Iron Mountain Incorporated  and its European Joint Venture Complete the Acquisition of Hays IMS

July 16, 2003

Boston, MA - Iron Mountain Incorporated (NYSE: IRM) and Iron Mountain Europe Limited, its European joint venture, announced today that they have completed the previously announced acquisition of the information management services business (“Hays IMS”) of Hays plc in two simultaneous transactions.Iron Mountain Europe acquired the European operations of Hays IMS for an aggregate cash consideration of 185.5 million pounds Sterling ($304 million), while Iron Mountain Incorporated acquired the US operations of Hays IMS for an aggregate cash consideration of 14.5 million pounds Sterling ($24 million).Both transactions are on a cash and debt free basis.

Iron Mountain provided the initial financing to Iron Mountain Europe for the acquisition of the European operations using cash on hand and borrowings under its revolving credit facility.Iron Mountain Europe is currently preparing permanent financing to repay all or a portion of the funding received from Iron Mountain.

With the completion of this transaction, Iron Mountain Europe now provides records and information management services in 35 markets in the United Kingdom, France, Spain, Ireland, Germany, Belgium, the Netherlands, Norway, Hungary, Czech Republic, Slovakia and Austria.

Iron Mountain Incorporated will host a conference call to review its second quarter results on July 31, 2003 at 11:00 am eastern time. Details of the call will be available on the Company’s website and will be issued in a separate release.

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