Iron Mountain to Issue 17 Million Shares in Connection with Special Dividend

  Iron Mountain to Issue 17 Million Shares in Connection with Special Dividend

Business Wire

BOSTON -- November 20, 2012

Iron Mountain Incorporated (NYSE: IRM), today announced that it will issue
17.04 million new shares of its common stock in connection with the payment of
the Company’s previously announced special dividend of $700 million, or
approximately $4.06 per share (the “Special Dividend”). The Special Dividend
represents a significant part of the distribution that would eventually be
required should the Company successfully convert to a real estate investment
trust, or REIT.

The Special Dividend is payable on November 21, 2012 to stockholders of record
as of the close of business on October 22, 2012. Stockholders who elected to
receive payment of the Special Dividend in cash will receive approximately
$1.14 per share of their payment, or 28%, in cash and approximately $2.92 per
share, or 72%, in shares of the Company’s common stock. All other stockholders
will receive 100% of their payment in shares of the Company’s common stock.
All stockholders will also receive cash in lieu of fractional shares, if any.
The number of shares to be issued was determined based upon the average
closing price on the three trading days following November 14, 2012, or $32.87
per share.

About Iron Mountain

Iron Mountain Incorporated (NYSE: IRM) is a leading provider of information
storage and management solutions. The company’s real estate network of 64
million square feet across nearly 1,000 facilities in 32 countries allows it
to serve customers around the world. And its solutions for records management,
data backup and recovery, document management and secure shredding help
organizations to lower storage costs, comply with regulations, recover from
disaster, and better use their information for business advantage. Founded in
1951, Iron Mountain stores and protects billions of information assets,
including business documents, backup tapes, electronic files and medical data. for more information, the content of which is not a
part of this press release.


Investor Relations:
Iron Mountain
Stephen P. Golden, 617-535-4799
Vice President, Investor Relations
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