Iron Mountain Incorporated and its European Joint Venture Acquire the Information Management Services Business of Hays plc

July 12, 2003

Boston, MA and LONDON - Iron Mountain Incorporated (NYSE: IRM) ("IMI") and Iron Mountain Europe Limited, its European joint venture, are pleased to announced that they have signed a definitive agreement to purchase the information management services business ("Hays IMS") of Hays plc for an aggregate cash consideration of 200 million pounds Sterling in two simultaneous transactions. Iron Mountain Europe will acquire the European business of Hays IMS ("Hays European IMS"), for an aggregate cash consideration of 185.5 million pounds, while IMI will acquire the US business of Hays IMS ("Hays US IMS") for an aggregate cash consideration of 14.5 million pounds. Both transactions are on a cash and debt free basis and completion is expected to take place no later than Friday July 18, 2003.

Iron Mountain Europe is owned 50.1% by IMI and 49.9% by Mentmore plc. IMI will initially provide the financing to Iron Mountain Europe for the acquisition of Hays European IMS. Iron Mountain Europe is currently preparing permanent financing to repay all or a portion of the funding received from IMI.

Hays information management services ("Hays IMS") provides records and information management services in the UK, Europe and the US, serving a range of customers in a variety of sectors such as energy, healthcare, financial services, pharmaceuticals and the public sector. For the year ended June 30 2002, Hays IMS recorded earnings before interest, taxes, depreciation and amortization ("EBITDA") of 19.2 million pounds and operating profit of 13.0 million pounds on turnover of 88.3 million pounds. Included within these figures is EBITDA of 1.6 million pounds, operating profit of 1.1 million pounds and turnover of 11.3 million pounds, all relating to Hays US IMS.

Iron Mountain Europe currently provides records and information management services in the United Kingdom, France, Spain, Ireland, Germany, Hungary, Czech Republic, Slovakia, Austria and the Netherlands. With the acquisition of the European operations of Hays IMS, Iron Mountain Europe will add locations in Belgium and Norway and strengthen its coverage in the United Kingdom, the Netherlands and Germany. In addition, the Texas based Hays US IMS will enhance IMI's existing business in that region.

IMI will discuss this transaction more fully on a conference call scheduled for Monday July 14, 2003 at 9:00 AM EST. Details of the call are as follows:

Toll-free number: 800 901 5217
International: + 617 786 2964
(pass code 12099564).

Iron Mountain Europe Limited was advised on the transaction by Lehman Brothers.

Lehman Brothers Europe Limited, which is regulated in the UK by The Financial Services Authority, is acting for Mentmore and Iron Mountain in connection with the acquisition and no one else and will not be responsible to anyone other than Mentmore and Iron Mountain for providing the protections afforded to customers of Lehman Brothers, nor for providing advice in relation to the acquisition and any other matters described herein.

Contact:

Stephen Golden
Investor Relations
Iron Mountain
Phone: 617-535-4799
sgolden@ironmountain.com