
consideration at the time of such Asset Sale at least equal to the fair market
value (evidenced by an Officers&#146; Certificate delivered to the Trustee, and for
Asset Sales having a fair market value or resulting in net proceeds in excess
of $10.0&nbsp;million, evidenced by a resolution of the Company&#146;s board of
directors set forth in an Officers&#146; Certificate delivered to the Trustee) of
the assets sold or otherwise disposed of and (y)&nbsp;at least 75% of the
consideration therefor received by the Company or such Restricted Subsidiary is
in the form of cash or like-kind assets (in each case as determined in good
faith by the Company, evidenced by a resolution of the Company&#146;s board of
directors and certified by an Officers&#146; Certificate delivered to the Trustee);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">provided</font></i>, <i>however</i>, that the amount of:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>any liabilities (as shown on
the Company&#146;s or such Restricted Subsidiary&#146;s most recent balance sheet or in
the notes thereto) of the Company or such Restricted Subsidiary (other than
liabilities that are by their terms subordinated to the notes or any guarantee)
that are assumed by the transferee of any such assets; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>any notes or other
obligations received by the Company or such Restricted Subsidiary from such
transferee that are immediately converted by the Company or such Restricted
Subsidiary into cash (to the extent of the cash received) or Cash Equivalents</p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">shall be deemed to be cash for purposes of this
provision; and <i>provided</i>, <i>further</i>, that the 75% limitation referred
to in the foregoing clause&nbsp;(ii)&nbsp;(y)&nbsp;shall not apply to any Asset
Sale in which the cash portion of the consideration received therefrom is equal
to or greater than what the after-tax proceeds would have been had such Asset
Sale complied with the aforementioned 75% limitation. For the avoidance of
doubt, a disposition that constitutes a &#147;Restricted Payment&#148; will be governed
by the provisions of the Indenture described below under the covenant entitled &#147;Restricted
Payments&#148; and not by the provisions of this covenant.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A transfer of assets or issuance of Equity Interests
by the Company to a Wholly Owned Restricted Subsidiary or by a Wholly Owned
Restricted Subsidiary to the Company or to another Wholly Owned Restricted
Subsidiary will not be deemed to be an Asset Sale.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">42</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='42',FILE='C:\fc\16416374151_P83101_2188336\13368-1-ci.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Within
360&nbsp;days of any Asset Sale, the Company may, at its option, apply an
amount equal to the Net Proceeds from such Asset Sale either:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to permanently reduce
Senior Debt; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to an investment in a
Restricted Subsidiary or in another business or capital expenditure or other
long-term/tangible assets, in each case, in the same line of business as the
Company or any of its Restricted Subsidiaries was engaged on the date of the
Indenture or in businesses similar or reasonably related thereto.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pending the final application of any such Net
Proceeds, the Company may temporarily reduce Senior Bank Debt or otherwise
invest such Net Proceeds in any manner that is not prohibited by the Indenture.
Any Net Proceeds from such Asset Sale that are not applied or invested as
provided in the first sentence of this paragraph will be deemed to constitute &#147;Excess
Proceeds.&#148; When the aggregate amount of Excess Proceeds exceeds
$10.0&nbsp;million, the Company shall make an offer to all Holders of the
notes, all holders of the 8</font><font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">5</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">8</font>% notes, the 7<font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">1</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">4</font>%
notes, the 7<font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">3</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">4</font>%
notes, the 6<font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">5</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">8</font>%
notes, the 8<font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">3</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">4</font>%
notes, the 8% notes and the 6<font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">3</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">4</font>%
notes, and the holders of any future Indebtedness ranking <i>pari passu</i> with the notes, which
Indebtedness contains similar provisions requiring the Company to repurchase
such Indebtedness, or an Asset Sale Offer, to purchase the maximum principal
amount of notes and such other Indebtedness that may be purchased out of the Excess
Proceeds, at an offer price in cash in an amount equal to 100% of the principal
amount thereof plus accrued and unpaid interest, if any, to the date of
purchase, additional interest and Additional Amounts, if any, in accordance
with the procedures set forth in the Indenture. To the extent that the
aggregate amount of notes and other <i>pari
passu</i> Indebtedness (including the 8<font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">5</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">8</font>% notes, the 7<font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">1</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">4</font>%
notes, the 7<font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">3</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">4</font>%
notes, the 6<font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">5</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">8</font>%
notes, the 8<font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">3</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">4</font>%
notes, the 8% notes and the 6<font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">3</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">4</font>%
notes) tendered pursuant to an Asset Sale Offer is less than the Excess
Proceeds, the Company may use any remaining Excess Proceeds for general
corporate purposes. If the aggregate principal amount of notes and such other
Indebtedness surrendered by Holders thereof exceeds the amount of Excess
Proceeds, the Trustee shall select the notes and such other Indebtedness to be
purchased on a pro rata basis. Upon completion of such offer to purchase, the
amount of Excess Proceeds shall be reset at zero.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will comply
with the requirements of Rule&nbsp;14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent those laws and
regulations are applicable in connection with each repurchase of notes pursuant
to an Asset Sale Offer. To the extent that the provisions of any securities
laws or regulations conflict with the Asset Sale provisions of the Indenture,
the Company will comply with the applicable securities laws and regulations and
will not be deemed to have breached its obligations under the Asset Sale
provisions of the Indenture by virtue of such conflict. Existing agreements
governing the Company&#146;s outstanding Senior Debt generally restrict the Company
from purchasing any notes prior to scheduled maturity, and also provide that
certain asset sale events with respect to the Company would constitute a
default under these agreements. Any future credit agreements or other
agreements relating to Senior Debt to which the Company becomes a party may
contain similar restrictions and provisions. In the event an Asset Sale occurs
at a time when the Company is prohibited from purchasing notes, the Company
could seek the consent of its senior lenders to the purchase of notes or could
attempt to refinance the borrowings that contain such prohibition. If the
Company does not obtain such a consent or repay such borrowings, the Company
would remain prohibited from purchasing notes. In such case, the failure to
purchase tendered notes would constitute an Event of Default under the
Indenture which would, in turn, constitute a default under such Senior Debt. In
such circumstances, the subordination provisions in the Indenture would likely
restrict payments to the Holders of notes.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">43</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='43',FILE='C:\fc\16416374151_P83101_2188336\13368-1-ci.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Selection and
Notice<a name="SelectionAndNotice_084056"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If less than all of
the notes are to be redeemed at any time, the Trustee will select notes for
redemption as follows:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if the notes are listed,
in compliance with the requirements of the principal national securities
exchange on which the notes are listed; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if the notes are not so
listed, on a pro rata basis, by lot or by such method as the Trustee shall deem
fair and appropriate.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No notes of C$1,000 or less shall be redeemed in part.
Notices of redemption shall be mailed by first class mail at least 10 but not
more than 60&nbsp;days before the redemption date to each Holder of notes to be
redeemed at its registered address.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any note is to be
redeemed in part only, the notice of redemption that relates to such note shall
state the portion of the principal amount thereof to be redeemed. A new note in
a principal amount equal to the unredeemed portion thereof will be issued in
the name of the Holder thereof upon cancellation of the original note. On and
after the redemption date, interest will cease to accrue on notes or portions
thereof called for redemption.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain Covenants</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Changes in Covenants When
Notes Rated Investment Grade.</font></i></font><font style="letter-spacing:-.1pt;">&nbsp;&nbsp; </font><font style="letter-spacing:-.1pt;">If on any date following the date of the indenture:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>at least two of the
following events occurs:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the notes are rated
Baa3 or better by Moody&#146;s Investors Service,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the notes are rated BBB-
or better by Standard&nbsp;&amp; Poor&#146;s Rating Group, a division of McGraw Hill,&nbsp;Inc.,
or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160; </font>the notes are rated BBB- or
better by Fitch Ratings&nbsp;Inc.,</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(or, if any such
entity ceases to rate the notes for reasons outside of the control of the
Company, the equivalent investment grade credit rating from any other &#147;nationally
recognized statistical rating organization&#148; within the meaning of Rule&nbsp;15c3-1(c)(2)(vi)(F)&nbsp;under
the Exchange Act selected by the Company as a replacement agency); and</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>no Default or Event of
Default shall have occurred and be continuing,</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">then, beginning on
that day and continuing at all times thereafter regardless of any subsequent
changes in the rating of the notes, the covenants described under the following
captions in this prospectus will no longer be applicable to the notes:</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; &#147;&#151;Offer to
Repurchase Notes&#151;Asset Sales&#148;;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; &#147;&#151;Restricted
Payments&#148;;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160; &#147;&#151;Incurrence
of Indebtedness and Issuance of Preferred Stock&#148;;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160; &#147;&#151;Dividend
and Other Payment Restrictions Affecting Restricted Subsidiaries&#148;;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160; &#147;&#151;Transactions
with Affiliates&#148;;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160;&#160; clause&nbsp;(3)&nbsp;of
the covenant described below under the caption &#147;&#151;Additional Subsidiary
Guarantees&#148;;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160;&#160; &#147;&#151;Unrestricted
Subsidiaries&#148;;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">44</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='44',FILE='C:\fc\16416374151_P83101_2188336\13368-1-ci.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)&#160;&#160; clause&nbsp;(4)&nbsp;of
the covenant described below under the caption &#147;&#151;Merger, Consolidation or Sale
of Assets&#148;; and</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)&#160;&#160; clause&nbsp;(2)&nbsp;of
the covenant described below under the caption &#147;&#151;Limitation on Sale and
Leaseback Transactions.&#148;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There can be no assurance that the notes will ever
achieve an investment grade rating or that any such rating will be maintained.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restricted Payments.</font></i></font><i>&nbsp;&nbsp; </i>The Company will not, and will not
permit any of its Restricted Subsidiaries to, directly or indirectly:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>declare or pay any
dividend or make any distribution on account of the Company&#146;s or any of its
Restricted Subsidiaries&#146; Equity Interests (other than dividends or
distributions payable in Equity Interests (other than Disqualified Stock) of
the Company or such Restricted Subsidiary or dividends or distributions payable
to the Company or any Restricted Subsidiary);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>purchase, redeem or
otherwise acquire or retire for value any Equity Interests of the Company or
any Restricted Subsidiary or other Affiliate of the Company (other than any
such Equity Interests owned by the Company or any Restricted Subsidiary);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>purchase, redeem or
otherwise acquire or retire prior to scheduled maturity for value any
Indebtedness that is subordinated in right of payment to the notes; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>make any Investment other
than a Permitted Investment (all such payments and other actions set forth in
clauses (1)&nbsp;through (4)&nbsp;above being collectively referred to as
Restricted Payments);</p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">unless, at the time of such Restricted Payment:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>no Default or Event
of Default shall have occurred and be continuing or would occur as a
consequence thereof; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company would, at the
time of such Restricted Payment and after giving pro forma effect thereto, have
been permitted to incur at least $1.00 of additional Indebtedness pursuant to
the test set forth in the first paragraph of the covenant entitled &#147;Incurrence
of Indebtedness and Issuance of Preferred Stock&#148;; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160; </font>such Restricted Payment,
together with the aggregate of all other Restricted Payments made by the
Company and its Restricted Subsidiaries after October&nbsp;1, 1996 is less than
(x)&nbsp;the cumulative EBITDA of the Company, minus 1.75 times the cumulative
Consolidated Interest Expense of the Company, in each case for the period
(taken as one accounting period) from June&nbsp;30, 1996, to the end of the
Company&#146;s most recently ended fiscal quarter for which internal financial statements
are available at the time of such Restricted Payment, plus (y)&nbsp;the
aggregate net Equity Proceeds received by the Company from the issuance or sale
since the date of the 1996 Indenture of Equity Interests of the Company or of
debt securities of the Company that have been converted into such Equity
Interests (other than Equity Interests or convertible debt securities sold to a
Restricted Subsidiary of the Company and other than Disqualified Stock or debt
securities that have been converted into Disqualified Stock), plus (z)&nbsp;$2.0&nbsp;million.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of March&nbsp;31, 2007, giving effect to the
closing of the New Credit Agreement and the application of the initial
borrowings thereunder as described under &#147;Capitalization,&#148; the amount that
would have been available to the Company for Restricted Payments pursuant to
this clause&nbsp;(iii)&nbsp;would have been approximately $1.2&nbsp;billion.
The Company has similar (and more restrictive) covenants in its Credit
Agreement. The amount of Restricted Payments that the Company could make
without violating these covenants is substantially less than the amount that
would be permitted under the Indenture.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">45</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='45',FILE='C:\fc\16416374151_P83101_2188336\13368-1-ci.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->



<br clear="all" style="page-break-before:always;">
<div>


<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing
provisions will not prohibit:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the payment of any
dividend within 60&nbsp;days after the date of declaration thereof, if at said
date of declaration such payment would have complied with the provisions of the
Indenture;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the redemption, repurchase,
retirement or other acquisition or retirement for value of any Equity Interests
of the Company in exchange for, or with the net cash proceeds of, the
substantially concurrent sale (other than to a Restricted Subsidiary of the
Company) of other Equity Interests of the Company (other than any Disqualified
Stock);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the defeasance,
redemption, repurchase, retirement or other acquisition or retirement for value
of Indebtedness that is subordinated in right of payment to the notes in
exchange for, or with the net cash proceeds of, a substantially concurrent
issuance and sale (other than to a Restricted Subsidiary of the Company) of
Equity Interests of the Company (other than Disqualified Stock);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the defeasance,
redemption, repurchase, retirement or other acquisition or retirement for value
of Indebtedness that is subordinated in right of payment to the notes in
exchange for, or with the net cash proceeds of, a substantially concurrent
issue and sale (other than to the Company or any of its Restricted
Subsidiaries) of Refinancing Indebtedness;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the repurchase of any
Indebtedness subordinated in right of payment to the notes at a purchase price
not greater than 101% of the principal amount of such Indebtedness in the event
of a Change of Control in accordance with provisions similar to the &#147;Change of
Control&#148; covenant, <i>provided</i> that
prior to or contemporaneously with such repurchase the Issuer has made the
Change of Control Offer as provided in such covenant with respect to the notes
and has repurchased all notes validly tendered for payment in connection with
such Change of Control Offer; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>additional payments to
current or former employees or directors of the Company for repurchases of
stock, stock options or other equity interests, <i>provided</i> that the aggregate amount of all such payments
under this clause&nbsp;(6)&nbsp;does not exceed $0.5&nbsp;million in any year
and $2.0&nbsp;million in the aggregate.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Restricted Payments described in clauses (2), (3),
(5)&nbsp;and (6)&nbsp;of the immediately preceding paragraph will be Restricted
Payments that will be permitted to be taken in accordance with such paragraph
but will reduce the amount that would otherwise be available for Restricted
Payments under clause&nbsp;(iii)&nbsp;of the first paragraph of this section,
and the Restricted Payments described in clauses (1)&nbsp;and (4)&nbsp;of the
immediately preceding paragraph will be Restricted Payments that will be
permitted to be taken in accordance with such paragraph and will not reduce the
amount that would otherwise be available for Restricted Payments under
clause&nbsp;(iii)&nbsp;of the first paragraph of this section.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If an Investment results in the making of a Restricted
Payment, the aggregate amount of all Restricted Payments deemed to have been
made as calculated under the foregoing provision will be reduced by the amount
of any net reduction in such Investment (resulting from the payment of interest
or dividends, loan repayment, transfer of assets or otherwise) to the extent
such net reduction is not included in the Company&#146;s EBITDA; <i>provided</i>, <i>however</i>,
that the total amount by which the aggregate amount of all Restricted Payments
may be reduced may not exceed the lesser of (a)&nbsp;the cash proceeds received
by the Company and its Restricted Subsidiaries in connection with such net
reduction and (b)&nbsp;the initial amount of such Investment. In addition, for
the avoidance of doubt and to avoid double counting, if an Investment results
in the making of a Restricted Payment, then the subsequent assignment,
contribution, distribution or other transfer of such Investment by the Company
or any Restricted Subsidiary of the Company to any Excluded Restricted
Subsidiary or Unrestricted Subsidiary shall not be considered a new Investment
or Restricted Payment and shall not further reduce the amount that would
otherwise be available for Restricted Payments under clause&nbsp;(iii)&nbsp;of
the first paragraph of this section.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">46</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='46',FILE='C:\fc\164163724352_P83101_2188336\13368-1-ck.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the aggregate amount of all Restricted Payments
calculated under the foregoing provision includes an Investment in an
Unrestricted Subsidiary or other Person that thereafter becomes a Restricted
Subsidiary, such Investment will no longer be counted as a Restricted Payment
for purposes of calculating the aggregate amount of Restricted Payments.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the purpose of
making any Restricted Payment calculations under the Indenture:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Investments will include
the fair market value of the net assets of any Restricted Subsidiary at the
time that such Restricted Subsidiary is designated an Unrestricted Subsidiary
and will exclude the fair market value of the net assets of any Unrestricted
Subsidiary that is designated as a Restricted Subsidiary, in each case with
fair market value determined by the Company&#146;s board of directors in good faith
and, for the avoidance of doubt, such inclusions and exclusions will not be
limited by the amount of any Investment or aggregate Investments;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any asset or property
transferred to or from an Unrestricted Subsidiary will be valued at fair market
value at the time of such transfer, <i>provided</i>
that, in each case the fair market value of an asset or property is as
determined by the Company&#146;s board of directors in good faith and, for the
avoidance of doubt, the fair market value (as so determined) of such asset or
property shall be subtracted from (in the case of a transfer to an Unrestricted
Subsidiary) or added to (in the case of a transfer from an Unrestricted
Subsidiary) the calculation under clause&nbsp;(iii)&nbsp;of the first paragraph
of this section; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>subject to the foregoing,
the amount of any Restricted Payment, if other than cash, will be determined by
the Company&#146;s board of directors, whose good faith determination will be
conclusive.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s board of directors may designate a
Restricted Subsidiary to be an Unrestricted Subsidiary in compliance with the
covenant entitled &#147;Unrestricted Subsidiaries.&#148; Upon such designation, all
outstanding Investments by the Company and its Restricted Subsidiaries (except
to the extent repaid in cash) in the Subsidiary so designated will be deemed to
be Restricted Payments made at the time of such designation and will reduce the
amount available for Restricted Payments under the first paragraph of this
covenant. Such designation will only be permitted if such Restricted Payment
would be permitted at such time and if such Restricted Subsidiary otherwise
meets the definition of an Unrestricted Subsidiary.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Incurrence
of Indebtedness and Issuance of Preferred Stock.</font></i></font><i>&nbsp;&nbsp; </i>The Company will not, and will not
permit any of its Restricted Subsidiaries to, directly or indirectly, create,
incur, issue, assume, guaranty or otherwise become directly or indirectly
liable with respect to, or, collectively, incur, any Indebtedness (including
Acquired Debt) and the Company will not permit any of its Restricted
Subsidiaries to issue any shares of preferred stock; <i>provided</i>, <i>however</i>,
that the Company may incur Indebtedness and may permit a Restricted Subsidiary
to incur Indebtedness if, at the time of such incurrence and after giving
effect thereto, the Leverage Ratio would be less than 6.5 to 1.0.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing
limitations will not apply to:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the incurrence by the
Company or any Restricted Subsidiary of Senior Bank Debt in an aggregate amount
not to exceed $100.0&nbsp;million at any one time outstanding;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the issuance by the
Company of its guarantee or by the Restricted Subsidiaries of subsidiary
guarantees of the notes;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the incurrence by the
Company and its Restricted Subsidiaries of the Existing Indebtedness;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the issuance by the
Issuer of the notes;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the incurrence by the
Company and its Restricted Subsidiaries of Capital Lease Obligations and/or
additional Indebtedness constituting purchase money obligations up to an
aggregate of </p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">47</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='47',FILE='C:\fc\164163724352_P83101_2188336\13368-1-ck.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt 40.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$5.0&nbsp;million at any
one time outstanding, <i>provided</i>
that the Liens securing such Indebtedness constitute Permitted Liens;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the incurrence of
Indebtedness between (i)&nbsp;the Company and its Restricted Subsidiaries and
(ii)&nbsp;the Restricted Subsidiaries;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Hedging Obligations that
are incurred for the purpose of fixing or hedging interest rate risk with
respect to any floating rate Indebtedness that is permitted by the terms of the
Indenture to be outstanding;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the incurrence by the
Company and its Restricted Subsidiaries of Indebtedness arising out of letters
of credit, performance bonds, surety bonds and bankers&#146; acceptances incurred in
the ordinary course of business up to an aggregate of $5.0&nbsp;million at any
one time outstanding;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the incurrence by the
Company and its Restricted Subsidiaries of Indebtedness consisting of
guarantees, indemnities or obligations in respect of purchase price adjustments
in connection with the acquisition or disposition of assets, including, without
limitation, shares of Capital Stock; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160; </font>the incurrence by the Company
and its Restricted Subsidiaries of Refinancing Indebtedness issued in exchange
for, or the proceeds of which are used to repay, redeem, defease, extend,
refinance, renew, replace or refund, Indebtedness referred to in clauses
(2)&nbsp;through (5)&nbsp;above, and this clause&nbsp;(10)&nbsp;or that was
otherwise permitted to be incurred pursuant to the test set forth in the first
paragraph of this covenant.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are additional limitations on the ability of
some Excluded Restricted Subsidiaries to incur Indebtedness as provided in the
covenant described under the caption &#147;Dividend and Other Payment Restrictions Affecting
Restricted Subsidiaries.&#148;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liens.</font></i></font><i>&nbsp;&nbsp; </i>Neither the Company nor any of its
Restricted Subsidiaries may directly or indirectly create, incur, assume or
suffer to exist any Lien (other than a Permitted Lien) upon any property or
assets now owned or hereafter acquired, or any income, profits or proceeds
therefrom, or assign or otherwise convey any right to receive income therefrom,
unless (a)&nbsp;in the case of any Lien securing any Indebtedness that is
subordinate to the notes, the notes are secured by a Lien on such property,
assets or proceeds that is senior in priority to such Lien and (b)&nbsp;in the
case of any other Lien, the notes are equally and ratably secured with the
obligation or liability secured by such Lien.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividend and Other Payment
Restrictions Affecting Restricted Subsidiaries.</font></i></font><i>&nbsp;&nbsp; </i>The Company will not, and will not
permit any of its Restricted Subsidiaries to, directly or indirectly, create or
otherwise cause or suffer to exist or become effective any encumbrance or
restriction on the ability of any Restricted Subsidiary to:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(i)&nbsp;pay dividends or
make any other distributions to the Company or any of its Restricted
Subsidiaries (A)&nbsp;on its Capital Stock or (B)&nbsp;with respect to any
other interest or participation in, or measured by, its profits, or
(ii)&nbsp;pay any Indebtedness owed to the Company or any of its Restricted
Subsidiaries;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>make loans or advances to
the Company or any of its Restricted Subsidiaries; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>transfer any of its
properties or assets to the Company or any of its Restricted Subsidiaries.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">However, the
preceding restrictions will not apply to encumbrances or restrictions existing
under or by reason of:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Existing Indebtedness;</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">48</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='48',FILE='C:\fc\164163724352_P83101_2188336\13368-1-ck.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Credit Agreement as
in effect as of the date of the Indenture, and any amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or
refinancing thereof, <i>provided</i>
that such amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings are no more restrictive
in the aggregate with respect to such dividend and other payment restrictions
than those contained in the Credit Agreement as in effect on the date of the
Indenture;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Indenture and the
notes;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>applicable law;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any instrument governing
Indebtedness or Capital Stock of a Person acquired by the Company or any of its
Restricted Subsidiaries as in effect at the time of such acquisition (except to
the extent such Indebtedness was incurred in connection with or in
contemplation of such acquisition), which encumbrance or restriction is not
applicable to any Person, or the properties or assets of any Person, other than
the Person, or the property or assets of the Person, so acquired, <i>provided</i> that the EBITDA of such Person is
not taken into account in determining whether such acquisition was permitted by
the terms of the Indenture;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>customary non-assignment
provisions in leases entered into in the ordinary course of business and
consistent with past practices;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>restrictions on the
transfer of property subject to purchase money obligations or Capital Lease
Obligations otherwise permitted by clause&nbsp;(5)&nbsp;of the covenant
entitled &#147;Incurrence of Indebtedness and Issuance of Preferred Stock&#148;;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>permitted Refinancing
Indebtedness, <i>provided</i> that the
restrictions contained in the agreements governing such Refinancing
Indebtedness are no more restrictive in the aggregate than those contained in
the agreements governing the Indebtedness being refinanced; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any agreement or
instrument governing Indebtedness of an Excluded Restricted Subsidiary, <i>provided</i> that (i)&nbsp;at the time such
agreement or instrument is entered into, such Excluded Restricted Subsidiary
and its Restricted Subsidiaries have a Leverage Ratio of less than 6.5 to 1.0
and (ii)&nbsp;neither such Excluded Restricted Subsidiary nor any of its
Restricted Subsidiaries shall, directly or indirectly, incur any Indebtedness
(including Acquired Debt) unless at the time of such incurrence and after
giving effect thereto, the Leverage Ratio for such Excluded Restricted
Subsidiary and its Restricted Subsidiaries would be less than 6.5 to 1.0. For
purposes of determining the Leverage Ratio under this
clause&nbsp;(9)&nbsp;only, all references to the &#147;Company&#148; and its &#147;Restricted
Subsidiaries&#148; or similar references in the definition of &#147;Leverage Ratio&#148; and other
defined terms necessary to determine the Leverage Ratio shall be deemed to
refer to such Excluded Restricted Subsidiary and its Restricted Subsidiaries,
respectively.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Merger, Consolidation or
Sale of Assets.</font></i></font><i>&nbsp;&nbsp; </i>The
Company may not consolidate or merge with or into (whether or not the Company
is the surviving corporation), or sell, assign, transfer, lease, convey or
otherwise dispose of all or substantially all of its properties or assets in
one or more related transactions, to another Person unless:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company is the
surviving corporation or the Person formed by or surviving any such
consolidation or merger (if other than the Company) or to which such sale,
assignment, transfer, lease, conveyance or other disposition shall have been
made is a corporation organized or existing under the laws of the United
States, any state thereof or the District of Columbia;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Person formed by or
surviving any such consolidation or merger (if other than the Company) or the
Person to which such sale, assignment, transfer, lease, conveyance or other
disposition shall have been made assumes all the obligations of the Company
under the notes and the </p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">49</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='49',FILE='C:\fc\164163724352_P83101_2188336\13368-1-ck.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt 40.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indenture (pursuant to a
supplemental indenture in a form reasonably satisfactory to the Trustee);</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>immediately after such
transaction no Default or Event of Default exists; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company or any Person
formed by or surviving any such consolidation or merger, or to which such sale,
assignment, transfer, lease, conveyance or other disposition shall have been
made, will, at the time of such transaction and after giving pro forma effect
thereto, be permitted to incur at least $1.00 of additional Indebtedness
pursuant to the test set forth in the first paragraph of the covenant entitled
&#147;Incurrence of Indebtedness and Issuance of Preferred Stock.&#148;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transactions with
Affiliates.</font></i></font><i>&nbsp;&nbsp; </i>The
Company will not, and will not permit any of its Restricted Subsidiaries to,
sell, lease, transfer or otherwise dispose of any of its properties or assets
to, or purchase any property or assets from, or enter into any contract,
agreement, understanding, loan, advance or guarantee with, or for the benefit
of, any Affiliate, each of the foregoing, an Affiliate Transaction, unless:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>such Affiliate
Transaction is on terms that are no less favorable to the Company or the
relevant Restricted Subsidiary than those that would have been obtained in a
comparable transaction by the Company or such Restricted Subsidiary with a
non-Affiliated Person; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company delivers to
the Trustee:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>with respect to any
Affiliate Transaction involving aggregate payments in excess of
$5.0&nbsp;million, a resolution of the Company&#146;s board of directors set forth
in an Officers&#146; Certificate certifying that such Affiliate Transaction complies
with clause&nbsp;(a)&nbsp;above and such Affiliate Transaction is approved by a
majority of the disinterested members of the Company&#146;s board of directors; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>with respect to any
Affiliate Transaction involving aggregate payments in excess of
$10.0&nbsp;million, an opinion as to the fairness to the Company or such
Restricted Subsidiary from a financial point of view issued by an investment
banking, appraisal or accounting firm of national standing.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following items
shall not be deemed Affiliate Transactions and therefore, will not be subject
to the provisions of the prior paragraph:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any employment agreement
entered into by the Company or any of its Restricted Subsidiaries in the
ordinary course of business and consistent with the past practice of the
Company or such Restricted Subsidiary;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>transactions between or
among the Company and/or its Restricted Subsidiaries;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>transactions permitted by
the provisions of the Indenture described above under the covenant entitled
&#147;Restricted Payments&#148;; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the grant of stock, stock
options or other equity interests to employees and directors of the Company and
any Restricted Subsidiary in accordance with duly adopted Company stock grant,
stock option and similar plans.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The provisions set forth in clause&nbsp;(b)&nbsp;above
shall not apply to sales of inventory by the Company or any Restricted
Subsidiary to any Affiliate in the ordinary course of business. The provisions
of clause&nbsp;(b)&nbsp;(ii)&nbsp;above shall not apply to loans or advances to
the Company or any Restricted Subsidiary from, or equity investments in the
Company or any Restricted Subsidiary by, any Affiliate to the extent permitted
by the provisions of the Indenture described above under the covenant entitled
&#147;Incurrence of Indebtedness and Issuance of Preferred Stock.&#148;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">50</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='50',FILE='C:\fc\164163724352_P83101_2188336\13368-1-ck.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain
Senior Subordinated Debt.</font></i></font><i>&nbsp;&nbsp; </i>The Company will not incur any Indebtedness that is
subordinated or junior in right of payment to any Senior Debt of the Company
and senior in any respect in right of payment to its guarantee of the notes.
The Company will not permit any Restricted Subsidiary to incur any Indebtedness
that is subordinated or junior in right of payment to its Senior Debt and
senior in any respect in right of payment to its guarantee.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional
Subsidiary Guarantees.</font></i></font><i>&nbsp;&nbsp; </i>If
any entity (other than an Excluded Restricted Subsidiary) shall become a
Restricted Subsidiary after the date of the Indenture, then such Restricted
Subsidiary shall execute a guarantee and deliver an opinion of counsel with
respect thereto, in accordance with the terms of the Indenture.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Restricted
Subsidiary (including any Excluded Restricted Subsidiary) may consolidate (or,
for the avoidance of doubt, amalgamate) with or merge with or into (whether or
not such Restricted Subsidiary is the surviving Person), another Person (other
than the Company) whether or not affiliated with such Restricted Subsidiary
unless:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>subject to the provisions
of the following paragraph, the Person formed by or surviving any such
consolidation (or amalgamation) or merger (if other than such Restricted
Subsidiary) assumes all the obligations of such Restricted Subsidiary under its
guarantee (except in the case of an Excluded Restricted Subsidiary) pursuant to
a supplemental indenture in form and substance reasonably satisfactory to the
Trustee;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>immediately after giving
effect to such transaction, no Default or Event of Default exists; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>such Restricted
Subsidiary, or any Person formed by or surviving any such consolidation (or
amalgamation), or merger, would be permitted to incur, immediately after giving
effect to such transaction at least $1.00 of additional Indebtedness pursuant
to the test set forth in the first paragraph of the covenant entitled
&#147;Incurrence of Indebtedness and Issuance of Preferred Stock.&#148;</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event of:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a sale or other
disposition of all of the assets of any Restricted Subsidiary, by way of
merger, consolidation (or amalgamation) or otherwise;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a sale or other
disposition of all of the capital stock of any Restricted Subsidiary; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the designation of a
Restricted Subsidiary as an Unrestricted Subsidiary in accordance with the
terms of the covenant entitled &#147;Unrestricted Subsidiaries,&#148;</p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">then such Restricted Subsidiary (in the event of a
sale or other disposition, by way of such a merger, consolidation (or
amalgamation) or otherwise, of all of the capital stock of such Restricted
Subsidiary or in the event of the designation of such Restricted Subsidiary as
an Unrestricted Subsidiary) or the Person acquiring the property (in the event
of a sale or other disposition of all of the assets of such Restricted
Subsidiary) will be released and relieved of any obligations under its
guarantee; <i>provided</i> that the Net
Proceeds of such sale or other disposition are applied in accordance with the
applicable provisions of the Indenture. See &#147;&#151;Offer to Repurchase Notes&#151;Asset
Sales.&#148;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Release
of Guarantees and Guarantors.</font></i></font><i>&nbsp;&nbsp; </i>If (1)&nbsp;Iron Mountain sells or
otherwise disposes, by way of a merger, consolidation or otherwise, all the
capital stock or all or substantially all of the assets of the Issuer to an
unaffiliated third party, (2)&nbsp;the guarantees of the notes (and, in the
case of the disposition of all or substantially all of the assets of the
Issuer, the notes) are assumed by such third party and (3)&nbsp;Iron Mountain
elects to make an irrevocable offer for all of each Holder&#146;s notes at an offer
price in cash equal to 101% of the aggregate principal amount thereof plus
accrued and unpaid interest to but excluding the date of repurchase, and
additional interest and Additional Amounts, if any, then Iron Mountain and the </p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">51</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='51',FILE='C:\fc\164163724352_P83101_2188336\13368-1-ck.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">subsidiary guarantors will
be unconditionally released and relieved of any obligations under their
guarantees of the notes and the Indenture with respect to the notes (and, in
the case of the disposition of all or substantially all of the assets of the Issuer,
the Issuer will also be released and relieved of any obligations in respect of
the notes). Iron Mountain shall not be obligated to make such offer. Any such
offer, if made, will be made substantially on the terms and conditions
applicable to an offer relating to a Change of Control.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The release of Iron Mountain and the subsidiary
guarantors (and, in the case of the disposition of all or substantially all of
the assets of the Issuer, the Issuer) will be subject to the satisfaction of
the following additional conditions: (a)&nbsp;such third party must be a
corporation organized or existing under the laws of the United States, any
state thereof or the District of Columbia, or of Canada or any province
thereof, (b)&nbsp;such third party must have assumed all the obligations of
Iron Mountain and the subsidiary guarantors under the guarantees and the
Indenture with respect to the notes (and, in the case of the disposition of all
or substantially all of the assets of the Issuer, the third party must also
have assumed the obligations of the Issuer in respect of the notes) pursuant to
a supplemental indenture in a form reasonably satisfactory to the Trustee,
(c)&nbsp;immediately after such acquisition, no Default or Event of Default
exists, and (d)&nbsp;such third party will, at the time of such acquisition and
giving effect thereto, be permitted to incur at least $1.00 of additional
indebtedness pursuant to the test set forth in the first paragraph of the
covenant entitled &#147;Incurrence of Indebtedness and Issuance of Preferred Stock.&#148;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unrestricted Subsidiaries.</font></i></font><i>&nbsp;&nbsp; </i>The Company&#146;s board of directors
may designate any Subsidiary (including any Restricted Subsidiary or any newly
acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary so long
as:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>neither the Company nor
any Restricted Subsidiary is directly or indirectly liable for any Indebtedness
of such Subsidiary;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>no default with respect
to any Indebtedness of such Subsidiary would permit (upon notice, lapse of time
or otherwise) any holder of any other Indebtedness of the Company or any
Restricted Subsidiary to declare a default on such other Indebtedness or cause
the payment thereof to be accelerated or payable prior to its stated maturity;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any Investment in such
Subsidiary deemed to be made as a result of designating such Subsidiary an Unrestricted
Subsidiary will not violate the provisions of the covenant entitled &#147;Restricted
Payments&#148;;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>neither the Company nor
any Restricted Subsidiary has a contract, agreement, arrangement, understanding
or obligation of any kind, whether written or oral, with such Subsidiary other
than (A)&nbsp;those that might be obtained at the time from Persons who are not
Affiliates of the Company or (B)&nbsp;administrative, tax sharing and other
ordinary course contracts, agreements, arrangements and understandings or obligations
entered into in the ordinary course of business; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>neither the Company nor
any Restricted Subsidiary has any obligation to subscribe for additional shares
of Capital Stock or other Equity Interests in such Subsidiary, or to maintain
or preserve such Subsidiary&#146;s financial condition or to cause such Subsidiary
to achieve certain levels of operating results other than as permitted under
the covenant entitled &#147;Restricted Payments.&#148;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing, the Company may not
designate as an Unrestricted Subsidiary any Subsidiary which, on the date of
the indenture for the 8</font><font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">1</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">4</font>%
notes, was a Significant Subsidiary, and may not sell, transfer or otherwise
dispose of any properties or assets of any such Significant Subsidiary to an
Unrestricted Subsidiary, other than in the ordinary course of business, in each
case other than Iron Mountain Global,&nbsp;Inc. and its Subsidiaries
(including, without limitation, IME and its Subsidiaries). For the avoidance of
doubt, the provisions of this covenant shall not limit or restrict the ability
of any Restricted Subsidiary to sell, transfer or otherwise dispose of any
properties or assets to any other </p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">52</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='52',FILE='C:\fc\164163724352_P83101_2188336\13368-1-ck.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subsidiary, including any
Unrestricted Subsidiary, to the extent such sale, transfer or other disposition
is permitted by the provisions of the Indenture described above under the
covenants entitled &#147;&#151;Offer to Repurchase Notes&#151;Asset Sales&#148; or &#147;&#151;Transactions
with Affiliates.&#148;</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s board
of directors may designate any Unrestricted Subsidiary as a Restricted Subsidiary;
<i>provided</i> that such designation
will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary
of any outstanding Indebtedness of such Unrestricted Subsidiary and such
designation will only be permitted if:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>such Indebtedness is
permitted under the &#147;Incurrence of Indebtedness and Issuance of Preferred Stock&#148;
covenant; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>no Default or Event of
Default would occur as a result of such designation.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Limitation on Sale and
Leaseback Transactions.</font></i></font><i>&nbsp;&nbsp; </i>The Company will not, and will not permit any
Restricted Subsidiary to, enter into any Sale and Leaseback Transaction unless:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the consideration
received in such Sale and Leaseback Transaction is at least equal to the fair
market value of the property sold, as determined by a resolution of the board
of directors of the Company; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company or such
Restricted Subsidiary could incur the Attributable Indebtedness in respect of
such Sale and Leaseback Transaction in compliance with the covenant entitled &#147;Incurrence
of Indebtedness and Issuance of Preferred Stock.&#148;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reports.</font></i></font><i>&nbsp;&nbsp; </i>Whether or not required by the rules&nbsp;and
regulations of the Commission, so long as any notes are outstanding, the
Company will furnish to the Holders of notes:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all quarterly and annual
financial information that would be required to be contained in a filing with
the Commission on Forms 10-Q and 10-K if the Company were required to file such
Forms, including a &#147;Management&#146;s Discussion and Analysis of Financial Condition
and Results of Operations&#148; and, with respect to the annual information only, a
report thereon by the Company&#146;s certified independent accountants; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all financial information
that would be required to be included in a Form&nbsp;8-K filed with the
Commission if the Company were required to file such reports.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, whether or not required by the rules&nbsp;and
regulations of the Commission, the Company will file&nbsp;a copy of all such
information and reports with the Commission for public availability (unless the
Commission will not accept such a filing) and make such information available
to investors who request it in writing.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the
foregoing, if at any time the notes are guaranteed by any direct or indirect
parent company of the Company, the indenture will permit the Company to satisfy
its obligations under this covenant with respect to financial information
relating to the Company by furnishing financial information relating to such
direct or indirect parent company; <i>provided</i>,
<i>however</i>, that the same is
accompanied by consolidating information that explains in reasonable detail the
differences between the information relating to such direct or indirect parent
company and any of its Subsidiaries other than the Company and its
Subsidiaries, on the one hand, and the information relating to the Company, the
guarantors and the other Subsidiaries of the Company on a standalone basis, on
the other hand.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">53</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='53',FILE='C:\fc\164163724352_P83101_2188336\13368-1-ck.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Events of Default
and Remedies<a name="EventsOfDefaultAndRemedies_091752"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each of the
following constitutes an &#147;Event of Default&#148;:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>default for 30&nbsp;days
in the payment when due of interest on the notes or additional interest or Additional
Amounts, if any (whether or not prohibited by the subordination provisions of
the Indenture);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>default in payment when
due of the principal of or premium, if any, on the notes (whether or not
prohibited by the subordination provisions of the Indenture);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>failure by the Issuer to
comply with the provisions described under &#147;&#151;Offer to Repurchase Notes&#151;Change
of Control&#148;;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>failure by the Issuer or
any guarantor for 60&nbsp;days after written notice from the Trustee or Holders
of not less than 25% of the aggregate principal amount of the notes outstanding
to comply with any of its other agreements in the Indenture, notes or the
guarantees;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>default under any
mortgage, indenture or instrument under which there may be issued or by which
there may be secured or evidenced any Indebtedness for money borrowed by the
Company or any of its Restricted Subsidiaries (or the payment of which is
guaranteed by the Company or any of its Restricted Subsidiaries) whether such
Indebtedness or guarantee exists on the date of the Indenture or is created
thereafter, if:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>such default results
in the acceleration of such Indebtedness prior to its express maturity or shall
constitute a default in the payment of such Indebtedness at final maturity of
such Indebtedness; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the principal amount of
any such Indebtedness that has been accelerated or not paid at maturity, when
added to the aggregate principal amount of all other such Indebtedness that has
been accelerated or not paid at maturity, exceeds $50.0&nbsp;million;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>failure by the Company or
any of its Restricted Subsidiaries to pay final judgments aggregating in excess
of $50.0&nbsp;million, which judgments remain unpaid, undischarged or unstayed
for a period of 60&nbsp;days;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>certain events of
bankruptcy or insolvency with respect to the Issuer, the Company or any of its
Restricted Subsidiaries that are Significant Subsidiaries; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>except as permitted by
the Indenture or the guarantees, any guarantee issued by the Company or a
Restricted Subsidiary shall be held in any judicial proceeding to be
unenforceable or invalid or shall cease for any reason to be in full force and
effect, or the Company or any Restricted Subsidiary or any Person acting on
behalf of the Company or any Restricted Subsidiary shall deny or disaffirm in
writing its obligations under its guarantee.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any Event of
Default occurs and is continuing, the Trustee or the Holders of at least 25% in
principal amount of the notes then outstanding may declare all the notes to be
due and payable immediately; <i>provided</i>,
<i>however</i>, that if any Obligation
with respect to Senior Bank Debt is outstanding pursuant to the Credit
Agreement upon a declaration of acceleration of the notes, the principal,
premium or Additional Amounts, if any, and interest on the notes will not be
payable until the earlier of:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the day which is five
business days after written notice of acceleration is received by the Company
and the Credit Agent; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the date of acceleration
of the Indebtedness under the Credit Agreement. Notwithstanding the foregoing,
in the case of an Event of Default arising from certain events of bankruptcy or
insolvency with respect to the Issuer, the Company or any Restricted Subsidiary
that is a </p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">54</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='54',FILE='C:\fc\164163724352_P83101_2188336\13368-1-ck.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt 40.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Significant Subsidiary,
the principal of, and premium, additional interest or Additional Amounts, if
any, and any accrued and unpaid interest on all outstanding notes will become
due and payable without further action or notice.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders of the
notes may not enforce the Indenture or the notes except as provided in the Indenture.
In the event of a declaration of acceleration of the notes because an Event of
Default has occurred and is continuing as a result of the acceleration of any
Indebtedness described in clause&nbsp;(5)&nbsp;above, the declaration of
acceleration of the notes shall be automatically annulled if the holders of any
Indebtedness described in clause&nbsp;(5)&nbsp;have rescinded the declaration
of acceleration in respect of such Indebtedness within 30&nbsp;days from the
date of such declaration and if:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the annulment of the
acceleration of the notes would not conflict with any judgment or decree of a
competent jurisdiction; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all existing Events of
Default, except non-payment of principal or interest on the notes that became
due solely because of the acceleration of the notes, have been cured or waived.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the case of any Event of Default occurring by
reason of any willful action (or inaction) taken (or not taken) by or on behalf
of the Issuer or the Company with the intention of avoiding payment of the CAD
Make Whole Price or premium, as applicable, that the Issuer or the Company
would have had to pay if the Issuer or the Company then had elected to redeem
the notes pursuant to the optional redemption provisions of the Indenture, the
applicable CAD Make Whole Price, or an equivalent premium, as the case may be,
shall become and be immediately due and payable to the extent permitted by law
upon the acceleration of the notes.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Holders of a majority in aggregate principal
amount of the notes then outstanding by notice to the Trustee may on behalf of
the Holders of all of the notes waive any existing Default or Event of Default
and its consequences under the Indenture except a continuing Default or Event
of Default in the payment of interest, additional interest or Additional Amounts
on, or the principal of, the notes. Subject to certain limitations, Holders of
a majority in principal amount of the then outstanding notes may direct the
Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders of the notes notice of any continuing Default or Event of Default
(except a Default or Event of Default relating to the payment of principal,
interest, additional interest or Additional Amounts) if it determines that
withholding notice is in their interest.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Issuer is required to
deliver to the Trustee annually a statement regarding compliance with the
Indenture, and the Issuer is required upon becoming aware of any Default or
Event of Default, to deliver to the Trustee a statement specifying such Default
or Event of Default.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Personal
Liability of Directors, Officers, Employees and Stockholders</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No director, officer,
employee, incorporator or stockholder of the Issuer, the Company or any
Restricted Subsidiary, as such, shall have any liability for any obligations of
the Issuer, the Company or any Restricted Subsidiary under the notes, the
guarantees or the Indenture or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder of notes, by
accepting a note and the guarantees, waives and releases all such liability.
The waiver and release are part of the consideration for issuance of the notes
and the guarantees. Such waiver may not be effective to waive liabilities under
the U.S. federal securities laws and it is the view of the Commission that such
a waiver is against public policy.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">55</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='55',FILE='C:\fc\164163724352_P83101_2188336\13368-1-ck.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legal Defeasance
and Covenant Defeasance</font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Issuer may, at
its option and at any time, elect to have all of its obligations discharged
with respect to the outstanding notes, or Legal Defeasance, except for:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the rights of Holders of
outstanding notes to receive payments in respect of the principal of, premium
or additional interest or Additional Amounts, if any, and interest on such
notes when such payments are due;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the obligations with
respect to the notes concerning issuing temporary notes; registration of notes;
mutilated, destroyed, lost or stolen notes and the maintenance of an office or
agency for payment and money for security payments held in trust;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the rights, powers, trusts,
duties and immunities of the Trustee, and the Issuer&#146;s obligations in
connection therewith; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Legal Defeasance
provisions of the Indenture.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the Issuer may, at its option and at any
time, elect to have the obligations of the Issuer and the Company released with
respect to certain covenants, including the one described above under the
caption &#147;Reports,&#148; that are described in the Indenture, or Covenant Defeasance,
and thereafter any omission to comply with such obligations shall not constitute
a Default or Event of Default with respect to the notes. In the event Covenant
Defeasance occurs, certain events (not including non-payment, bankruptcy,
receivership and insolvency events) described under &#147;Events of Default and
Remedies&#148; will no longer constitute an Event of Default with respect to the
notes.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to
exercise either Legal Defeasance or Covenant Defeasance:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Issuer must
irrevocably deposit with the Trustee, in trust, for the benefit of the Holders
of the notes, cash in Canadian Dollars, Canadian Government Obligations, or a
combination thereof, in such amounts as will be sufficient, in the opinion of a
nationally recognized firm of independent public accountants, to pay the
principal of, premium, additional interest or Additional Amounts, if any, and
interest on the notes on the stated maturity or on the applicable redemption
date, as the case may be, of such principal or installment of principal of,
premium, or Additional Amounts, if any, or interest on the notes;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Issuer shall have
delivered to the Trustee an opinion of counsel in Canada reasonably acceptable
to the Trustee confirming that the Holders of the notes will be subject to
Canadian federal income tax on the same amounts and in the same manner and at
the same times as would have been the case if such Legal Defeasance or Covenant
Defeasance had not occurred;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in the case of Legal
Defeasance, the Issuer shall have delivered to the Trustee an opinion of
counsel in the United States reasonably acceptable to the Trustee confirming
that (i)&nbsp;the Issuer has received from, or there has been published by, the
Internal Revenue Service a ruling or (ii)&nbsp;since the date of the Indenture,
there has been a change in the applicable U.S. federal income tax law, in
either case to the effect that, and based thereon such opinion of counsel shall
confirm that, the Holders of the notes will not recognize income, gain or loss
for U.S. federal income tax purposes as a result of such Legal Defeasance and
will be subject to U.S. federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such Legal
Defeasance had not occurred;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in the case of Covenant
Defeasance, the Issuer shall have delivered to the Trustee an opinion of
counsel in the United States reasonably acceptable to the Trustee confirming
that the Holders of the notes will not recognize income, gain or loss for U.S.
federal income tax purposes as a result of such Covenant Defeasance and will be
subject to U.S. federal income tax on the same </p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">56</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='56',FILE='C:\fc\164163724352_P83101_2188336\13368-1-ck.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt 40.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">amounts, in the same
manner and at the same times as would have been the case if such Covenant
Defeasance had not occurred;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>no Default or Event of
Default shall have occurred and be continuing on the date of the deposit
described in clause&nbsp;(1)&nbsp;above, or insofar as Events of Default from
bankruptcy or insolvency events are concerned, at any time in the period ending
on the 91st day after the date of deposit;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>such Legal Defeasance or
Covenant Defeasance shall not result in a breach or violation of, or constitute
a default under, any material agreement or instrument to which the Company or
any of its Subsidiaries is a party or by which the Company or any of its
Subsidiaries is bound;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Issuer shall have
delivered to the Trustee an opinion of counsel to the effect that after the
91st day following the deposit, the trust funds will not be subject to the
effect of any applicable bankruptcy, insolvency, reorganization or similar laws
affecting creditors&#146; rights generally;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company shall have
delivered to the Trustee an Officers&#146; Certificate stating that the deposit was
not made by the Issuer with the intent of preferring the Holders of notes over
the other creditors of the Issuer with the intent of defeating, hindering,
delaying or defrauding creditors of the Issuer or others; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
Company shall have delivered to the Trustee an Officers&#146; Certificate and an
opinion of counsel, each stating that all conditions precedent relating to the
Legal Defeasance or the Covenant Defeasance have been complied with.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Book-Entry,
Delivery and Form<a name="BookentryDeliveryAndForm_091918"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The exchange notes will be represented in the form of
a fully registered global note held by, or on behalf of, CDS Clearing and
Depository Services&nbsp;Inc., or CDS, as custodian of the global note (for its
participants) and registered in the name of CDS or its nominee CDS&nbsp;&amp;
Co., and registrations of ownership and transfers of the exchange notes will be
made only through the depository service of CDS. Except as described below, no holder
of an exchange note will be entitled to a certificate or other instrument from
the Issuer or CDS evidencing that holder&#146;s ownership thereof, and no holder of
an exchange note will be shown on the records maintained by CDS except through
book-entry accounts of a participant of CDS acting on behalf of owners. CDS
will be responsible for establishing and maintaining book-entry accounts for
its participants having interests in the global note.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Depository Trust Company, or DTC, is a participant
in CDS and investors may elect to hold their interest in the global note
through DTC as a participant in CDS.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The ability of an owner of an interest in an exchange
note represented by the global note to pledge the note or otherwise take action
with respect to such owner&#146;s interest in an exchange note represented by the
global note (other than through a participant) may be limited due to the lack
of a physical certificate.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transfers of ownership of exchange notes represented
by the global note will be effected through records maintained by CDS or its
nominee for such global note (with respect to interests of participants) and on
the records of participants (with respect to interests of persons other than
participants). Owners who are not participants in the depository service of
CDS, but who desire to purchase, sell or otherwise transfer ownership of or
other interests in the global note, may do so only through participants in the
depository service of CDS.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exchange notes issued in fully registered form, or
definitive exchange notes, will be issued to holders or their nominees other
than CDS or its nominee only if (i)&nbsp;the Issuer determines that CDS is no
longer willing or able to properly discharge its responsibilities as depository
and the Issuer is unable to locate a qualified successor, (ii)&nbsp;the Issuer
at its option elects to terminate the book-entry system through CDS, or (iii)&nbsp;required
by law.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">57</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='57',FILE='C:\fc\164163724352_P83101_2188336\13368-1-ck.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The registered holder of a definitive exchange note
will be permitted to transfer the definitive exchange note upon payment of any
taxes incidental thereto by executing the form of transfer to be provided on
the reverse side of the definitive exchange note in person or by an attorney
duly appointed in writing and forwarding the definitive exchange note to the
principal offices of the Trustee for issuance of a new definitive exchange note
payable to and registered in the name of the transferee.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The definitive exchange note issued upon a transfer
will be of the same amount, rate of interest, date and maturity as the definitive
exchange note transferred. During the period of up to five days prior to the
dates fixed for payment of interest or principal, no transfer of a definitive
exchange note will be registered.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal of and interest on the exchange notes
(including exchange notes in definitive form issued in exchange for the global
note as described above) are payable by the Issuer in Canadian dollars to the
persons in whose names the exchange notes are registered on the record date
preceding any interest payment date or at maturity, as the case may be. The
Trustee will act as the Issuer&#146;s principal paying agent for the exchange notes
pursuant to the Indenture. Ownership positions within each clearing system will
be determined in accordance with the normal conventions observed by such
system. Payments of principal and interest on the exchange notes held through
DTC will be made in U.S. dollars except as set forth below. Canadian dollar
payments received by CDS from the Trustee will be exchanged into U.S. dollars
and paid directly to DTC in accordance with procedures established from time to
time by CDS and DTC. All costs of conversion will be borne by the owners of
beneficial interests in the exchange notes held through DTC who receive payment
in U.S. dollars. See &#147;Description of the Notes&#151;Currency Conversions and Foreign
Exchange Risks.&#148; Owners of beneficial interests in the exchange notes held
through DTC may elect, through DTC and its participants, to receive Canadian
dollar payments, in which case such Canadian dollar amounts will be transferred
directly to accounts designated by DTC. Neither the Issuer nor the Trustee will
have any responsibility or liability for any aspect of the records of CDS or
DTC relating to or payments made by such clearing systems on account of beneficial
interests in the global note or for maintaining, supervising or reviewing any
records of such clearing systems relating to such beneficial interests.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For as long as the exchange notes are maintained in
book-entry form at CDS, we and any paying agent shall treat CDS, CDS&nbsp;&amp;
Co., or any other nominee appointed by CDS, as the sole holder of such exchange
notes for all purposes. In respect of the exchange notes, we will at all times
maintain a sub-paying agent having an office in Toronto, Canada. All notices
concerning the exchange notes will be validly given if given through the
sub-paying agent.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any date for payment in respect of any exchange
note is not a business day, the holder thereof shall not be entitled to payment
until the next following business day, and no further interest shall be paid in
respect of the delay in such payment. In this paragraph &#147;business day&#148; means a
day on which banking institutions in the City of Toronto and in the applicable
place of payment are not authorized or obligated by law or executive order to
be closed.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CDS, formed in 2006 as a subsidiary of The Canadian
Depository for Securities Limited, is Canada&#146;s national securities clearing and
depositary services organization which provides clearing and settlement services
previously performed by The Canadian Depository for Securities Limited since
its inception in 1970. Functioning as a service utility for the Canadian
financial community, CDS provides a variety of computer automated services for
financial institutions and investment dealers active in domestic and
international capital markets. CDS participants include banks, investment
dealers and trust companies. Indirect access to CDS is available to other
organizations that clear through or maintain a custodial relationship with a
CDS participant. Transfers of ownership and other interests, including cash
distributions, in exchange notes clearing and settling through CDS may only be
processed through CDS participants and will be completed in accordance with
existing CDS rules&nbsp;and procedures. CDS operates in </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">58</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='58',FILE='C:\fc\164163724352_P83101_2188336\13368-1-ck.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Montreal, Toronto,
Calgary, Vancouver and Halifax to centralize securities clearing functions
through a central securities depositary.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information in this
section concerning CDS and CDS&#146;s book-entry system has been obtained from
sources we believe to be reliable, but we take no responsibility for the
accuracy thereof. CDS may change or discontinue the foregoing procedures at any
time</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Currency
Conversions and Foreign Exchange Risks</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Currency
Conversions.</font></i></font><i>&nbsp;&nbsp; </i>Principal
and interest payments in respect of the exchange notes (including exchange
notes in definitive form issued in exchange for the global note as described
under &#147;Book-Entry, Delivery and Form&#148; above) are payable in Canadian
dollars, but owners of beneficial interests in exchange notes held through DTC,
or DTC Beneficial Owners, will receive such payments in U.S. dollars, unless
they elect, through DTC and its participants, to receive payments in Canadian
Dollars as set forth below. Payments of principal and interest on exchange
notes held through DTC will be converted to U.S. dollars in accordance with
procedures established from time to time by CDS and DTC and paid to Cede&nbsp;&amp;
Co. for payment to DTC Beneficial Owners. All costs and risks of such conversion
will be borne by DTC Beneficial Owners receiving U.S. dollars by deduction from
such payments. If there is no facility in place between CDS and DTC for the
exchange of Canadian dollars into U.S. dollars, payment of the aggregate amount
due to all DTC Beneficial Owners on the payment date will be made in Canadian
dollars outside of DTC, unless alternative arrangements acceptable to both CDS
and DTC are made by the Issuer. A DTC Beneficial Owner may elect to receive
payment in respect of the principal of or interest on the exchange notes in
Canadian dollars by notifying the DTC participant through which its exchange
notes are held on or prior to the applicable record date (in the case of an
interest payment) or at least fifteen days prior to maturity (in the case of a
principal payment) of (i)&nbsp;such DTC Beneficial Owner&#146;s election to receive
all or a portion of such payment in Canadian dollars and (ii)&nbsp;wire
transfer instructions to a Canadian dollar account with respect to any payment
to be made in Canadian dollars. Such DTC participant must notify DTC of such
election and wire transfer instructions on or prior to the third New York
business day after such record date for any payment of interest and on or prior
to the twelfth day prior to the payment of principal. DTC will notify CDS of
such election and wire transfer instructions on or prior to the fifth New York
business day after such record date for any payment of interest and on or prior
to the tenth day prior to the payment of principal. If complete instructions
are received by the DTC participant and forwarded by the DTC participant to DTC
and by DTC to CDS, on or prior to such dates, the DTC Beneficial Owner will
receive payment in Canadian dollars outside of DTC; otherwise only U.S. dollar
payments will be made through DTC.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investors will be subject to foreign exchange risks as
to payments in respect of principal and interest that may have important
economic and tax consequences to them. For further information as to such
consequences, see &#147;-Foreign Exchange Risks&#148; below and &#147;Certain Tax
Considerations.&#148;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Foreign
Exchange Risks.</font></i></font><i>&nbsp;&nbsp; </i>An
investment in the exchange notes which are denominated in, and all payments in
respect of which that are to be made in, a currency other than the currency of
the country in which the purchaser is resident or the currency in which the
purchaser conducts its business or activities, or the home currency, entails
significant risks that are not associated with a similar investment in a
security denominated in the home currency. Such risks include, without
limitation, the possibility of significant changes in rates of exchange between
the home currency and the Canadian dollar and the possibility of the imposition
or modification of foreign exchange controls with respect to the Canadian
dollar. Such risks generally depend on economic and political events over which
the Issuer has no control. In recent years, rates of exchange for certain
currencies have been highly volatile and such volatility may be expected to
continue in the future. Fluctuations in any particular exchange rate that have
occurred in the past are not necessarily indicative, however, of fluctuations
in such rate that may occur during the term of any exchange note. Depreciation
of the Canadian dollar against the relevant home currency could result in a
decrease in </p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">59</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='59',FILE='C:\fc\164163724352_P83101_2188336\13368-1-ck.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the effective yield of
such exchange note below its coupon rate and, in certain circumstances, could
result in a loss to the investor on a home currency basis.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The description of foreign
currency risks does not describe all the risks of an investment in securities
denominated in a currency other than the home currency. Prospective investors
should consult their own financial and legal advisors as to the risks involved
in an investment in the notes.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment, Supplement
and Waiver</font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as provided
in the next two succeeding paragraphs, the Indenture or the notes may be
amended or supplemented with the consent of, and any existing default or event
of default or compliance with any provision of the Indenture or the notes may
be waived with the consent of:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>Holders of a majority in
aggregate principal amount of the notes (with respect to matters requiring only
the consent of such Holders), or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>holders of a majority in
aggregate principal amount at stated maturity of (1)&nbsp;the notes, (2)&nbsp;the
8<font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">5</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">8</font>%
notes, the 7<font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">3</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">4</font>%
notes, the 7<font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">1</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">4</font>%
notes, the 6<font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">5</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">8</font>%
notes, the 8<font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">3</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">4</font>%
notes, the 8% notes and the 6<font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">3</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">4</font>%
notes, or the Previously Issued Notes, if the holders of the Previously Issued
Notes are being requested to consent to such action with respect to the terms
of the Previously Issued Notes or the indentures under which the Previously
Issued Notes were issued, and (3)&nbsp;any other issue or series of notes
issued or guaranteed by the Company that rank <i>pari
passu</i> with the Company&#146;s guarantee of the notes, if such notes or
guarantee or the indenture pursuant to which such notes were issued both (i)&nbsp;require
the consent of the holders of such notes to such action, and (ii)&nbsp;provide
that the such holders will vote with the holders of the notes and the other
securities referenced above with respect to such action.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Without the consent
of each Holder affected, an amendment or waiver may not (with respect to any
notes held by a non-consenting Holder of notes):</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>reduce the principal amount
of notes whose Holders must consent to an amendment, supplement or waiver;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>reduce the principal of
or change the fixed maturity of any note or alter the provisions with respect
to the redemption of the notes in a manner adverse to the Holders of the notes;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>reduce the rate of or
change the time for payment of interest on any note;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>waive a Default or Event
of Default in the payment of principal of or premium or Additional Amounts, if
any, or interest on the notes (except a rescission of acceleration of the notes
by the Holders of at least a majority in aggregate principal amount of the then
outstanding notes and a waiver of the payment default that resulted from such
acceleration);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>make any note payable in
money other than that stated in the notes;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>make any change in the
provisions of the Indenture relating to waivers of past Defaults or the rights
of Holders of notes to receive payments of principal of or premium or
Additional Amounts, if any, or interest on the notes;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>waive a redemption
payment with respect to any note (other than a payment required by one of the
covenants described above under the caption &#147;&#151;Offer to Repurchase Notes&#148;);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>except pursuant to the
Indenture, release the Company or any Restricted Subsidiary from its obligations
under its guarantee, or change any guarantee in any manner that would
materially adversely affect the Holders; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>make any change in the
foregoing amendment and waiver provisions.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">60</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='60',FILE='C:\fc\164163724352_P83101_2188336\13368-1-ck.htm',USER='jmsproofassembler',CD='Jun 13 16:38 2007' -->



<br clear="all" style="page-break-before:always;">
<div>


<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the
foregoing, without the consent of any Holder of notes, the Issuer and the
Trustee may amend or supplement the Indenture or the notes to cure any
ambiguity, defect or inconsistency, to provide for uncertificated notes in
addition to or in place of certificated notes, to provide for the assumption of
the Issuer&#146;s obligations to Holders of the notes in the case of a merger,
consolidation or amalgamation, to make any change that would provide any
additional rights or benefits to the Holders of the notes or that does not
adversely affect the legal rights under the Indenture of any such Holder, or to
comply with requirements of the Commission in order to effect or maintain the
qualification of the Indenture under the Trust Indenture Act.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Concerning the
Trustee</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Indenture contains certain limitations on the
rights of the Trustee, should it become a creditor of the Issuer, to obtain
payment of claims in certain cases or to realize on certain property received
in respect of any such claim as security or otherwise. The Trustee will be
permitted to engage in other transactions. However, if it acquires any
conflicting interest it must eliminate such conflict within 90&nbsp;days,
resign or apply to the Commission for permission to continue.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Holders of a majority
in principal amount of the notes then outstanding will have the right to direct
the time, method and place of conducting any proceeding for exercising any
remedy available to the Trustee, subject to certain exceptions. The Indenture
provides that, in case an Event of Default shall occur (which shall not be
cured), the Trustee will be required, in the exercise of its power, to use the
degree of care of a prudent man in the conduct of his own affairs. Subject to
such provisions, the Trustee will be under no obligation to exercise any of its
rights or powers under the Indenture at the request of any Holder of notes,
unless such Holder shall have offered to the Trustee security and indemnity
satisfactory to it against any loss, liability or expense.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exchange Offer;
Registration Rights</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following description is a summary of the material
provisions of the Registration Rights Agreement. It does not restate that
agreement in its entirety. We urge you to read the Registration Rights
Agreement in its entirety because it, and not this description, defines your
registration rights as holders of these notes. See &#147;&#151;General&#148; and &#147;Where You Can
Find More Information.&#148; The exchange offer is intended to satisfy our exchange
offer obligations under the Registration Rights Agreement.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">The Issuer, the guarantors and
the initial purchasers of the notes entered into the Registration Rights
Agreement in connection with the closing of the issuance of the outstanding
notes. Pursuant to the Registration Rights Agreement, the Issuer agreed to file
with the Commission the registration statement, of which this prospectus forms
a part, with respect to the exchange notes. Upon the effectiveness of such
registration statement, the Issuer agreed to offer to the holders of Transfer
Restricted Securities (as defined below) pursuant to this exchange offer who
are able to make certain representations the opportunity to exchange their
Transfer Restricted Securities for exchange notes. For greater certainty, the
exchange notes will be issued as evidence of the same continuing indebtedness
of the Issuer under the outstanding notes, and in no circumstances is the
Issuer obligated under the Registration Rights Agreement to repay the principal
amount of the notes.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Issuer is not
permitted to consummate this exchange offer because it is not permitted by
applicable law or Commission policy; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any holder of Transfer
Restricted Securities notifies the Issuer prior to the 20th business day
following consummation of this exchange offer that:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>it is prohibited by law
or Commission policy from participating in the Exchange Offer;</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">61</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='61',FILE='C:\fc\16416374572_P83101_2188336\13368-1-cm.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>it may not resell the
exchange notes acquired by it in this exchange offer to the public without
delivering a prospectus and this prospectus is not appropriate or available for
such resales; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>it is a broker-dealer
and owns notes acquired directly from the Issuer or an Affiliate of the Issuer,</p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Issuer will file with the Commission a Shelf
Registration Statement (as defined in the Registration Rights Agreement) to
cover resales of the outstanding notes by the holders of the outstanding notes
who satisfy certain conditions relating to the provision of information in
connection with the Shelf Registration Statement.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of the
preceding, &#147;Transfer Restricted Securities&#148; means each outstanding note until
the earliest to occur of:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the date on which such
outstanding note has been exchanged by a person other than a broker-dealer
for an exchange note in this exchange offer;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>following the exchange by
a broker-dealer in this exchange offer of an outstanding note for an
exchange note, the date on which such exchange note is sold to a purchaser who
receives from such broker-dealer on or prior to the date of such sale a
copy of this prospectus;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the date on which such
outstanding note has been effectively registered under the U.S.&nbsp;Securities
Act and disposed of in accordance with the Shelf Registration Statement; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the date on which such
outstanding note is distributed to the public pursuant to Rule&nbsp;144 under
the U.S.&nbsp;Securities Act.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Registration
Rights Agreement provides that:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Issuer and the
Guarantors will use all commercially reasonable efforts to have the registration
statement, of which&nbsp;this prospectus forms a part, declared effective by
the Commission on or prior to September&nbsp;11, 2007;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>unless this exchange
offer would not be permitted by applicable law or Commission policy, the Issuer
and the Guarantors will commence the exchange offer and use all commercially
reasonable efforts to issue on or prior to 45 business days, or longer, if
required by the federal securities laws, after the date on which the
registration statement, of which this prospectus forms a part, was declared
effective by the Commission, or the Consummation Deadline, exchange notes in
exchange for all outstanding notes tendered prior thereto in the exchange
offer; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if obligated to file the
Shelf Registration Statement, the Issuer and the Guarantors will use all commercially
reasonable efforts to file the Shelf Registration Statement with the Commission
on or prior to 90&nbsp;days after such filing obligation arises and will use
commercially reasonable efforts to cause the Shelf Registration to be declared
effective by the Commission on or prior to 180&nbsp;days after such obligation
Shelf Registration Statement is filed.</p>

<p style="margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Issuer and the
Guarantors fail to file any of the registration statements required by the
Registration Rights Agreement on or before the date specified for such filing;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any of such registration
statements is not declared effective by the Commission on or prior to the date
specified for such effectiveness, or the Effectiveness Target Date;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Issuer and the
Guarantors fail to consummate the exchange offer on or prior to the
Consummation Deadline; or</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">62</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='62',FILE='C:\fc\16416374572_P83101_2188336\13368-1-cm.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Shelf Registration
Statement or the registration statement of which this prospectus forms a part
is declared effective but thereafter is withdrawn by the Issuer or becomes
subject to an effective stop order issued pursuant to Section&nbsp;8(d)&nbsp;of
the U.S.&nbsp;Securities Act suspending the effectiveness of such registration
statement (except as specifically permitted in the Registration Rights
Agreement, including during any blackout period permitted thereunder) without
being succeeded immediately by an additional registration statement filed and
declared effective within 60&nbsp;days of such suspension (each such event
referred to in clauses (1)&nbsp;through (4)&nbsp;above, is referred to as a Registration
Default), then the Issuer will pay additional interest to each holder of
Transfer Restricted Securities.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to the first 90-day period immediately
following the occurrence of the first Registration Default, additional interest
be paid in an amount equal to 0.25% per annum on the outstanding principal
amount of Transfer Restricted Securities. The amount of the additional interest
will increase by an additional 0.25% per annum on the outstanding principal
amount of Transfer Restricted Securities with respect to each subsequent 90-day
period until all Registration Defaults have been cured, up to a maximum amount
of additional interest for all Registration Defaults of 1.0% per annum on the
outstanding principal amount of Transfer Restricted Securities.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All accrued additional interest will be paid by the
Issuer on the next scheduled interest payment date to CDS or its nominee by
wire transfer and to holders of certificated notes by wire transfer to the
accounts specified by them or by mailing checks to their registered addresses
if no such accounts have been specified.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Following the cure of all Registration Defaults, the
accrual of additional interest will cease.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holders of outstanding
notes will be required to make certain representations to the Issuer (as
described in the Registration Rights Agreement) in order to participate in the exchange
offer and will be required to deliver certain information to be used in
connection with the Shelf Registration Statement and to provide comments on the
Shelf Registration Statement within the time periods set forth in the
Registration Rights Agreement in order to have their outstanding notes included
in the Shelf Registration Statement and benefit from the provisions regarding
additional interest set forth above. By acquiring Transfer Restricted Securities,
a holder will be deemed to have agreed to indemnify the Issuer and any
guarantors against certain losses arising out of information furnished by such
holder in writing for inclusion in any Shelf Registration Statement. Holders of
outstanding notes will also be required to suspend their use of the prospectus
included in the Shelf Registration Statement under certain circumstances upon
receipt of written notice to that effect from the Issuer.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional
Information</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Anyone who receives this
prospectus may obtain a copy of the Indenture and Registration Rights Agreement
without charge by writing to Iron Mountain Incorporated, 745 Atlantic Avenue,
Boston, MA&nbsp;02111, Attention: Investor Relations.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain Definitions<a name="CertainDefinitions_093006"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Set forth below are certain defined terms used in the
Indenture. Reference is made to the Indenture for a full disclosure of all such
terms, as well as any other capitalized terms used herein for which no
definition is provided.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Acquired Debt</b>&#148; means, with respect to any
specified Person:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Indebtedness of any other
Person, existing at the time such other Person merged with or into or became a
Subsidiary of such specified Person, including Indebtedness incurred in
connection </p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">63</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='63',FILE='C:\fc\16416374572_P83101_2188336\13368-1-cm.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt 40.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with, or in contemplation
of, such other Person merging with or into or becoming a Subsidiary of such
specified Person; and</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Indebtedness encumbering
any asset acquired by such specified Person.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Acquisition EBITDA</b>&#148; means, as of any date
of determination, with respect to an Acquisition EBITDA Entity, the sum of:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>EBITDA of such
Acquisition EBITDA Entity for the most recently ended four full fiscal quarters
for which internal financial statements are available at such date of
determination (adjusted to give pro forma effect to any acquisition or
disposition of a business or Person by such Acquisition EBITDA Entity
consummated during the period covered by, or after the date of, such four full
fiscal quarters) or, if statements are not available for such four full fiscal
quarters, EBITDA for the most recently ended fiscal quarter for which internal
financial statements are available, annualized, plus</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>projected quantifiable
improvements in operating results (on an annualized basis) due to cost
reductions calculated in good faith by the Company or one of its Restricted
Subsidiaries, as certified by an Officers&#146; Certificate filed with the Trustee,
without giving effect to any operating losses of the acquired Person.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Acquisition EBITDA Entity</b>&#148; means, as of any
date of determination, a business or Person:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>which has been acquired
by the Company or one of its Restricted Subsidiaries and with respect to which
internal financial statements on a consolidated basis with the Company are not
available for four full fiscal quarters; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>which is to be acquired
in whole or in part with Indebtedness, the incurrence of which will require the
calculation on such date of the Acquisition EBITDA of such Acquisition EBITDA
Entity for purposes of the covenant entitled &#147;Incurrence of Indebtedness and
Issuance of Preferred Stock.&#148;</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Adjusted EBITDA</b>&#148; means, as of any date of
determination and without duplication, the sum of:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>EBITDA of the Company and
its Restricted Subsidiaries for the Company&#146;s most recently ended four full
fiscal quarters for which internal financial statements are available at such
date of determination; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Acquisition EBITDA of
each business or Person that is an Acquisition EBITDA Entity as of such date of
determination, multiplied by a fraction, (i)&nbsp;the numerator of which is 12
minus the number of months (and/or any portion thereof) in such most recent
four full fiscal quarters for which the financial results of such Acquisition
EBITDA Entity are included in the EBITDA of the Company and its Restricted
Subsidiaries under clause&nbsp;(1)&nbsp;above, and (ii)&nbsp;the denominator of
which is 12. The effects of unusual items, including merger related expenses
permitted to be shown as a separate line item on a statement of operations in
accordance with GAAP, or non-recurring items in respect of the Company, a
Restricted Subsidiary or an Acquisition EBITDA Entity occurring in any period
shall be excluded in the calculation of Adjusted EBITDA.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Affiliate</b>&#148;
of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
such specified Person. For purposes of this definition, &#147;control&#148; (including,
with correlative meanings, the terms &#147;controlling,&#148; &#147;controlled by&#148; and &#147;under
common control with&#148;), as used with respect to any Person, shall mean the
possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise; <i>provided</i>, <i>however</i>,
that beneficial ownership of 10% or more of the voting securities of a Person
shall be deemed to be control.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">64</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='64',FILE='C:\fc\16416374572_P83101_2188336\13368-1-cm.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Attributable Indebtedness</b>&#148; in respect of a
Sale and Leaseback Transaction means, as of the time of determination, the
greater of:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the fair market value of
the property subject to such arrangement (as determined by the board of
directors of the Company); and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the present value
(discounted at the rate of interest implicit in such transaction) of the total
obligations of the lessee for rental payments during the remaining terms of the
lease included in such Sale and Leaseback Transaction (including any period for
which such lease has been extended).</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>CAD Make-Whole Amount</b>&#148; means, with respect
to any note, an amount equal to the excess, if any,&nbsp;of:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the present value of the
remaining principal, premium and interest payments that would be payable with
respect to such note if such note were redeemed on March&nbsp;15, 2012,
computed using a discount rate equal to the CAD Yield plus 75 basis points,
over</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the outstanding principal
amount of such note.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>CAD Make-Whole
Average Life</b>&#148; means, with respect to any date of redemption of
notes, the number of years (calculated to the nearest one-twelfth) from such
redemption date to March&nbsp;15, 2012.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>CAD Make-Whole Price</b>&#148; means, with respect
to any note, the greater of:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the sum of the principal
amount of and CAD Make-Whole Amount with respect to such note; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the redemption price of
such note on March&nbsp;15, 2012.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>CAD Yield</b>&#148;
means, at any time of computation, the yield to maturity at such time, compounded
semi-annually, which a non-callable Government of Canada bond would carry if
issued, in Canadian dollars in Canada, at 100% of its principal amount at such
time with a term to maturity approximately equal to CAD Make-Whole Average
Life. The CAD Yield will be the average (rounded to four decimal places) of the
yields determined by two major Canadian investment dealers selected by the
Issuer.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Canadian Dollars,</b>&#148;
&#147;<b>CAD</b>&#148; and &#147;<b>C$</b>&#148; mean lawful money of Canada.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Canadian Government
Obligations</b>&#148; means direct obligations of, or obligations guaranteed
by, the Canadian government or any agency thereof for the payment of which
guarantee or obligations the full faith and credit of Canada is pledged.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Capital Lease
Obligation</b>&#148; means, at the time any determination thereof is to be
made, the amount of the liability in respect of a capital lease that would at
such time be so required to be capitalized on the balance sheet in accordance
with GAAP.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Capital Stock</b>&#148;
means any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock, including, without
limitation, with respect to partnerships, partnership interests (whether
general or limited) and any other interest or participation that confers on a
Person the right to receive a share of the profits and losses of, or
distributions of assets of, such partnership.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Cash Equivalents</b>&#148; means:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>securities with
maturities of one year or less from the date of acquisition, issued, fully
guaranteed or insured by the United States Government or any agency thereof;</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">65</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='65',FILE='C:\fc\16416374572_P83101_2188336\13368-1-cm.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>certificates of deposit,
time deposits, overnight bank deposits, bankers acceptances and repurchase
agreements issued by a Qualified Issuer having maturities of 270&nbsp;days or
less from the date of acquisition;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>commercial paper of an
issuer rated at least A-2 by Standard&nbsp;&amp; Poor&#146;s Rating Group, a
division of McGraw Hill,&nbsp;Inc., or P-2 by Moody&#146;s Investors Service, or
carrying an equivalent rating by a nationally recognized rating agency if both
of the two named rating agencies cease publishing ratings of investments, and
having maturities of 270&nbsp;days or less from the date of acquisition;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>money market accounts or
funds with or issued by Qualified Issuers; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Investments in money
market funds substantially all of the assets of which are comprised of
securities and other obligations of the types described in clauses (1)&nbsp;through
(3)&nbsp;above.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Change of Control</b>&#148; means the occurrence of
any of the following events:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any &#147;person&#148; or &#147;group&#148;
(as such terms are used in Sections 13(d)&nbsp;and 14(d)&nbsp;of the Exchange
Act), other than the Principal Stockholders (or any of them), is or becomes the
&#147;beneficial owner&#148; (as defined in Rules&nbsp;13d-3 and 13d-5 under the Exchange
Act), directly or indirectly, of more than a majority of the voting power of
all classes of Voting Stock of the Company;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company consolidates
with, or merges with or into, another Person (as defined below) or conveys,
transfers, leases or otherwise disposes of all or substantially all of its
assets to any Person, or any Person consolidates with, or merges with or into,
the Company, in any such event pursuant to a transaction in which the
outstanding Voting Stock of the Company is converted into or exchanged for
cash, securities or other property, other than any such transaction where (i)&nbsp;the
outstanding Voting Stock of the Company is not converted or exchanged at all
(except to the extent necessary to reflect a change in the jurisdiction of
incorporation) or is converted into or exchanged for (A)&nbsp;Voting Stock (other
than Disqualified Stock) of the surviving or transferee Person or (B)&nbsp;cash,
securities and other property (other than Capital Stock described in the
foregoing clause&nbsp;(A)) of the surviving or transferee Person in an amount
that could be paid as a Restricted Payment as described under the &#147;Restricted
Payments&#148; covenant and (ii)&nbsp;immediately after such transaction, no &#147;person&#148;
or &#147;group&#148; (as such terms are used in Sections 13(d)&nbsp;and 14(d)&nbsp;of the
Exchange Act), other than the Principal Stockholders (or any of them), is the &#147;beneficial
owner&#148; (as defined in Rules&nbsp;13d-3 and 13d-5 under the Exchange Act),
directly or indirectly, of more than a majority of the total outstanding Voting
Stock of the surviving or transferee Person;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>during any consecutive
two-year period, individuals who at the beginning of such period constituted
the Company&#146;s board of directors (together with any new directors whose
election to such board of directors, or whose nomination for election by the
stockholders of the Company, was approved by a vote of 66% of the directors
then still in office who were either directors at the beginning of such period
or whose election or nomination for election was previously so approved) cease
for any reason to constitute a majority of the board of directors then in
office; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company is liquidated
or dissolved or adopts a plan of liquidation or dissolution other than in a
transaction which complies with the provisions described under &#147;Merger,
Consolidation or Sale of Assets.&#148;</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Consolidated Adjusted
Net Income</b>&#148; means, for any period, the net income (or net loss) of
the Company and its Restricted Subsidiaries for such period as determined on a
consolidated basis in accordance with GAAP, adjusted to the extent included in
calculating such net income or loss by excluding:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any net after-tax
extraordinary gains or losses (less all fees and expenses relating thereto);</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">66</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='66',FILE='C:\fc\16416374572_P83101_2188336\13368-1-cm.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any net after-tax gains
or losses (less all fees and expenses relating thereto) attributable to Asset
Sales;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the portion of net income
(or loss) of any Person (other than the Company or a Restricted Subsidiary),
including Unrestricted Subsidiaries, in which the Company or any Restricted
Subsidiary has an ownership interest, except to the extent of the amount of
dividends or other distributions actually paid to the Company or any Restricted
Subsidiary in cash dividends or distributions by such Person during such
period; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the net income (or loss)
of any Person combined with the Company or any Restricted Subsidiary on a &#147;pooling
of interests&#148; basis attributable to any period prior to the date of
combination.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Consolidated Income
Tax Expense</b>&#148; means, for any period, the provision for U.S. federal,
state, local and foreign income taxes of the Company and its Restricted
Subsidiaries for such period as determined on a consolidated basis in
accordance with GAAP.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Consolidated Interest Expense</b>&#148; means, for
any period, without duplication, the sum of:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the amount which, in
conformity with GAAP, would be set forth opposite the caption &#147;interest expense&#148;
(or any like caption) on a consolidated statement of operations of the Company
and its Restricted Subsidiaries for such period, including, without limitation:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>amortization of debt
discount;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the net cost of interest
rate contracts (including amortization of discounts);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160; </font>the interest portion of any
deferred payment obligation;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>amortization of debt
issuance costs; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the interest component
of Capital Lease Obligations of the Company and its Restricted Subsidiaries;
plus</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all interest on any
Indebtedness of any other Person guaranteed and paid by the Company or any of
its Restricted Subsidiaries;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">provided</font></i>, <i>however</i>, that Consolidated Interest
Expense will not include any gain or loss from extinguishment of debt, including
write-off of debt issuance costs.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Consolidated
Non-Cash Charges</b>&#148; means, for any period, the aggregate depreciation,
amortization and other non-cash expenses of the Company and its Restricted
Subsidiaries (including without limitation any minority interest) reducing
Consolidated Adjusted Net Income for such period, determined on a consolidated
basis in accordance with GAAP (excluding any such non-cash charge to the extent
that it requires an accrual of or reserve for cash charges for any future period).</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Credit Agent</b>&#148;
means JPMorgan Chase Bank, N.A. in its capacity as administrative agent for the
lenders party to the Credit Agreement, or any successor or successors party
thereto.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Credit Agreement</b>&#148;
means that certain Amended and Restated Credit Agreement, dated as of July&nbsp;8,&nbsp;2004,
as amended, among the Company, the lenders party thereto and the Credit Agent,
as amended, restated, supplemented, modified, renewed, refunded, increased,
extended, replaced or refinanced from time to time.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Default</b>&#148;
means any event that is or with the passage of time or the giving of notice or
both would be an Event of Default.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Designated Senior Debt</b>&#148; means:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Senior Bank Debt; and</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">67</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='67',FILE='C:\fc\16416374572_P83101_2188336\13368-1-cm.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>other Senior Debt the
principal amount of which is $50.0&nbsp;million or more at the date of
designation by the Company in a written instrument delivered to the Trustee.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Debt designated as Designated Senior Debt
pursuant to clause&nbsp;(2)&nbsp;shall cease to be Designated Senior Debt at
any time that the aggregate principal amount thereof outstanding is
$10.0&nbsp;million or less.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Disqualified Stock</b>&#148;
means any Capital Stock which, by its terms (or by the terms of any security
into which it is convertible or for which it is exchangeable), or upon the
happening of any event, matures or is mandatorily redeemable, for cash or other
property (other than Capital Stock that is not Disqualified Stock) pursuant to
a sinking fund obligation or otherwise, or is redeemable at the option of the
Holder thereof, in whole or in part, in each case on or prior to the stated
maturity of the notes.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Dollars</b>&#148;
and &#147;<b>$</b>&#148; mean lawful money of the
United States of America.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>EBITDA</b>&#148; means for any period Consolidated
Adjusted Net Income for such period increased by:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Consolidated Interest
Expense for such period; plus</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Consolidated Income Tax
Expense for such period; plus</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Consolidated Non-Cash
Charges for such period.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Equity Interests</b>&#148;
means Capital Stock and all warrants, options or other rights to acquire
Capital Stock (but excluding any debt security that is convertible into, or
exchangeable for, Capital Stock).</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Equity Proceeds</b>&#148; means:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>with respect to Equity
Interests (or debt securities converted into Equity Interests) issued or sold
for cash Dollars, the aggregate amount of such cash Dollars; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>with respect to Equity
Interests (or debt securities converted into Equity Interests) issued or sold
for any consideration other than cash Dollars, the aggregate Market Price
thereof computed on the date of the issuance or sale thereof.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Excluded Restricted
Subsidiary</b>&#148; means any Restricted Subsidiary organized under the laws
of a jurisdiction other than the United States (as defined in Regulation&nbsp;S
under the Securities Act) and that has not delivered a guarantee.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Existing
Indebtedness</b>&#148; means Indebtedness of the Company and its Subsidiaries
(other than under the Credit Agreement) in existence on the date of the
Indenture, until such amounts are repaid.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Guarantee</b>&#148; means, as applied to any
obligation:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a guarantee (other than
by endorsement of negotiable instruments for collection in the ordinary course
of business), direct or indirect, in any manner, of any part or all of such
obligation; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>an agreement, direct or
indirect, contingent or otherwise, the practical effect of which is to
assure&nbsp;in any way the payment or performance (or payment of damages in the
event of non-performance) of all or any part of such obligation,
including, without limiting the foregoing, the obligation to reimburse amounts
drawn down under letters of credit securing such obligations.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Hedging Obligations</b>&#148; means, with respect to
any Person, the obligations of such Person under:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>interest rate swap
agreements, interest rate cap agreements and interest rate collar agreements;
and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>other agreements or
arrangements designed to protect such Person against fluctuations in interest
rates.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">68</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='68',FILE='C:\fc\16416374572_P83101_2188336\13368-1-cm.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Indebtedness</b>&#148; means (without duplication),
with respect to any Person, whether recourse is to all or a portion of the
assets of such Person, and whether or not contingent:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>every obligation of such
Person for money borrowed;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>every obligation of such
Person evidenced by bonds, debentures, notes or other similar instruments;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>every reimbursement
obligation of such Person with respect to letters of credit, bankers&#146;
acceptances or similar facilities issued for the account of such Person;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>every obligation of such
Person issued or assumed as the deferred purchase price of property or
services;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>every Capital Lease
Obligation and every obligation of such Person in respect of Sale and Leaseback
Transactions that would be required to be capitalized on the balance sheet in
accordance with GAAP;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all Disqualified Stock of
such Person valued at the greater of its voluntary or involuntary maximum fixed
repurchase price, plus accrued and unpaid dividends (unless included in such
maximum repurchase price);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all obligations of such
Person under or with respect to Hedging Obligations which would be required to
be reflected on the balance sheet as a liability of such Person in accordance
with GAAP; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>every obligation of the
type referred to in clauses (1)&nbsp;through (7)&nbsp;of another Person and
dividends of another Person the payment of which, in either case, such Person
has guaranteed.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of this definition, the &#147;maximum fixed
repurchase price&#148; of any Disqualified Stock that does not have a fixed
repurchase price will be calculated in accordance with the terms of such
Disqualified Stock as if such Disqualified Stock were repurchased on any date
on which Indebtedness is required to be determined pursuant to the Indenture,
and if such price is based upon, or measured by, the fair market value of such
Disqualified Stock, such fair market value will be determined in good faith by
the board of directors of the issuer of such Disqualified Stock. Notwithstanding
the foregoing, trade accounts payable and accrued liabilities arising in the
ordinary course of business and any liability for federal, state or local taxes
or other taxes owed by such Person shall not be considered Indebtedness for
purposes of this definition. The amount outstanding at any time of any
Indebtedness issued with original issue discount is the aggregate principal
amount at maturity of such Indebtedness, less the remaining unamortized portion
of the original issue discount of such Indebtedness at such time, as determined
in accordance with GAAP.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Investments</b>&#148;
means, with respect to any Person, all investments by such Person in other
Persons (including Affiliates) in the forms of loans (including Guarantees),
advances or capital contributions (excluding commission, travel and similar
advances to officers and employees made in the ordinary course of business),
purchases or other acquisitions for consideration of Indebtedness, Equity
Interests or other securities and all other items that are or would be
classified as investments on a balance sheet prepared in accordance with GAAP.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Leverage Ratio</b>&#148; means, at any date, the
ratio of:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the aggregate principal
amount of Indebtedness of the Company and its Restricted Subsidiaries
outstanding as of the most recent available quarterly or annual balance sheet,
to</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Adjusted EBITDA, after
giving pro forma effect, without duplication, to</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">69</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='69',FILE='C:\fc\16416374572_P83101_2188336\13368-1-cm.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the incurrence,
repayment or retirement of any Indebtedness by the Company or its Restricted
Subsidiaries since the last day of the most recent full fiscal quarter of the
Company;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if the Leverage Ratio is
being determined in connection with the incurrence of Indebtedness by the
Company or a Restricted Subsidiary, such Indebtedness; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160; </font>the Indebtedness to be
incurred in connection with the acquisition of any Acquisition EBITDA Entity.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Lien</b>&#148;
means, with respect to any asset, any mortgage, lien, pledge, charge, security
interest or encumbrance of any kind in respect of such asset, whether or not
filed, recorded or otherwise perfected under applicable law (including any
conditional sale or other title retention agreement, any lease in the nature
thereof, any option or other agreement to sell or give a security interest in
and any filing of or agreement to give any financing statement under the
Uniform Commercial Code, or equivalent statutes, of any jurisdiction).</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Market Price</b>&#148; means:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>with respect to the
calculation of Equity Proceeds from the issuance or sale of debt securities
which have been converted into Equity Interests, the value received upon the
original issuance or sale of such converted debt securities, as determined
reasonably and in good faith by the Company&#146;s board of directors; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>with respect to the
calculation of Equity Proceeds from the issuance or sale of Equity Interests,
the average of the daily closing prices for such Equity Interests for the 20
consecutive trading days preceding the date of such computation.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The closing price
for each day shall be:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if such Equity Interests
are then listed or admitted to trading on the New York Stock Exchange, the
closing price on the NYSE Consolidated Tape (or any successor consolidated tape
reporting transactions on the New York Stock Exchange) or, if such composite
tape shall not be in use or shall not report transactions in such Equity
Interests, or if such Equity Interests shall be listed on a stock exchange
other than the New York Stock Exchange (including for this purpose the Nasdaq
Global Market), the last reported sale price regular way for such day, or in
case no such reported sale takes place on such day, the average of the closing
bid and asked prices regular way for such day, in each case on the principal
national securities exchange on which such Equity Interests are listed or admitted
to trading (which shall be the national securities exchange on which the
greatest number of such Equity Interests have been traded during such 20
consecutive trading days); or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if such Equity Interests
are not listed or admitted to trading on any such exchange, the average of the
closing bid and asked prices thereof in the over-the-counter market as reported
by the National Association of Securities Dealers Automated Quotation System or
any successor system, or if not included therein, the average of the closing
bid and asked prices thereof furnished by two members of the National
Association of Securities Dealers selected reasonably and in good faith by the
Company&#146;s board of directors for that purpose. In the absence of one or more
such quotations, the Market Price for such Equity Interests shall be determined
reasonably and in good faith by the Company&#146;s board of directors.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">70</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='70',FILE='C:\fc\16416374572_P83101_2188336\13368-1-cm.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Net Proceeds</b>&#148; means the aggregate cash
proceeds received by the Company or any of its Restricted Subsidiaries in
respect of any Asset Sale, which amount is equal to the excess, if any, of:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the cash received by the
Company or such Restricted Subsidiary (including any cash payments received by
way of deferred payment pursuant to, or monetization of, a note or installment
receivable or otherwise, but only as and when received) in connection with such
disposition, over</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the sum of:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the amount of any
Indebtedness which is secured by such asset and which is required to be repaid
in connection with the disposition thereof; plus</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the reasonable
out-of-pocket expenses incurred by the Company or such Restricted Subsidiary,
as the case may be, in connection with such disposition or in connection with
the transfer of such amount from such Restricted Subsidiary to the Company; plus</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160; </font>provisions for taxes,
including income taxes, attributable to the disposition of such asset or
attributable to required prepayments or repayments of Indebtedness with the
proceeds thereof; plus</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>if the Company does not
first receive a transfer of such amount from the relevant Restricted Subsidiary
with respect to the disposition of an asset by such Restricted Subsidiary and
such Restricted Subsidiary intends to make such transfer as soon as
practicable, the out-of-pocket expenses and taxes that the Company reasonably
estimates will be incurred by the Company or such Restricted Subsidiary in
connection with such transfer at the time such transfer is expected to be
received by the Company (including, without limitation, withholding taxes on
the remittance of such amount).</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Obligations</b>&#148;
means any principal, interest (including post-petition interest, whether or not
allowed as a claim in any proceeding), penalties, fees, costs, expenses,
indemnifications, reimbursements, damages and other liabilities payable under
or in connection with any Indebtedness.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Officers&#146;
Certificate</b>&#148; means a certificate signed, unless otherwise specified,
by any two of the Chairman of the Board, a Vice Chairman of the Board, the
President, the Chief Financial Officer, the Controller, or an Executive Vice
President of the Company, and delivered to the Trustee.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Permitted Investments</b>&#148; means:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any Investments in the
Company or in a Restricted Subsidiary (other than an Excluded Restricted
Subsidiary) of the Company, including without limitation the Guarantee of
Indebtedness permitted under the covenant entitled &#147;Incurrence of Indebtedness
and Issuance of Preferred Stock&#148;;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any Investments in Cash
Equivalents;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Investments by the
Company or any Restricted Subsidiary of the Company in a Person, if as a result
of such Investment;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>such Person becomes a
Restricted Subsidiary (other than an Excluded Restricted Subsidiary) of the
Company; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>such Person is merged,
consolidated or amalgamated with or into, or transfers or conveys substantially
all of its assets to, or is liquidated into, the Company or a Restricted
Subsidiary (other than an Excluded Restricted Subsidiary) of the Company;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Investments in assets
(including accounts and notes receivable) owned or used in the ordinary course
of business;</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">71</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='71',FILE='C:\fc\16416374572_P83101_2188336\13368-1-cm.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Investments for any
purpose related to the Company&#146;s records and information management business
(including, without limitation, the Company&#146;s confidential destruction and
fulfillment businesses) in an aggregate outstanding amount not to exceed
$10.0&nbsp;million; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Investments by the
Company or a Restricted Subsidiary (other than an Excluded Restricted
Subsidiary) in one or more Excluded Restricted Subsidiaries, the aggregate
outstanding amount of which does not exceed 30% of the consolidated assets of
the Company and its Restricted Subsidiaries (and, for the avoidance of doubt,
Permitted Investments shall include any Investment by an Excluded Restricted
Subsidiary in another Excluded Restricted Subsidiary).</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Permitted Liens</b>&#148; means:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens existing as of the
date of issuance of the notes;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens on property or
assets of the Company or any Restricted Subsidiary securing Senior Debt;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens on any property or
assets of a Restricted Subsidiary granted in favor of the Company or any Wholly
Owned Restricted Subsidiary;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens securing the notes
or the Guarantees;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any interest or title of
a lessor under any Capital Lease Obligation or Sale and Leaseback Transaction
so long as the Indebtedness, if any, secured by such Lien does not exceed the
principal amount of Indebtedness permitted under the covenant entitled &#147;Incurrence
of Indebtedness and Issuance of Preferred Stock&#148;;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens securing Acquired
Debt created prior to (and not in connection with or in contemplation of) the
incurrence of such Indebtedness by the Company or any Restricted Subsidiary; <i>provided</i> that such Lien does not extend to
any property or assets of the Company or any Restricted Subsidiary other than
the assets acquired in connection with the incurrence of such Acquired Debt;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens securing Hedging
Obligations permitted to be incurred pursuant to clause&nbsp;(7)&nbsp;of the
covenant entitled &#147;Incurrence of Indebtedness and Issuance of Preferred Stock&#148;;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Liens arising from
purchase money mortgages and purchase money security interests, or in respect
of the construction of property or assets, incurred in the ordinary course of
the business of the Company or a Restricted Subsidiary; <i>provided</i> that (i)&nbsp;the related
Indebtedness is not secured by any property or assets of the Company or any
Restricted Subsidiary other than the property and assets so acquired or
constructed and (ii)&nbsp;the Lien securing such Indebtedness is created within
60&nbsp;days of such acquisition or construction;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>statutory Liens or landlords&#146;
and carriers&#146;, warehousemen&#146;s, mechanics&#146;, suppliers&#146;, materialmen&#146;s, repairmen&#146;s
or other like Liens arising in the ordinary course of business and with respect
to amounts not yet delinquent or being contested in good faith by appropriate
proceedings, if a reserve or other appropriate provision, if any, as shall be
required in conformity with GAAP shall have been made therefor;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160; </font>Liens for taxes, assessments,
government charges or claims with respect to amounts not yet delinquent or that
are being contested in good faith by appropriate proceedings diligently
conducted, if a reserve or other appropriate provision, if any, as is required
in conformity with GAAP has been made therefor;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160; </font>Liens incurred or deposits made
to secure the performance of tenders, bids, leases, statutory obligations,
surety and appeal bonds, government contracts, performance bonds and other </p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">72</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='72',FILE='C:\fc\16416374572_P83101_2188336\13368-1-cm.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt 40.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">obligations of a like
nature incurred in the ordinary course of business (other than contracts for
the payment of money);</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(12)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160; </font>easements, rights-of-way,
restrictions and other similar charges or encumbrances not interfering in any
material respect with the business of the Company or any Restricted Subsidiary
incurred in the ordinary course of business;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(13)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160; </font>Liens arising by reason of any judgment,
decree or order of any court so long as such Lien is adequately bonded and any
appropriate legal proceedings that may have been duly initiated for the review
of such judgment, decree or order shall not have been finally terminated or the
period within which such proceedings may be initiated shall not have expired;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(14)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160; </font>Liens arising under options or
agreements to sell assets;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(15)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160; </font>other Liens securing obligations
incurred in the ordinary course of business, which obligations do not exceed
$10.0&nbsp;million in the aggregate at any one time outstanding; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(16)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160; </font>any extension, renewal or
replacement, in whole or in part, of any Lien described in the foregoing
clauses (1)&nbsp;through (15); <i>provided</i>
that any such extension, renewal or replacement shall not extend to any
additional property or assets.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Person</b>&#148;
means any individual, corporation, limited liability company, partnership,
joint venture, association, joint stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Principal
Stockholders</b>&#148; means each of Vincent J. Ryan, Schooner Capital LLC,
C. Richard Reese, Kent P. Dauten and their respective Affiliates.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Qualified Equity
Offering</b>&#148; means an offering of Capital Stock, other than
Disqualified Stock, of the Company for Dollars, whether registered or exempt
from registration under the Securities Act of 1933, as amended.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Qualified Issuer</b>&#148; means:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any lender party to the
Credit Agreement; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any commercial bank:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>which has capital and
surplus in excess of $500.0&nbsp;million; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the outstanding
short-term debt securities of which are rated at least A-2 by Standard&nbsp;&amp;
Poor&#146;s Rating Group, a division of McGraw-Hill,&nbsp;Inc. or at least P-2 by
Moody&#146;s Investors Service, or carry an equivalent rating by a nationally
recognized rating agency if both of the two named rating agencies cease
publishing ratings of investments.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Qualifying Sale and
Leaseback Transaction</b>&#148; means any Sale and Leaseback Transaction
between the Company or any of its Restricted Subsidiaries and any bank,
insurance company or other lender or investor providing for the leasing to the
Company or such Restricted Subsidiary of any property (real or personal) which
has been or is to be sold or transferred by the Company or such Restricted Subsidiary
to such lender or investor or to any Person to whom funds have been or are to
be advanced by such lender or investor and where the property in question has
been constructed or acquired after the date of the Indenture.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">73</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='73',FILE='C:\fc\16416374572_P83101_2188336\13368-1-cm.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Refinancing Indebtedness</b>&#148; means new
Indebtedness incurred or given in exchange for, or the proceeds of which are
used to repay, redeem, defease, extend, refinance, renew, replace or refund,
other Indebtedness; <i>provided</i>, <i>however</i>, that:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the principal amount of
such new Indebtedness shall not exceed the principal amount of Indebtedness so
repaid, redeemed, defeased, extended, refinanced, renewed, replaced or refunded
(plus the amount of fees, premiums, consent fees, prepayment penalties and
expenses incurred in connection therewith);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>such Refinancing
Indebtedness shall have a Weighted Average Life to Maturity equal to or greater
than the Weighted Average Life to Maturity of the Indebtedness so repaid,
redeemed, defeased, extended, refinanced, renewed, replaced or refunded or shall
mature after the maturity date of the notes;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to the extent such
Refinancing Indebtedness refinances Indebtedness that has a final maturity date
occurring after the initial scheduled maturity date of the notes, such new
Indebtedness shall have a final scheduled maturity not earlier than the final
scheduled maturity of the Indebtedness so repaid, redeemed, defeased, extended,
refinanced, renewed, replaced or refunded and shall not permit redemption at
the option of the holder earlier than the earliest date of redemption at the
option of the holder of the Indebtedness so repaid, redeemed, defeased,
extended, refinanced, renewed, replaced or refunded;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to the extent such
Refinancing Indebtedness refinances Indebtedness subordinate to the notes, such
Refinancing Indebtedness shall be subordinated in right of payment to the notes
and to the extent such Refinancing Indebtedness refinances notes or
Indebtedness <i>pari passu</i> with the
notes, such Refinancing Indebtedness shall be <i>pari
passu</i> with or subordinated in right of payment to the notes, in each
case on terms at least as favorable to the holders of notes as those contained
in the documentation governing the Indebtedness so repaid, redeemed, defeased,
extended, refinanced, renewed, replaced or refunded; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>with respect to
Refinancing Indebtedness incurred by the Company or a Restricted Subsidiary,
such Refinancing Indebtedness shall rank no more senior, and shall be at least
as subordinated, in right of payment to the guarantee of the Company or such Restricted
Subsidiary, respectively, as the Indebtedness being extended, refinanced,
renewed, replaced or refunded.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Restricted Subsidiary</b>&#148; means:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>each direct or indirect
Subsidiary of the Company existing on the date of the Indenture, including the
Issuer (other than Subsidiaries of Iron Mountain Global,&nbsp;Inc. (including
IME, Iron Mountain Mexico, S.A. de R.L. de C.V. and their respective
Subsidiaries, but excluding, in any event, Iron Mountain Cayman Limited, Iron
Mountain (Gibraltar) Holdings Limited, Iron Mountain (Netherlands) B.V. and
Iron Mountain Switzerland GmbH), Iron Mountain Assurance Corporation, Mountain
West Palm Real Estate,&nbsp;Inc. and Upper Providence Venture I, L.P.); and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any other direct or
indirect Subsidiary of the Company formed, acquired or existing after the date
of the Indenture (including an Excluded Restricted Subsidiary),</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">which, in the case of (1)&nbsp;or (2), is not
designated by the Company&#146;s board of directors as an &#147;Unrestricted Subsidiary.&#148;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Sale and Leaseback
Transaction</b>&#148; means any transaction or series of related transactions
pursuant to which a Person sells or transfers any property or asset in
connection with the leasing, or the resale against installment payments, of
such property or asset to the seller or transferor.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">74</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='74',FILE='C:\fc\16416374572_P83101_2188336\13368-1-cm.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Senior Bank Debt</b>&#148;
means all Obligations outstanding under or in connection with the Credit
Agreement (including Guarantees of such Obligations by Subsidiaries of the
Company).</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Senior Debt</b>&#148; means:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Senior Bank Debt; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any other Indebtedness
permitted to be incurred by the Company or any Restricted Subsidiary, as the
case may be, under the terms of the Indenture, unless the instrument under
which such Indebtedness is incurred expressly provides that it is:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>on a parity with or
subordinated in right of payment to the notes; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>subordinated to Senior
Debt on terms substantially similar to those of the notes.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding
anything to the contrary in the foregoing, Senior Debt shall not include:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any liability for
federal, state, local or other taxes owed or owing by the Company;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any Indebtedness of the
Company to any of its Subsidiaries or other Affiliates;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any trade payables; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any Indebtedness that is
incurred in violation of the Indenture, <i>provided</i>
that such Indebtedness shall be deemed not to have been incurred in violation
of the Indenture for purposes of this clause&nbsp;(4)&nbsp;if, in the case of
any obligations under the Credit Agreement, the holders of such obligations or
their agent or representative shall have received a representation from the
Company to the effect that the incurrence of such Indebtedness does not violate
the provisions of the Indenture.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Significant
Subsidiary</b>&#148; means any Subsidiary that would be a &#147;significant
subsidiary&#148; as defined in Article&nbsp;1, Rule&nbsp;1-02 of Regulation&nbsp;S-X,
promulgated pursuant to the Exchange Act, as such Regulation is in effect on
the date hereof.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Subsidiary</b>&#148;
means, with respect to any Person, any corporation, association or other
business entity of which more than 50% of the total voting power of shares of
Capital Stock entitled (without regard to the occurrence of any contingency) to
vote in the election of directors, managers or trustees thereof is at the time
owned or controlled, directly or indirectly, by such Person or one or more of the
other Subsidiaries of such Person or a combination thereof.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Tax</b>&#148;
means any tax, duty, levy, impost, assessment, withholding or other
governmental charge (including penalties and interest related thereto).</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Taxes</b>&#148;
and &#147;<b>Taxation</b>&#148; shall be construed
to have corresponding meanings.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Unrestricted Subsidiary</b>&#148; means:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any Subsidiary that is
designated by the Company&#146;s board of directors as an Unrestricted Subsidiary in
accordance with the &#147;Unrestricted Subsidiaries&#148; covenant; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any Subsidiary of an Unrestricted
Subsidiary.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Voting Stock</b>&#148;
means any class or classes of Capital Stock pursuant to which the holders
thereof have the general voting power under ordinary circumstances to elect at
least a majority of the Company&#146;s board of directors, managers or trustees of
any Person (irrespective of whether or not, at the time, stock of any other
class or classes has, or might have, voting power by reason of the happening of
any contingency).</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">75</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='75',FILE='C:\fc\16416374572_P83101_2188336\13368-1-cm.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Weighted Average Life to Maturity</b>&#148; means,
when applied to any Indebtedness at any date, the number of years obtained by
dividing:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the sum of the products
obtained by multiplying (x)&nbsp;the amount of each then remaining installment,
sinking fund, serial maturity or other required payment of principal, including
payment at final maturity, in respect thereof, by (y)&nbsp;the number of years
(calculated to the nearest one-twelfth) that will elapse between such date and
the making of such payment, by</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the then outstanding
principal amount of such Indebtedness.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Wholly Owned Restricted Subsidiary</b>&#148; means
any Restricted Subsidiary of the Company all of the outstanding Capital Stock
or other ownership interests of which (other than directors&#146; qualifying shares)
shall at the time be owned by the Company or by one or more Wholly Owned Restricted
Subsidiaries of the Company.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">76</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='76',FILE='C:\fc\16416374572_P83101_2188336\13368-1-cm.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->



<br clear="all" style="page-break-before:always;">
<div>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CERTAIN TAX
CONSIDERATIONS<a name="CertainTaxConsiderations_084723"></a></font></b></p>

<p style="font-style:italic;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">This summary is of a general nature and is included
here solely for informational purposes. It is not intended to be, nor should it
be construed to be, legal or tax advice. For purposes of this summary,
references to &#147;we,&#148; &#147;us&#148; or &#147;our&#148; refer to either Treeline Services Corporation
(an immediate subsidiary of IMI and the sole owner of the Issuer) or the
Issuer. We are not making any representation with respect to the consequences
to any particular purchaser of the notes by providing this summary. We
encourage you to consult your own tax advisors with respect to your particular
circumstances and the effects of state, local or foreign (including Canadian)
tax laws to which you may be subject.</font></i></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Material United
States Federal Income Tax Considerations<a name="MaterialUnitedStatesFederalIncome_084739"></a></font></b></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">General</font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following
summary of U.S. federal income tax considerations is based upon the Internal
Revenue Code of 1986, as amended, Treasury regulations, and rulings and
decisions now in effect, all of which are subject to change, possibly with
retroactive effect, or possible differing interpretations. We have not sought a
ruling from the Internal Revenue Service, or the IRS, with respect to any
matter described in this summary, and we cannot provide any assurance that the
IRS or a court will agree with the statements made in this summary. For
purposes of this summary, the term &#147;notes&#148; means both outstanding notes and
exchange notes unless otherwise specified. The summary applies to you only if
you hold our notes as a capital asset, which generally is an asset held for
investment rather than as inventory or as property used in a trade or business.
The summary does not discuss the particular tax consequences that might be
relevant to you if you are subject to special rules&nbsp;under the U.S. federal
income tax law, for example, if you are:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
bank, life insurance company, regulated investment company or other financial
institution,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
broker or dealer in securities or foreign currency,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
person that has a functional currency other than the U.S. dollar,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
person who acquires our notes in connection with employment or other
performance of services,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
person subject to alternative minimum tax,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
person who owns our notes as part of a straddle, hedging transaction,
conversion transaction or constructive sale transaction,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
tax-exempt entity, or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>an
expatriate.</p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the following summary does not address
all possible tax considerations relating to the acquisition, ownership and
disposition of our notes, and in particular does not discuss any estate, gift,
generation-skipping transfer, state, local or foreign tax considerations.
For all these reasons, we encourage you to consult with your tax advisor about
the U.S. federal income tax and other tax consequences of your acquisition,
ownership and disposition of our notes.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of
this summary, you are a &#147;U.S. holder&#148; if you are a beneficial owner of our
notes and for U.S. federal income tax purposes are:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
citizen or resident of the United States, including an alien individual who is
a lawful permanent resident of the United States or meets the substantial
presence residency test under the U.S. federal income tax laws,</p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">77</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='77',FILE='C:\fc\164163820792_P83101_2188336\13368-1-co.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
corporation or other entity treated as a corporation for U.S. federal income
tax purposes, that is created or organized in or under the laws of the United
States, any state thereof or the District of Columbia,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>an
estate the income of which is subject to U.S. federal income taxation
regardless of its source, or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>a
trust if a court within the United States is able to exercise primary
supervision over the administration of the trust and one or more United States
persons have the authority to control all substantial decisions of the trust,
or an electing trust in existence on August&nbsp;20, 1996 to the extent
provided in Treasury regulations,</p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and if your status as a U.S. holder is not overridden
pursuant to the provisions of an applicable tax treaty. Conversely, you are a &#147;non-U.S.
holder&#148; if you are a beneficial owner of our notes and are not a U.S.&nbsp;holder.
If an entity treated as a partnership for U.S. federal income tax purposes
holds notes, the tax treatment of each partner will depend on the status of the
partner and the activities and status of the partnership. We encourage you to
consult your tax advisor if you are a partner in a partnership that holds
notes.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of this summary, the spot rate generally
means a rate that reflects a fair market rate of exchange available to the
public for currency under a spot contract in a free market and involving
representative amounts. A spot contract is a contract to buy or sell a foreign
currency on or before two business days following the date of the execution of
the contract. If a spot rate cannot be demonstrated in this manner, the IRS has
the authority to determine the spot rate.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the notes are traded on
an established securities market, then in some transactions described below you
can calculate foreign currency exchange gain or loss using the spot rate on the
settlement date of the transaction. If the notes are not so traded, then you
must determine the exchange gain or loss on the trade date of the transaction,
and you may have additional exchange gain or loss if you receive proceeds on a
later date. It is unclear whether the PORTAL</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">SM</font>&#160;Market, where the outstanding notes trade,
constitutes an established securities market for purposes of these rules. We do
not know if the exchange notes will ever trade on an established securities
market.</p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identity of the Issuer for U.S. Federal Income Tax
Purposes and Consequences of the Exchange Offer</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For U.S. federal income
tax purposes, in the absence of an election to the contrary, the Issuer, a Nova
Scotia unlimited liability company, is disregarded as an entity separate from
its sole owner, Treeline. Because the Issuer is a disregarded entity, Treeline
is regarded as the owner of any of the Issuer&#146;s assets and the obligor of any
of the Issuer&#146;s liabilities. Accordingly, the following summary considers
Treeline the issuer of the notes for U.S. federal income tax purposes.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exchange Offer</font></i></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An exchange of outstanding
notes for exchange notes pursuant to the exchange offer will be regarded for
U.S. federal income tax purposes as a nontaxable continuation of the
outstanding notes. Immediately after the exchange, your adjusted basis, holding
period and other tax characteristics in the exchange notes received will be the
same as your adjusted basis, holding period, and other tax characteristics in
the outstanding notes exchanged immediately before the exchange. Each note will
be treated as indebtedness issued by us.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">78</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='78',FILE='C:\fc\164163820792_P83101_2188336\13368-1-co.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax Consequences for U.S. Holders</font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you are a U.S.
holder:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Acquisition
of a Note.</font></i></font><i>&nbsp;&nbsp; </i>If
you acquire a note with foreign currency, your initial adjusted income tax
basis in the note will generally be determined by translating into U.S. dollars
the purchase price, excluding any amounts paid for prior accrued interest, at
the spot rate on the date of purchase. If our notes are traded on an
established securities market and you are a cash basis taxpayer (or an electing
accrual basis taxpayer), you will determine the U.S. dollar value of the cost
of a note you purchase by translating the amount paid at the spot rate of
exchange on the settlement date of the purchase. The special election available
to accrual basis taxpayers in regard to the purchase of notes traded on an
established securities market must be applied consistently to all debt
instruments from year to year and cannot be changed without the consent of the
IRS.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your income tax basis in purchased foreign currency
generally will be its U.S. dollar value at the spot rate on the date of
purchase of the currency. The amount of gain or loss you will recognize on a
sale, exchange or other disposition of foreign currency will be equal to the
difference between the number of U.S. dollars received, the U.S. dollar value
at the spot rate of a different foreign currency received, or the fair market
value in U.S. dollars of the property received, as the case may be, and your
income tax basis in the disposed of foreign currency. Accordingly, if you
purchase a note with foreign currency, you will generally recognize exchange
gain or loss on the foreign currency in an amount equal to the difference, if
any, between your tax basis in the foreign currency and the U.S. dollar value
at the spot rate of the foreign currency on the date of purchase of the note.
If our notes are traded on an established securities market and you are a cash
basis taxpayer (or an electing accrual basis taxpayer), you will determine the
U.S. dollar value of the currency used to purchase a note by translating the
amount paid at the spot rate of exchange on the settlement date of the
purchase, as discussed above. Generally, exchange gain or loss will be ordinary
income or loss and will not be treated as interest income or expense, except as
any IRS administrative pronouncements provide otherwise.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payments of Interest.</font></i></font><i>&nbsp;&nbsp; </i>You must generally include interest
on a note in your gross income as ordinary interest income:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>when
you receive it, if you use the cash method of accounting for U.S. federal
income tax purposes, or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>when
it accrues, if you use the accrual method of accounting for U.S. federal income
tax purposes.</p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchase price for a note that is allocable to prior accrued
interest generally will be treated as offsetting a portion of the interest
income from the next scheduled interest payment on the note. Any interest
income so offset is not taxable, except that you will recognize exchange gain
or loss on the difference, if any, between the U.S. dollar values of the prior
accrued interest when purchased and when received, determined on the basis of
the spot rates used for the purchase and the receipt (to the extent you receive
Canadian dollars rather than U.S. dollars). Generally, this exchange gain or
loss will be treated as ordinary income or loss and will not be treated as
interest income or expense, except as any IRS administrative pronouncements
provide otherwise.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We may be required to pay additional interest to you
in the event of a registration default. In addition, we would be required to
pay you a premium if you require us to repurchase your notes on a Change of
Control, including a repurchase pursuant to an offer Iron Mountain may make to
obtain a release of itself and its subsidiary guarantors from their obligations
to guarantee the notes. Because at the time the outstanding notes were issued
we determined that the likelihood that we would be obligated to make any such
additional payments on the notes was remote, we have taken the position (and
this discussion assumes) that the notes will not be treated as contingent
payment debt instruments under the applicable Treasury regulations. Assuming
our position is respected, you would be required (i)&nbsp;to treat such </font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">79</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='79',FILE='C:\fc\164163820792_P83101_2188336\13368-1-co.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">additional interest as
ordinary interest income and include such additional interest in income at the
time payments are received or accrued, in accordance with your method of
accounting for U.S. federal income tax purposes, and (ii)&nbsp;to treat any
payments of premium as amounts realized upon the repurchase of the notes.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our determination that the notes are not contingent
payment debt instruments is not binding on the IRS. If the IRS were to
challenge successfully our determination and the notes were treated as contingent
payment debt instruments, you would be required, among other things, to accrue
interest income (regardless of your method of accounting for federal income tax
purposes) at a rate higher than the stated interest rate on the notes, and
treat as ordinary income, rather than capital gain, any gain recognized on a
sale, exchange or redemption of a note. Our determination that the notes are
not contingent payment debt instruments is binding on you unless you disclose
your contrary position to the IRS in the manner prescribed by applicable
Treasury regulations.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you are a cash basis holder, the amount you are
required to include in income upon receipt of a payment on a note is the U.S.
dollar value of the amount paid, determined on the basis of the spot rate on
the date you receive the payment, regardless of whether the payment is in fact
converted into U.S. dollars. You will not recognize exchange gain or loss upon
receipt of the interest payment.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless you have made a spot rate convention election
described below, if you use the accrual method of accounting, then you will be
required to include in income for each taxable year the U.S. dollar value of
the interest that has accrued during that year, determined by translating the
accrued interest at the average rate of exchange for each accrual period, or
the portion of the accrual period if the period spans two taxable years, during
which the interest has accrued. The average rate of exchange for an interest
accrual period (or portion thereof) is the simple average of the exchange rates
for each business day of that period (or portion thereof), or some other
average that you have reasonably derived and consistently applied. Upon receipt
of an interest payment in foreign currency, you will recognize exchange gain or
loss in an amount equal to the difference between either the U.S. dollars you
receive in lieu of foreign currency or the U.S. dollar value of the foreign
currency you receive, determined on the basis of the spot rate on the date you
receive the payment, and the U.S. dollar value of the interest income that you
have previously included in income with respect to that interest payment.
Generally, this exchange gain or loss will be treated as ordinary income or
loss and will not be treated as interest income or expense, except as any IRS
administrative pronouncements provide otherwise.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You may make a spot rate convention election to
translate accrued interest into U.S. dollars at the spot rate on the last day
of an accrual period, or, in the case of an accrual period that spans two
taxable years and is thus treated as two partial periods, at the spot rates on
the last day of the taxable year and on the last day of the accrual period.
Additionally, if you receive a payment of interest within five business days of
the last day of the accrual period, you may instead translate the accrued
interest into U.S. dollars at the spot rate on the day of receipt. If you make
a spot rate convention election, then you must apply it consistently to all
debt instruments from year to year, and you cannot change the election without
the consent of the IRS. We encourage you to consult your tax advisor regarding
this election.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although Treeline is incorporated under the laws of
Delaware, and is thus a U.S. corporation, your interest income could in the
future become foreign source passive income (and in some cases, foreign source
general category income) for U.S. federal income tax purposes, which is
particularly relevant to the calculation of any foreign tax credit you might be
able to take against your U.S. federal income tax liability. A U.S. corporation
is an &#147;80/20 company&#148; if at least 80&nbsp;percent of its gross income during an
applicable testing period is considered &#147;active foreign business income,&#148; the
determination of which is based on the corporation&#146;s particular facts and
circumstances. Whereas in general interest paid by a U.S. corporation is
considered domestic source income for U.S. federal income tax purposes,
interest paid by an 80/20 company is generally considered to be foreign source,
with a partial exception for holders deemed related </font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">80</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='80',FILE='C:\fc\164163820792_P83101_2188336\13368-1-co.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to Treeline. At present,
Treeline does not believe that it is or will soon become an 80/20 company for
U.S.&nbsp;federal income tax purposes. If Treeline should become an 80/20
company in the future, we encourage you to consult with a professional tax
advisor regarding the consequences of that status on your acquisition,
ownership, and disposition of our notes.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional
Amounts.</font></i></font><i>&nbsp;&nbsp; </i>If
you receive any Additional Amounts, then for U.S. federal income tax purposes
you will be treated as having actually received the Additional Amounts, which
will be included in your ordinary income in accordance with your method of
accounting, and then having paid over the Additional Amounts to applicable tax authorities
as withholding taxes. You are generally able, subject to generally applicable
limitations, to claim a foreign tax credit for any foreign withholding taxes.
However, because Treeline, and not the Issuer, is the issuer of the notes for
U.S. federal income tax purposes, and Treeline is a U.S. corporation, payments
of interest and Additional Amounts on the notes will constitute U.S. source
income unless and until Treeline becomes an 80/20 company, as described above. Thus
your ability to claim a foreign tax credit might be limited. In lieu of a
foreign tax credit, any foreign withholding taxes would be eligible as a
deduction from your U.S. federal taxable income.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market
Discount.</font></i></font><i>&nbsp;&nbsp; </i>If
you acquire a note and your adjusted tax basis in it upon acquisition, as
translated into Canadian dollars using the spot rate applicable to your
acquisition, is less than its principal amount in Canadian dollars, you will be
treated as having acquired the note at a &#147;market discount&#148; unless the amount of
this market discount is less than the <i>de
minimis</i> amount (generally 0.25% of the principal amount of the note
multiplied by the number of remaining whole years to maturity of the note).
Under the market discount rules, you will be required to treat any gain on the
sale, exchange (other than an exchange pursuant to the exchange offer),
redemption, retirement or other taxable disposition of a note, or any
appreciation in a note in the case of certain nontaxable dispositions, such as
a gift, as ordinary income to the extent of the market discount which has not
previously been included in your income and which is treated as having accrued
on the note at the time of the disposition. In addition, you may be required to
defer, until the maturity of the note or earlier taxable disposition, the
deduction of all or a portion of the interest expense on any indebtedness
incurred or continued to purchase or carry the note. Any market discount will
be considered to accrue ratably during the period from the date of your
acquisition to the maturity date of the note, unless you elect to accrue the
market discount on a constant yield method. In addition, you may elect to
include market discount in income currently as it accrues, on either a ratable
or constant yield method, in which case the rule&nbsp;described above regarding
deferral of interest deductions will not apply. This election to include market
discount in income currently, once made, applies to all market discount obligations
acquired by you during or after the first taxable year to which the election
applies and may not be revoked without the consent of the IRS. We encourage you
to consult with your tax advisor regarding these elections.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market discount is calculated in the currency in which
the note is denominated, in this case Canadian dollars. If you do not elect
current inclusion of market discount, accrued market discount is translated
into U.S. dollars at the spot rate applicable to your disposition. No part of this
accrued market discount is treated as exchange gain or loss. If you elect
current inclusion of market discount, the amount of market discount currently
includible in your income for a taxable year is the U.S. dollar value of the
market discount that has accrued during the year, determined by translating the
accrued market discount at the average rate of exchange for the accrual period
or periods, including, if applicable, the two partial periods in the case of an
accrual period that straddles your taxable year. Accordingly, you will
recognize exchange gain or loss with respect to this accrued market discount
under the same rules&nbsp;that apply to accrued interest you receive on a note
if you are on the accrual basis.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amortizable
Bond Premium.</font></i></font><i>&nbsp;&nbsp; </i>If
you acquire a note and your adjusted tax basis in it upon acquisition, as
translated into Canadian dollars using the spot rate applicable to your
acquisition, is greater than its principal amount in Canadian dollars, you will
be treated as having acquired the note with &#147;bond premium.&#148; You generally may
elect to amortize this bond premium over the remaining term of the note on </p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">81</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='81',FILE='C:\fc\164163820792_P83101_2188336\13368-1-co.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a constant yield method,
and the amount amortized in any year will be treated as a reduction of your
interest income from the note for that year. If the amount of your bond premium
amortization would be lower if calculated based on an earlier optional
redemption date and the redemption price on that date than the amount of
amortization calculated through that date based on the note&#146;s maturity date and
its stated principal amount, then you must calculate the amount and timing of
your bond premium amortization deductions assuming that the note will be
redeemed on the optional redemption date at the optional redemption price. You
may generally recalculate your bond premium amortization amount and schedule of
deductions to the extent your note is not actually redeemed at that earlier
optional redemption date. If you do not make an election to amortize bond
premium, your bond premium on a note will decrease the gain or increase the
loss that you otherwise recognize on a disposition of that note. Any election
to amortize bond premium applies to all taxable debt obligations that you hold
at the beginning of the first taxable year to which the election applies and
that you thereafter acquire. You may not revoke an election to amortize bond
premium without the consent of the IRS. We encourage you to consult with your
tax advisor regarding this election.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amortizable bond premium is calculated in the currency
in which the note is denominated, in this case Canadian dollars. The
amortization deduction calculated reduces the interest income received so that
the net amount of interest less the amortization deduction in the applicable
foreign currency is the amount translated into U.S. dollars and reported in
your gross income. You will recognize exchange gain or loss in an amount equal
to the difference between the U.S. dollar value of the amortization deduction
at the time of the deduction and the U.S. dollar value of that portion of the
bond premium upon acquisition of the note. This exchange gain or loss generally
will not be treated as interest income or expense, except as any IRS
administrative pronouncements provide otherwise. Each reduction of your
interest income by amortizable bond premium also reduces your income tax basis
in the note by the U.S. dollar value as determined upon your acquisition of the
note of that portion of amortizable bond premium.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disposition
of a Note.</font></i></font><i>&nbsp;&nbsp; </i>Upon
the sale, exchange (other than an exchange pursuant to the exchange offer),
redemption, retirement or other disposition of a note, you generally will
recognize taxable gain or loss in an amount equal to the difference, if any,
between (1)&nbsp;the amount you receive in U.S. dollars, in property, valued at
its fair market value, or the U.S. dollar value of the amount realized in
foreign currency at the spot rate on the date of this sale, exchange,
redemption, retirement or other disposition, other than amounts representing
accrued and unpaid interest which will be taxable as interest income and
Additional Amounts, if any, and (2)&nbsp;your adjusted tax basis in the note.
If our notes are traded on an established securities market and you are a cash
basis taxpayer (or an electing accrual basis taxpayer), you will determine the
U.S. dollar value of your amount realized in a sale by translating the amount
of foreign currency received at the spot rate of exchange on the settlement
date of the sale. The special election available to accrual basis taxpayers in
regard to the sale of notes traded on an established securities market must be
applied consistently to all debt instruments from year to year and cannot be
changed without the consent of the IRS. Your adjusted tax basis in the note
will, in general, equal your acquisition cost for the note, exclusive of any
amount paid allocable to prior accrued interest, as increased by the U.S.
dollar amount of any market discount you have included in income in respect of
the note, and as decreased by any amortized bond premium on the note as
discussed above.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your gain or loss will generally be capital gain or
loss, and will be long-term capital gain or loss if you have held the note for
more than one year at the time of disposition. For noncorporate U.S. holders,
preferential rates of tax may apply to long-term capital gains. The
deductibility of capital losses is subject to limitation. The gain or loss will
be ordinary and not capital to the extent of any gain or loss attributable to
changes in exchange rates, described in the next paragraph, and any gain
attributable to any market discount, discussed above. If you sell notes and
realize an exchange loss that meets certain thresholds, you might be required
to file a disclosure statement with the IRS under applicable Treasury
regulations.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">82</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='82',FILE='C:\fc\164163820792_P83101_2188336\13368-1-co.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your gain or loss attributable to changes in exchange
rates will be treated as ordinary income or loss and generally will not be
treated as interest income or expense except as any IRS administrative
pronouncements provide otherwise. However, this ordinary gain or loss is only
included in your gross income to the extent of your total gain or loss on the
sale, exchange, redemption, retirement or other taxable disposition of a note.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Your income tax basis in
foreign currency received on the sale, exchange, redemption, retirement or
other taxable disposition of a note will generally be the foreign currency&#146;s
U.S. dollar value at the spot rate at the time the foreign currency is
received. If our notes are traded on an established securities market and you
are a cash basis taxpayer (or an electing accrual basis taxpayer), upon a sale
you will translate the foreign currency using the U.S. dollar value at the spot
rate on the settlement date of the sale, which should be the date it is
received. The special election available to accrual basis taxpayers in regard
to the sale of notes traded on an established securities market must be applied
consistently to all debt instruments from year to year and cannot be changed
without the consent of the IRS. Otherwise, if you do not receive the foreign
currency on the date of disposition, you will recognize exchange gain or loss
on any difference between the U.S. dollar values of the foreign currency on the
dates of disposition and receipt. The amount of gain or loss you will recognize
on a sale, exchange or other disposition of foreign currency will be equal to
the difference between the number of U.S. dollars received, the U.S. dollar
value at the spot rate of a different foreign currency received, or the fair market
value in U.S. dollars of the property received, as the case may be, and your
income tax basis in the disposed of foreign currency. Generally, exchange gain
or loss will be ordinary income or loss and will not be treated as interest
income or expense, except as any IRS administrative pronouncements provide
otherwise.</font></p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax Consequences for Non-U.S. Holders</font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you are a
non-U.S. holder:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally.</font></i></font><i>&nbsp;&nbsp; </i>If Treeline were in the future to
become an 80/20 company, a non-U.S. holder generally would not be subject to
U.S. federal income tax on interest received on the notes. One exception to
this general rule&nbsp;relates to certain income effectively connected to a
United States trade or business, which is described below. Also, special rules&nbsp;apply
to payments of interest to non-U.S. holders deemed related to Treeline. For so
long as Treeline is not an 80/20 company, the following discussion of
consequences for non-U.S. holders generally applies.</p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You will not be
subject to U.S. federal income taxes on payments of principal, premium, if any,
interest or Additional Amounts, if any, on a note, or upon the sale, exchange,
redemption, retirement or other disposition of a note, if:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>you
do not own directly or indirectly 10% or more of the total voting power of all
classes of Treeline voting stock,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>your
income and gain in respect of the note is not effectively connected with the
conduct of a United States trade or business,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>you
are not a controlled foreign corporation that is related to or under common
control with Treeline,</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>we
or the applicable paying agent, or the Withholding Agent, have timely received
from you a properly executed applicable IRS Form&nbsp;W-8 or substantially
similar form in the year in which a payment of interest, Additional Amounts,
principal or premium occurs, or in a previous calendar year to the extent
provided for in the instructions to the applicable IRS Form&nbsp;W-8, and</p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">83</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='83',FILE='C:\fc\164163820792_P83101_2188336\13368-1-co.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>in
the case of gain upon the sale, exchange, redemption, retirement or other
disposition of a note recognized by an individual non-U.S. holder, you were
present in the United States for less than 183&nbsp;days during the taxable
year in which the gain was recognized.</p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The IRS Form&nbsp;W-8 or a substantially similar
form must be signed by you under penalties of perjury certifying that you are a
non-U.S. holder and providing your name and address, and you must inform the
Withholding Agent of any change in the information on the statement within
30&nbsp;days of the change. If you hold a note through a securities clearing
organization or other qualified financial institution, the organization or
institution may provide a signed statement to the Withholding Agent. However,
in that case, the signed statement must generally be accompanied by a statement
containing the relevant information from the executed IRS Form&nbsp;W-8
or substantially similar form that you provided to the organization or
institution. If you are a partner in a partnership holding our notes, both you
and the partnership must comply with applicable certification requirements.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except in the case of income or gain in respect of a
note that is effectively connected with the conduct of a United States trade or
business, discussed below, interest received, any Additional Amounts, or gain
recognized by you which does not qualify for exemption from taxation will be
subject to U.S. federal income tax at a rate of 30%, which will be withheld in
the case of interest and any Additional Amounts, unless reduced or eliminated
by an applicable tax treaty. You must generally use an applicable IRS Form&nbsp;W-8,
or a substantially similar form, to claim tax treaty benefits. If you are a
non-U.S. holder claiming benefits under an income tax treaty, you should be
aware that you may be required to obtain a taxpayer identification number and
to certify your eligibility under the applicable treaty&#146;s limitations on
benefits article in order to comply with the applicable certification
requirements of the Treasury regulations.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effectively Connected
Income and Gain.</font></i></font><i>&nbsp;&nbsp; </i>If
you are a non-U.S. holder whose income and gain in respect of a note is
effectively connected with the conduct of a United States trade or business,
you will be subject to regular U.S. federal income tax on this income and gain
in generally the same manner as U.S.&nbsp;holders, and general U.S. federal
income tax return filing requirements will apply. In addition, if you are a
corporation, you may be subject to a branch profits tax equal to 30% of your
effectively connected adjusted earnings and profits for the taxable year,
unless you qualify for a lower rate under an applicable tax treaty. To obtain
an exemption from withholding on interest and any Additional Amounts on the
notes, you must generally supply to the Withholding Agent an applicable IRS Form&nbsp;W-8,
or a substantially similar form. If we in the future become an 80/20 company,
then your income from the notes could still be effectively connected with the
conduct of a United States trade or business, but, in the case of interest
income, generally in more limited circumstances.</p>

<p style="font-style:italic;font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information Reporting and Backup Withholding</font></i></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Information reporting and backup withholding may apply
to interest and other payments to you under the circumstances discussed below.
Amounts withheld under backup withholding are generally not an additional tax
and may be refunded or credited against your U.S. federal income tax liability,
provided that you furnish the required information to the IRS. The backup
withholding rate is currently 28%.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you are a U.S. Holder.</font></i></font><i>&nbsp;&nbsp; </i>You may be subject to backup
withholding when you receive payments of interest or Additional Amounts on a
note or proceeds upon the sale, exchange, redemption, retirement or other
disposition of a note. In general, you can avoid this backup withholding if you
properly execute under penalties of perjury an IRS Form&nbsp;W-9 or a
substantially similar form on which you:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>provide
your correct taxpayer identification number, and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>certify
that you are exempt from backup withholding because (a)&nbsp;you are a
corporation or come within another enumerated exempt category, (b)&nbsp;you
have not been notified by the IRS that you are </p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">84</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='84',FILE='C:\fc\164163820792_P83101_2188336\13368-1-co.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt 30.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">subject to backup
withholding, or (c)&nbsp;you have been notified by the IRS that you are no
longer subject to backup withholding.</font></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you do not provide your correct taxpayer
identification number on the IRS Form&nbsp;W-9 or a substantially similar
form, you may be subject to penalties imposed by the IRS.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless you have established on a properly executed IRS
Form&nbsp;W-9 or a substantially similar form that you are a corporation
or come within another enumerated exempt category, interest and other payments
on the notes paid to you during the calendar year, and the amount of tax
withheld, if any, will be reported to you and to the IRS.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you are a Non-U.S.
Holder.</font></i></font><i>&nbsp;&nbsp; </i>The
amount of interest and any Additional Amounts paid to you on a note during each
calendar year, and the amount of tax withheld, if any, will generally be
reported to you and to the IRS. This information reporting requirement applies
regardless of whether you were subject to withholding or whether withholding
was reduced or eliminated by an applicable tax treaty. Also, interest and any
Additional Amounts paid to you on a note may be subject to backup withholding
unless you properly certify your non-U.S. holder status on an IRS Form&nbsp;W-8
or a substantially similar form in the manner described above, under &#147;Tax
Consequences for Non-U.S. Holders.&#148; Similarly, information reporting and backup
withholding will not apply to proceeds you receive upon the sale, exchange,
redemption, retirement or other disposition of a note if you properly certify
that you are a non-U.S. holder on an IRS Form&nbsp;W-8 or a substantially
similar form. Even without having executed an IRS Form&nbsp;W-8 or a
substantially similar form, however, in some cases information reporting and
backup withholding may not apply to proceeds you receive upon the sale,
exchange, redemption, retirement or other disposition of a note, if you receive
those proceeds through a broker&#146;s foreign office.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain Canadian
Federal Income Tax Considerations</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE DISCUSSION BELOW IS INTENDED TO BE A GENERAL
DESCRIPTION ONLY OF CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS
APPLICABLE TO THE OWNERSHIP AND DISPOSITION OF THE OUTSTANDING NOTES AND THE
EXCHANGE NOTES, AND IS NOT INTENDED TO BE, NOR SHOULD IT BE CONSTRUED TO BE,
LEGAL OR TAX ADVICE TO ANY PARTICULAR PURCHASER (AS DEFINED BELOW).
ACCORDINGLY, PROSPECTIVE INVESTORS ARE URGED TO CONSULT THEIR OWN TAX ADVISERS
WITH RESPECT TO THE CANADIAN FEDERAL AND PROVINCIAL TAX CONSEQUENCES OF AN
INVESTMENT IN THE NOTES.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is a summary of the principal Canadian
federal income tax considerations generally applicable under the Income Tax Act
(Canada), or the Tax Act, to a person, or a Purchaser, who acquires beneficial
ownership of the notes and who for purposes of the Tax Act, and at all relevant
times, is not resident or deemed to be resident in Canada, deals at arm&#146;s
length with the Issuer, and does not use or hold, and is not deemed to use or
hold, the notes in carrying on business in Canada. For purposes of the Tax Act,
related persons (as defined therein) are deemed not to deal at arm&#146;s length,
and it is a question of fact whether persons not related to each other deal at
arm&#146;s length.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This summary is based on the current provisions of the
Tax Act and the regulations thereunder, or the Regulations, in force on the
date hereof, specific proposals, or the Tax Proposals, to amend the Tax Act or
the Regulations publicly announced by the Minister of Finance prior to the date
hereof, and our tax counsel&#146;s understanding of the current published
administrative and assessing practices of the Canada Revenue Agency, or the CRA.
This summary is not exhaustive of all possible Canadian income tax consequences
and, except for the Tax Proposals, does not take into account or anticipate any
changes in law or changes in the administrative and assessing practices of the
CRA, whether by legislative, governmental or judicial action, nor does it take
into account income tax laws or considerations of any </font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">85</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='85',FILE='C:\fc\164163820792_P83101_2188336\13368-1-co.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">province or territory of
Canada or any jurisdiction other than Canada. No assurance can be given that
the Tax Proposals will become law in their present form or at all.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An exchange of outstanding notes for exchange notes
pursuant to the exchange offer will be regarded for Canadian federal income tax
purposes as a non-taxable continuation of the outstanding notes.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The payment of principal, premium, if any, and
interest by the Issuer on the notes to a Purchaser will be exempt from Canadian
non-resident withholding tax under the Tax Act pursuant to an exemption under
the Tax Act for interest paid on corporate debt securities, the terms of which
do not require the issuer thereof to repay more than 25% of the principal
amount payable thereunder before the fifth anniversary of the date of issue of
such debt securities. Purchasers of notes should consult their own legal and
tax advisors concerning the continued availability of the exemption after an
assumption of the obligations owing under the notes by a third party in the
case of the disposition of all or substantially all of the assets of the Issuer
as described in &#147;Description of the Notes&#151;Certain Covenants&#151;Release of
Guarantees and Guarantors.&#148;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No other tax on income (including capital gains) will
be payable under the Tax Act in respect of the holding, repayment, redemption
or disposition of the notes, or the receipt of principal, premium, if any, and
interest thereon by a Purchaser, except that in certain circumstances, a
Purchaser that is a non-resident insurer carrying on business in Canada and
elsewhere in respect of which the notes are designated insurance property for
purposes of the Tax Act, may be subject to such taxes.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Canadian purchasers of notes should consult their own
legal and tax advisers with respect to the tax consequences of an investment in
the notes in their particular circumstances and about the eligibility of the
notes for investment by the purchaser under relevant Canadian legislation.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">86</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='86',FILE='C:\fc\164163820792_P83101_2188336\13368-1-co.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->



<br clear="all" style="page-break-before:always;">
<div>


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PLAN OF
DISTRIBUTION<a name="PlanOfDistribution_101947"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under existing interpretations of the staff of the
Commission, the exchange notes would generally be freely tradable after the
completion of the exchange offer without further compliance with the
registration and prospectus delivery requirements of the Securities Act.
However, any participant in the exchange offer who is an affiliate of ours or
who intends to participate in the exchange offer for the purposes of
distributing the exchange notes: (1)&nbsp;will not be able to rely on the
interpretations of the staff of the Commission; (2)&nbsp;will not be entitled
to participate in the exchange offer; and (3)&nbsp;must comply with the
registration and prospectus delivery requirements of the Securities Act in
connection with any sale or transfer of the outstanding notes, unless the sale
or transfer is made pursuant to an exemption from those requirements. Each
holder of outstanding notes who wishes to exchange outstanding notes for
exchange notes pursuant to the exchange offer will be required to represent to
us at the time of the consummation of the exchange offer that: (1)&nbsp;it is
not an affiliate of ours; (2)&nbsp;it is not a broker-dealer tendering
outstanding notes acquired directly from us for its own account; (3)&nbsp;the
exchange notes to be received by it will be acquired in the ordinary course of
its business; (4)&nbsp;it is not engaged and does not intend to engage in and
has no arrangements or understandings with any person to participate in the
distribution, within the meaning of the Securities Act, of the exchange notes;
and (5)&nbsp;it is not prohibited by any law or policy of the Commission from
participating in the exchange offer. Our consummation of the exchange offer is
subject to certain conditions described in the section &#147;The Exchange Offer&#151;Conditions&#148;
and in the registration rights agreement including, without limitation, our
receipt of the representations from participating holders as described above
and in the registration rights agreement. The exchange notes will still be
subject to restrictions on transfer in Canada. See &#147;Notice to Canadian
Residents.&#148;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, in connection with any resales of the
exchange notes, exchanging broker-dealers must deliver a prospectus meeting the
requirements of the Securities Act. The Commission has taken the position that
exchanging broker-dealers may fulfill their prospectus delivery requirements
with respect to the exchange notes with the prospectus contained in the
exchange offer registration statement. As a result, each broker-dealer that
receives exchange notes for its own account pursuant to the exchange offer must
acknowledge that it will deliver a prospectus in connection with any resale of
such exchange notes. This prospectus, as it may be amended or supplemented from
time to time, may be used by a broker-dealer in connection with resales of
exchange notes received in exchange for notes where such notes were acquired as
a result of market-making activities or other trading activities. We have
agreed that we will furnish as many copies of this prospectus, as amended or
supplemented, as any broker-dealer who notifies us that it is using this
registration statement reasonably requests, for use in connection with any such
resale. In addition, until January&nbsp;15, 2008, all dealers effecting
transactions in the exchange notes may be required to deliver a prospectus.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will not receive any proceeds from any sale of
exchange notes by broker-dealers. Exchange notes received by broker-dealers for
their own account pursuant to the exchange offer may be sold from time to time
in one or more transactions in the over-the-counter market, in negotiated
transactions, through the writing of options on the exchange notes or a
combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or negotiated
prices. Any such resale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or
concessions from any such broker-dealer and/or the purchasers of any such
exchange notes. Any broker-dealer that resells exchange notes that were
received by it for its own account pursuant to the exchange offer and any
broker or dealer that participates in a distribution of such exchange notes may
be deemed to be an &#147;underwriter&#148; within the meaning of the Securities Act and
any profit of any such resale of exchange notes and any commissions or
concessions received by any such persons may be deemed to be underwriting
compensation under the Securities Act. The letter of transmittal states that by
acknowledging that it will deliver and by delivering a prospectus, a </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">87</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='87',FILE='C:\fc\17016819157_H10733_2199910\13368-1-cq.htm',USER='jmsproofassembler',CD='Jun 19 16:09 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">broker-dealer will not be
deemed to admit that it is an &#147;underwriter&#148; within the meaning of the
Securities Act.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will furnish as many
copies of this prospectus, as amended or supplemented, as any broker-dealer who
notifies us that it is using this registration statement reasonably requests,
for use in connection with any such resale. We have agreed to pay all expenses
incident to the exchange offer (including the attorneys&#146; fees of certain
parties to the registration rights agreement) other than underwriting discounts
and commissions, if any, relating to the sale or disposition of the outstanding
notes by a holder of the outstanding notes, and will indemnify the holders of
the notes (including any broker-dealers) against certain liabilities, including
liabilities under the Securities Act. We have also agreed to pay all transfer
taxes, if any, applicable to the exchange of the outstanding notes for exchange
notes. The tendering holder of outstanding notes, however, will pay applicable
taxes if: (1)&nbsp;certificates representing outstanding notes not tendered or
accepted for exchange are to be delivered to, or are to be issued in the name
of, any person other than the registered holder of outstanding notes tendered; (2)&nbsp;if
tendered, the certificates representing outstanding notes are registered in the
name of any person other than the person signing the letter of transmittal; or (3)&nbsp;if
a transfer tax is imposed for any reason other than the exchange of the
outstanding notes in the exchange offer.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">88</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='88',FILE='C:\fc\17016819157_H10733_2199910\13368-1-cq.htm',USER='jmsproofassembler',CD='Jun 19 16:09 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOTICE TO CANADIAN
RESIDENTS<a name="NoticeToCanadianResidents_101950"></a></font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Resale Restrictions<a name="ResaleRestrictions_101951"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The distribution of the
exchange notes in Canada is being made only on a private placement basis exempt
from the requirement that we prepare and file a prospectus with the securities
regulatory authorities in each province where trades of notes are made. Any
resale of the exchange notes in Canada must be made under applicable securities
laws, which will vary depending on the relevant jurisdiction, and which may
require resales to be made under available statutory exemptions or under a
discretionary exemption granted by the applicable Canadian securities
regulatory authority. The Issuer is not a reporting issuer in any province or
territory in Canada, its securities are not listed on any stock exchange in
Canada and there is currently no public market for the notes in Canada. The
Issuer currently has no intention of becoming a reporting issuer in Canada,
filing a prospectus with any securities regulatory authority in Canada to
qualify the resale of the notes to the public, or listing its securities on any
stock exchange in Canada. The filing of this registration statement in the U.S.
will not qualify the exchange notes for resale in Canada or by any resident of
Canada and will not affect the resale restrictions described hereunder. <b>Purchasers are advised to seek legal advice prior to
any resale of the notes.</b></font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Representations of
Purchasers<a name="RepresentationsOfPurchasers_101954"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By purchasing
exchange notes in Canada, a purchaser is representing to us that:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
purchaser is entitled under applicable provincial securities laws to purchase
the <font style="letter-spacing:-.1pt;">exchange </font>notes without the
benefit of a prospectus qualified under those securities laws;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
purchaser has reviewed the text above under &#147;&#151;Resale Restrictions&#148;;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
purchaser is purchasing the notes with the benefit of the prospectus exemption
provided by Section&nbsp;2.3 of <i>National Instrument 45-106&#151;Prospectus
and Registration Exemptions, </i>or NI 45-106 (that is, such
purchaser is purchasing as principal and is an &#147;accredited investor&#148; within the
meaning of Section&nbsp;1.1 of NI 45-106); and is either purchasing notes
as principal for its own account, or is deemed to be purchasing the notes as
principal for its own account in accordance with applicable securities laws;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>if
the purchaser is an &#147;accredited investor&#148; in reliance on paragraph&nbsp;(m)&nbsp;of
the definition of &#147;accredited investor&#148; in section&nbsp;1.1 of NI 45-106,
the purchaser was not created or used solely to purchase or hold securities as
an accredited investor under that paragraph&nbsp;(m); and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>if required by applicable
securities laws or stock exchange rules, the purchaser will execute, deliver
and file or assist us in obtaining and filing such reports, undertakings and
other documents relating to the purchase of the notes by the purchaser as may
be required by any securities commission, stock exchange or other regulatory
authority.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchasers&#146; Rights<a name="PurchasersRights_101957"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In certain circumstances, purchasers resident in
certain provinces of Canada are provided with a remedy for rescission or
damages, or both, in addition to any other right they may have at law, where an
offering memorandum (which in this case would include this prospectus) and any
amendment to it contains a misrepresentation. A &#147;misrepresentation&#148; is an
untrue statement of a material fact or an omission to state a material fact
that is required to be stated or that is necessary to make any statement not
misleading or false in the light of the circumstances in which it was made.
These remedies, or notice with respect thereto, must be exercised or delivered,
as the case may be, by the purchaser within the time limits prescribed by the
applicable securities legislation.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">89</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='89',FILE='C:\fc\17016819157_H10733_2199910\13368-1-cq.htm',USER='jmsproofassembler',CD='Jun 19 16:09 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following summary is subject to the express
provisions of the applicable securities laws, regulations and rules, and
reference is made thereto for the complete text of such provisions. Such
provisions may contain limitations and statutory defences not described here on
which the Issuer and other applicable parties may rely. <b>Purchasers should refer to the applicable provisions
of the securities legislation of their province for the particulars of these
rights or consult with a legal adviser.</b></font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The rights of action described below are in addition
to and without derogation from any other right or remedy available at law to
the purchaser and are intended to correspond to the provisions of the relevant
securities legislation and are subject to the defences contained therein.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following is a summary
of rights of rescission or damages, or both, available to purchasers resident
in certain of the provinces of Canada.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ontario Purchasers</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.2 of Ontario Securities Commission Rule&nbsp;45-501
provides that purchasers who have been delivered an offering memorandum in
connection with a distribution of securities in reliance upon the &#147;accredited
investor&#148; prospectus exemption in Section&nbsp;2.3 of NI 45-106 have the
rights referred to in Section&nbsp;130.1 of the <i>Securities Act</i> (Ontario), or the Ontario Act. The Ontario
Act provides such purchasers with a statutory right of action against the
issuer of the securities for rescission or damages in the event that the
offering memorandum and any amendment to it contains a misrepresentation.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Where an offering memorandum is delivered to a
purchaser and contains a misrepresentation, the purchaser, without regard to
whether the purchaser relied on the misrepresentation, will have a statutory
right of action against the issuer for damages or for rescission; if the
purchaser elects to exercise the right of rescission, the purchaser will have
no right of action for damages against the issuer. No such action shall be
commenced more than, in the case of an action for rescission, 180&nbsp;days
after the date of the transaction that gave rise to the cause of action, or, in
the case of any action other than an action for rescission, the earlier of: (i)&nbsp;180&nbsp;days
after the purchaser first had knowledge of the facts giving rise to the cause
of action, or (ii)&nbsp;three years after the date of the transaction that gave
rise to the cause of action.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Ontario Act
provides a number of limitations and defences to such actions, including the
following.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the issuer is not liable
if it proves that the purchaser purchased the securities with knowledge of the
misrepresentation;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in an action for damages,
the issuer shall not be liable for all or any portion of the damages that the
issuer proves does not represent the depreciation in value of the securities as
a result of the misrepresentation relied upon; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in no case shall the amount
recoverable exceed the price at which the securities were offered.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The issuer and any other person or company who becomes
liable to make any payment for a misrepresentation may recover a contribution
from any person or company who, if sued separately, would have been liable to
make the same payment, unless the court rules&nbsp;that, in all the
circumstances of the case, to permit recovery of the contribution would not be
just and equitable.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These rights are
not available for a purchaser that is:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;page-break-after:avoid;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a
Canadian financial institution, meaning either:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>an association
governed by the <i>Cooperative Credit
Associations Act</i> (Canada) or a central cooperative credit society
for which an order has been made under section&nbsp;473(1)&nbsp;of that Act; or</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">90</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='90',FILE='C:\fc\17016819157_H10733_2199910\13368-1-cq.htm',USER='jmsproofassembler',CD='Jun 19 16:09 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 60.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a bank, loan corporation,
trust company, trust corporation, insurance company, treasury branch, credit
union, caisse populaire, financial services corporation, or league that, in
each case, is authorized by an enactment of Canada or a province or territory
of Canada to carry on business in Canada or a territory in Canada;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a Schedule&nbsp;III bank,
meaning an authorized foreign bank named in Schedule&nbsp;III of the <i>Bank Act</i> (Canada);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Business Development
Bank of Canada incorporated under the <i>Business
Development Bank of Canada Act</i> (Canada); or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a
subsidiary of any person referred to in paragraphs (a), (b)&nbsp;or (c), if the
person owns all of the voting securities of the subsidiary, except the voting
securities required by law to be owned by the directors of the subsidiary.</p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Manitoba Purchasers</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The right of action for rescission or damages
described herein is conferred by section&nbsp;141.1 of the <i>Securities Act</i> (Manitoba), or the Manitoba
Act. The Manitoba Act provides, in the relevant part, that in the event that an
offering memorandum contains a misrepresentation, a purchaser who purchases a
security offered by the offering memorandum is deemed to have relied on the
representation if it was a misrepresentation at the time of purchase.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such purchaser has a statutory right of action for
damages against the issuer and every director of the issuer at the date of the
offering memorandum or, alternatively, while still an owner of the securities
purchased by the purchaser, may elect instead to exercise a statutory right of
rescission against the issuer, in which case the purchaser shall have no right
of action for damages against the issuer or the directors. No such action may
be commenced to enforce the right of action for rescission or damages more than
(a)&nbsp;180&nbsp;days after the day of the transaction that gave rise to the
cause of action, in the case of an action for rescission, or (b)&nbsp;the
earlier of (i)&nbsp;180&nbsp;days after the day that the plaintiff first had
knowledge of the facts giving rise to the cause of action, or (ii)&nbsp;two
years after the day of the transaction that gave rise to the cause of action,
in any other case.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Manitoba Act
provides a number of limitations and defences, including the following:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>no person or company is
liable if the person or company proves that the purchaser had knowledge of the
misrepresentation;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in the case of an action
for damages, the defendant is not liable for all or any part of the damages
that the defendant proves do not represent the depreciation in value of the
security as a result of the misrepresentation; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in no case will the
amount recoverable in any action exceed the price at which the securities were
offered under the offering memorandum.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All persons or companies referred to above that are
found to be liable or accept liability are jointly and severally liable. A
defendant who is found liable to pay a sum in damages may recover a
contribution, in whole or in part, from a person who is jointly and severally
liable to make the same payment in the same cause of action unless, in all the
circumstances of the case, the court is satisfied that it would not be just and
equitable.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, a
person or company, other than the issuer, will not be liable if that person or
company proves that:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the offering memorandum
was sent to the purchaser without the person&#146;s or company&#146;s knowledge or
consent, and that, after becoming aware that it was sent, the person or company
</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">91</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='91',FILE='C:\fc\17016819157_H10733_2199910\13368-1-cq.htm',USER='jmsproofassembler',CD='Jun 19 16:09 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt 40.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">promptly gave reasonable
notice to the issuer that it was sent without the person&#146;s or company&#146;s
knowledge and consent;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>after becoming aware of
the misrepresentation, the person or company withdrew the person&#146;s or company&#146;s
consent to the offering memorandum and gave reasonable notice to the issuer of
the withdrawal and the reason for it;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>with respect to any part
of the offering memorandum purporting to be made on the authority of an expert
or to be a copy of, or an extract from, an expert&#146;s report, opinion or
statement, the person or company proves that the person or company did not have
any reasonable grounds to believe and did not believe that (i)&nbsp;there had
been a misrepresentation, or (ii)&nbsp;the relevant part of the offering
memorandum (A)&nbsp;did not fairly represent the expert&#146;s report, opinion or
statement, or (B)&nbsp;was not a fair copy of, or an extract from, the expert&#146;s
report, opinion or statement; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>with respect to any part
of the offering memorandum not purporting to be made on an expert&#146;s authority
and not purporting to be a copy of, or an extract from, an expert&#146;s report,
opinion or statement, unless the person or company (i)&nbsp;did not conduct an
investigation sufficient to provide reasonable grounds for a belief that there
had been no misrepresentation, or (ii)&nbsp;believed there had been a
misrepresentation.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If a misrepresentation is
contained in a record incorporated by reference in, or is deemed to be
incorporated into, an offering memorandum, the misrepresentation is deemed to
be contained in the offering memorandum .</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">New Brunswick
Purchasers</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.1 of New Brunswick Securities
Commission Rule&nbsp;45-802 provides that the rights of action referred
to in Section&nbsp;150 of the <i>Securities Act</i>
(New Brunswick), or the New Brunswick Act, apply to information relating to an
offering memorandum that is provided to a purchaser in securities in connection
with a distribution made in reliance on the &#147;accredited investor&#148; prospectus
exemption in Section&nbsp;2.3 of NI&nbsp;45-106. The New Brunswick Act
provides such purchasers with a statutory right of action against the issuer of
the securities for rescission or damages in the event that the offering
memorandum and any amendment to it contains a misrepresentation.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The New Brunswick Act provides that, subject to
certain limitations, where any information relating to an offering that is
provided to a purchaser of the securities contains a misrepresentation, a
purchaser who purchases the securities shall be deemed to have relied on the
misrepresentation if it was a misrepresentation at the time of purchase. Such
purchaser has a right of action for damages against the issuer or may elect to
exercise a right of rescission against the issuer, in which case the purchaser
shall have no right of action for damages. No such action shall be commenced
more than, in the case of an action for rescission, 180&nbsp;days after the
date of the transaction that gave rise to the cause of action or, in the case
of any action, other than an action for rescission, the earlier of (i)&nbsp;one
year after the plaintiff first had knowledge of the facts giving rise to the
cause of action, and (ii)&nbsp;six years after the date of the transaction that
gave rise to the cause of action.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The New Brunswick
Act provides a number of limitations and defences to such actions, including
the following:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the issuer is not liable
if it proves that the purchaser purchased the securities with knowledge of the
misrepresentation;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in an action for damages,
the issuer shall not be liable for all or any portion of the damages that it
proves do not represent the depreciation in value of the securities as a result
of the misrepresentation relied upon; and</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">92</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='92',FILE='C:\fc\17016819157_H10733_2199910\13368-1-cq.htm',USER='jmsproofassembler',CD='Jun 19 16:09 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in no case shall the
amount recoverable exceed the price at which the securities were offered.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The issuer and any other
person or company who becomes liable to make any payment may recover a
contribution from any person or company who, if sued separately, would have
been liable to make the same payment, unless the court rules&nbsp;that, in all
the circumstances of the case, to permit recovery of the contribution would not
be just and equitable.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nova Scotia
Purchasers</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The right of action for rescission or damages
described herein is conferred by section&nbsp;138 of the <i>Securities Act</i> (Nova Scotia), or the Nova
Scotia Act. The Nova Scotia Act provides, in the relevant part, that in the
event that an offering memorandum, together with any amendments hereto, or any
advertising or sales literature (as defined in the Nova Scotia Act) contains a
misrepresentation, a purchaser who purchases the securities referred to in it
is deemed to have relied upon such misrepresentation if it was a
misrepresentation at the time of purchase.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such purchaser has a statutory right of action for
damages against the seller (which includes the issuer) and, subject to certain
additional defences, the directors of the seller or, alternatively, while still
an owner of the securities purchased by the purchaser, may elect instead to
exercise a statutory right of rescission against the issuer, in which case the
purchaser shall have no right of action for damages against the seller or the
directors. No such action shall be commenced to enforce the right of action for
rescission or damages more than 120&nbsp;days after the date payment was made
for the securities (or after the date on which initial payment was made for the
securities where payments subsequent to the initial payment are made pursuant
to a contractual commitment assumed prior to, or concurrently with, the initial
payment).</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Nova Scotia Act
provides a number of limitations and defences, including the following:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>no person or company is
liable if the person or company proves that the purchaser purchased the
securities with knowledge of the misrepresentation;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in the case of an action
for damages, no person or company is liable for all or any portion of the
damages that it proves do not represent the depreciation in value of the securities
as a result of the misrepresentation; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in no case will the
amount recoverable in any action exceed the price at which the securities were
offered to the purchaser.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The liability of all persons or companies referred to
above is joint and several with respect to the same cause of action. A
defendant who is found liable to pay a sum in damages may recover a
contribution, in whole or in part, from a person or company who is jointly and
severally liable to make the same payment in the same cause of action unless,
in all the circumstances of the case, the court is satisfied that it would not
be just and equitable.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, a
person or company, other than the seller, will not be liable if that person or
company proves that:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the offering memorandum
or any amendment to the offering memorandum was sent or delivered to the
purchaser without the person&#146;s or company&#146;s knowledge or consent and that, on
becoming aware of its delivery, the person or company gave reasonable general
notice that it was delivered without the person&#146;s or company&#146;s knowledge or
consent;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>after delivery of the
offering memorandum or any amendment to the offering memorandum and before the
purchase of the securities by the purchaser, on becoming aware of any
misrepresentation in the offering memorandum or any amendment to the offering
memorandum, the person or company withdrew the person&#146;s or company&#146;s consent to
the offering memorandum </p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">93</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='93',FILE='C:\fc\17016819157_H10733_2199910\13368-1-cq.htm',USER='jmsproofassembler',CD='Jun 19 16:09 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt 40.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or any amendment to the
offering memorandum, and gave reasonable general notice of the withdrawal and
the reason for it; or</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>with respect to any part
of the offering memorandum or any amendment to the offering memorandum
purporting (i)&nbsp;to be made on the authority of an expert, or (ii)&nbsp;to
be a copy of, or an extract from, a report, an opinion or a statement of an
expert, the person or company had no reasonable grounds to believe and did not
believe that (A)&nbsp;there had been a misrepresentation, or (B)&nbsp;the
relevant part of the offering memorandum or any amendment to the offering
memorandum did not fairly represent the report, opinion or statement of the
expert, or was not a fair copy of, or an extract from, the report, opinion or
statement of the expert.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Furthermore, no person or company, other than the
seller, is liable with respect to any part of the offering memorandum or any
amendment to the offering memorandum not purporting (a)&nbsp;to be made on the
authority of an expert or (b)&nbsp;to be a copy of, or an extract from, a
report, opinion or statement of an expert, unless the person or company (i)&nbsp;failed
to conduct a reasonable investigation to provide reasonable grounds for a
belief that there had been no misrepresentation or (ii)&nbsp;believed that
there had been a misrepresentation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If a misrepresentation is
contained in a record incorporated by reference into, or deemed incorporated by
reference into, the offering memorandum or amendment to the offering
memorandum, the misrepresentation is deemed to be contained in the offering
memorandum or amendment to the offering memorandum.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Saskatchewan
Purchasers</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The right of action for rescission or damages
described herein is conferred by section&nbsp;138 of the <i>Securities Act</i>, 1988 (Saskatchewan), or
the Saskatchewan Act. The Saskatchewan Act provides, in the relevant part, that
in the event that an offering memorandum, together with any amendments hereto
contains a misrepresentation, a purchaser who purchases securities covered by
the offering memorandum is deemed to have relied upon such misrepresentation if
it was a misrepresentation at the time of purchase.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such purchaser has
a statutory right for rescission against the issuer or has a right of action
for damages against:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the issuer;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>every promoter and
director of the issuer, as the case may be, at the time the offering memorandum
or any amendment to it was sent or delivered;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>every person or company
whose consent has been filed respecting the offering, but only with respect to
reports, opinions or statements that have been made by them; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>every person who or
company that sells securities on behalf of the issuer under the offering
memorandum or amendment to the offering memorandum.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If such purchaser elects to exercise a statutory right
of rescission against the issuer, it shall have no right of action for damages
against that person or company. No such action for rescission or damages shall
be commenced more than, in the case of a right of rescission, 180&nbsp;days
after the date of the transaction that gave rise to the cause of action or, in
the case of any action, other than an action for rescission, such action shall
be commenced before the earlier of (i)&nbsp;one year after the plaintiff first
had knowledge of the facts giving rise to the cause of action, and (ii)&nbsp;six
years after the date of the transaction that gave rise to the cause of action.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">94</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='94',FILE='C:\fc\17016819157_H10733_2199910\13368-1-cq.htm',USER='jmsproofassembler',CD='Jun 19 16:09 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Saskatchewan
Act provides a number of limitations and defences, including the following:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>no person or company
will be liable if the person or company proves that the purchaser purchased the
securities with knowledge of the misrepresentation;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in the case of an action
for damages, no person or company will be liable for all or any portion of the
damages that it proves do not represent the depreciation in value of the
securities as a result of the misrepresentation; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in no case will the
amount recoverable in any action exceed the price at which the securities were
offered to the purchaser.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The liability of all persons or companies referred to
above is joint and several with respect to the same cause of action. A
defendant who is found liable to pay a sum in damages may recover a
contribution, in whole or in part, from a person or company who is jointly and
severally liable to make the same payment in the same cause of action unless,
in all the circumstances of the case, the court is satisfied that it would not
be just and equitable.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, no
person or company, other than the issuer, will be liable if the person or
company proves that:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the offering memorandum
or any amendment to it was sent or delivered without the person&#146;s or company&#146;s
knowledge or consent and that, on becoming aware of it being sent or delivered,
that person or company gave reasonable general notice that it was so sent or
delivered; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>with respect to any part
of the offering memorandum or any amendment to it purporting to be made on the
authority of an expert, or purporting to be a copy of, or an extract from, a
report, an opinion or a statement of an expert, that person or company had no
reasonable grounds to believe and did not believe that there had been a
misrepresentation, the part of the offering memorandum or any amendment to it
did not fairly represent the report, opinion or statement of the expert, or was
not a fair copy of, or an extract from, the report, opinion or statement of the
expert.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Similar rights of action for damages and rescission
are provided in section&nbsp;138.1 of the Saskatchewan Act in respect of a
misrepresentation in advertising and sales literature disseminated in
connection with an offering of securities.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;138.2 of the Saskatchewan Act also
provides that where an individual makes a verbal statement to a prospective
purchaser that contains a misrepresentation relating to the security purchased
and the verbal statement is made either before or contemporaneously with the
purchase of the security, the purchaser is deemed to have relied on the
misrepresentation, if it was a misrepresentation at the time of purchase, and
has a right of action for damages against the individual who made the verbal
statement.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;141(1)&nbsp;of the Saskatchewan Act
provides a purchaser with the right to void the purchase agreement and to
recover all money and other consideration paid by the purchaser for the
securities if the securities are sold in contravention of such Act, the
regulations to such Act or a decision of the Saskatchewan Financial Services
Commission.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;141(2)&nbsp;of the Saskatchewan Act also
provides a right of action for rescission or damages to a purchaser of
securities to whom an offering memorandum or any amendment to it was not sent
or delivered prior to or at the same time as the purchaser enters into an
agreement to purchase the securities, as required by Section&nbsp;80.1 of the
Saskatchewan Act.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Saskatchewan Act also
provides a purchaser who has received an amended offering memorandum delivered
in accordance with subsection 80.1(3)&nbsp;of such Act has a right to withdraw
from the agreement to purchase the securities by delivering a notice to the
person who or company that is selling the </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">95</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='95',FILE='C:\fc\17016819157_H10733_2199910\13368-1-cq.htm',USER='jmsproofassembler',CD='Jun 19 16:09 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">securities,
indicating the purchaser&#146;s intention not to be bound by the purchase agreement,
provided such notice is delivered by the purchaser within two business days of
receiving the amended offering memorandum.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Personal
Information<a name="PersonalInformation_102145"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By receiving or purchasing exchange notes, the
purchaser acknowledges that we and our respective agents and advisers may each
collect, use and disclose its name and other specified personally identifiable
information, or the Information, including the amount of notes that it has
purchased for purposes of meeting legal, regulatory and audit requirements and
as otherwise permitted or required by law or regulation. The purchaser consents
to the disclosure of that information.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By receiving or purchasing
exchange notes, the purchaser also acknowledges that Information concerning the
purchaser (A)&nbsp;will be disclosed to the relevant Canadian securities
regulatory authorities, including the Ontario Securities Commission, and may
become available to the public in accordance with the requirements of
applicable securities and freedom of information laws and the purchaser
consents to the disclosure of the Information; (B)&nbsp;is being collected
indirectly by the applicable Canadian securities regulatory authority under the
authority granted to it in securities legislation; and (C)&nbsp;is being
collected for the purposes of the administration and enforcement of the
applicable Canadian securities legislation; by receiving or purchasing the
notes, the purchaser shall be deemed to have authorized such indirect
collection of personal information by the relevant Canadian securities
regulatory authorities. Questions about such indirect collection of Information
by the Ontario Securities Commission should be directed to the Administrative
Assistant to the Director of Corporate Finance, Ontario Securities Commission, Suite&nbsp;1903,
Box 55, 20 Queen Street West, Toronto, Ontario M5H&nbsp;3S8 or to the following
telephone number (416)&nbsp;593-8086.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Enforcement of
Legal Rights<a name="EnforcementOfLegalRights_102146"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All of the directors and
officers of IMI and the subsidiary guarantors, as well as certain of the
experts named herein, are located outside of Canada and, as a result, it may
not be possible for Canadian purchasers to effect service of process within
Canada upon IMI, the subsidiary guarantors or these persons. All or a
substantial portion of the assets of IMI, the subsidiary guarantors and these
persons may be located outside of Canada and, as a result, it may not be
possible to satisfy a judgment against IMI, the subsidiary guarantors or these
persons in Canada or to enforce a judgment obtained in Canadian courts against IMI,
the subsidiary guarantors or these persons outside of Canada.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Taxation and
Eligibility for Investment<a name="TaxationAndEligibilityForInvestme_102147"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Canadian purchasers of
notes should consult their own legal and tax advisers with respect to the tax
consequences of an investment in the notes in their particular circumstances
and about the eligibility of the notes for investment by the purchaser under
relevant Canadian legislation.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Language of
Documents<a name="LanguageOfDocuments_102149"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon receipt of this
document, the purchaser hereby confirms that he, she or it has expressly requested
that all documents evidencing or relating in any way to the offer and/or sale
of the notes (including for greater certainty any purchase confirmation or any
notice) be drawn up in the English language only. <i>Par la r&#233;ception de ce document, vous confirmez par les pr&#233;sentes que
vous avez express&#233;ment exig&#233; que tous les documents faisant foi ou se
rapportant de quelque mani&#232;re que ce soit &#224; l&#146;offre ou &#224; la vente des valeurs
mobili&#232;res d&#233;crites aux pr&#233;sentes (incluant, pour plus de certitude, toute
confirmation d&#146;achat ou tout avis) soient r&#233;dig&#233;s en anglais seulement.</i></font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">96</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='96',FILE='C:\fc\17016819157_H10733_2199910\13368-1-cq.htm',USER='jmsproofassembler',CD='Jun 19 16:09 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">LEGAL MATTERS<a name="LegalMatters_102150"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain legal matters with
respect to the validity of the notes and the guarantees will be passed upon for
the Issuer and Iron Mountain by Stewart McKelvey, Halifax, Nova Scotia, Canada,
with respect to matters of Canadian law, by Sullivan&nbsp;&amp; Worcester LLP,
Boston, Massachusetts, with respect to matters of U.S. law, and by Gesmer
Updergrove LLP, Boston Massachusetts with respect to matters of Connecticut law.
Certain legal matters with respect to U.S. federal tax matters will be passed
upon by Sullivan &amp; Worcester LLP, Boston, Massachusetts and with respect to
Canadian tax matters will be passed upon for Iron Mountain by Thorsteinssons
LLP, Toronto, Ontario, Canada.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXPERTS<a name="Experts_102152"></a></font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The financial statements
as of December&nbsp;31, 2006 and 2005 and for each of the three years in the
period ended December&nbsp;31, 2006 incorporated in this prospectus from IMI&#146;s
Current Report on Form&nbsp;8-K filed with the Commission on May&nbsp;10,
2007 and management&#146;s report on the effectiveness of internal control over
financial reporting incorporated in this prospectus from IMI&#146;s Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 2006 have been
audited by Deloitte&nbsp;&amp; Touche LLP, an independent registered public
accounting firm, as stated in their reports which are incorporated herein by
reference (which reports (1)&nbsp;express an unqualified opinion on the
financial statements and include an explanatory paragraph related to the
adoption of Statement of Financial Accounting Standards No.&nbsp;123(R), </font><i>Share-Based
Payment </i>(2)&nbsp;express an unqualified opinion on management&#146;s
assessment regarding the effectiveness of internal control over financial
reporting, and (3)&nbsp;express an unqualified opinion on the effectiveness of
internal control over financial reporting) and have been so incorporated in
reliance upon the reports of such firm given their authority as experts in
accounting and auditing.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHERE YOU CAN FIND
MORE INFORMATION<a name="WhereYouCanFindMoreInformation_102153"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IMI is subject to the
periodic reporting and other information requirements of the United States
Securities and Exchange Act of 1934, as amended, or the Exchange Act. It files
annual, quarterly and current reports, proxy statements and other information
with the Commission. You may read and copy any reports, statements or other
information on file at the Commission&#146;s Public Reference Room&nbsp;at 100 F
Street, N.E., Washington, D.C. 20549. You can request copies of those documents
upon payment of a duplicating fee to the Commission. Please call the Commission
at 1-800-SEC-0330 for further information on the operation of
the public reference rooms. You can review IMI&#146;s Commission filings by
accessing the Commission&#146;s Internet site at http://www.sec.gov. IMI&#146;s common
stock is listed on the New York Stock Exchange where reports, proxy statements
and other information concerning IMI can also be inspected. The offices of the
NYSE are located at 20 Broad Street, New York, New York 10005.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">DOCUMENTS
INCORPORATED BY REFERENCE<a name="DocumentsIncorporatedByReference_102155"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Commission allows us to &#147;incorporate by reference&#148;
the information we file with them, which means that we can disclose important
information to you by referring you to those documents. The information
incorporated by reference is considered to be part of this prospectus. Statements
in this prospectus regarding the contents of any contract or other document may
not be complete. You should refer to the copy of the contract or other document
filed as an exhibit to the registration statement. Later information filed with
the Commission will update and supersede information we have included or
incorporated by reference in this prospectus.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We incorporate by
reference the following documents filed by us:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Annual
Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2006
(except for Item&nbsp;15 which is incorporated by reference from our Current
Report on Form&nbsp;8-K filed with the Commission on May&nbsp;10, 2007).</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">97</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='97',FILE='C:\fc\17016819157_H10733_2199910\13368-1-cq.htm',USER='jmsproofassembler',CD='Jun 19 16:09 2007' -->
<br clear="all" style="page-break-before:always;">



<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Quarterly
Report on Form&nbsp;10-Q for the fiscal quarter ended March&nbsp;31, 2007,
filed with the Commission on May&nbsp;10, 2007.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>Current
Reports on Form&nbsp;8-K filed with the Commission on January&nbsp;9,
2007, January&nbsp;12, 2007, January&nbsp;24, 2007, February&nbsp;13, 2007, March&nbsp;5,
2007, March&nbsp;6, 2007 (Item&nbsp;5.02 only), March&nbsp;8, 2007, March&nbsp;12,
2007, March&nbsp;23, 2007, April, 20, 2007 and May&nbsp;10, 2007.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to the documents listed above, we
incorporate by reference any future filings made by us with the Commission
under Section&nbsp;13(a), 13(c), 14 or 15(d)&nbsp;of the Securities Exchange
Act of 1934 until our offering of the securities made by this prospectus is
completed or terminated.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We will provide you with a copy of the information we
have incorporated by reference, excluding exhibits other than those to which we
specifically refer. You may obtain this information at no cost by writing or
telephoning us at: 745 Atlantic Avenue, Boston, Massachusetts 02111, (617) 535-4799,
Attention: Investor Relations.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">98</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='98',FILE='C:\fc\17016819157_H10733_2199910\13368-1-cq.htm',USER='jmsproofassembler',CD='Jun 19 16:09 2007' -->



<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">


<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:16.0pt;">C$175,000,000</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Offer
to Exchange</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">All
Outstanding 7</font></b><font size="1" style="font-size:8.0pt;position:relative;top:-3.0pt;">1</font><font size="1" face="Symbol" style="font-size:8.0pt;">&#164;</font><font size="1" style="font-size:8.0pt;">2</font><font size="3" style="font-size:12.0pt;">% CAD Senior Subordinated Notes due 2017</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">for</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">7</font></b><font size="1" style="font-size:8.0pt;position:relative;top:-3.0pt;">1</font><font size="1" face="Symbol" style="font-size:8.0pt;">&#164;</font><font size="1" style="font-size:8.0pt;">2</font><font size="3" style="font-size:12.0pt;">% CAD Senior Subordinated Notes due 2017</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">of</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">IRON MOUNTAIN CANADA CORPORATION</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fully
and Unconditionally Guaranteed By</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">IRON MOUNTAIN INCORPORATED</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">and
certain of its subsidiaries</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p align="center" style="margin:6.0pt 0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROSPECTUS</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>



</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='',FILE='C:\fc\16416394583_P83101_2188336\13368-1-cs.htm',USER='jmsproofassembler',CD='Jun 13 16:39 2007' -->


</body>

</html>
</TEXT>
</DOCUMENT>
</SUBMISSION>
