Issuer:

Iron Mountain Incorporated

Issue:

Senior Subordinated Notes due 2019

Distribution:

SEC Registered

Offering Size:

$400,000,000

Coupon:

7.750% per annum, payable semi-annually, October 1 and April 1, commencing April 1, 2012

Maturity:

October 1, 2019

Price to Public (Issue Price):

100.000%

Gross Proceeds:

$400,000,000

Gross Spread:

1.500%

All-in Price:

98.500%

Net Proceeds to Issuer:

$394,000,000 (before offering expenses)

Spread to Treasury:

+ 616 bps

Benchmark:

UST 3.375% due November 15, 2019

Optional Redemption:

Make-Whole T +50 bps until October 1, 2015

Call Prices:

October 1, 2015

103.875

%

October 1, 2016

101.938

%

October 1, 2017 and thereafter

100.000

%

Equity Clawback:

A portion of the outstanding notes at 107.750% until October 1, 2014, provided at least $260,000,000 aggregate principal amount of notes (including any additional notes subsequently issued as part of the same class) remain outstanding immediately thereafter

Change of Control:

101% of principal plus accrued interest

Trade Date:

September 20, 2011

Settlement Date:

September 23, 2011 (T+3)

CUSIP:

46284PAN4

ISIN:

US46284PAN42

Denominations

2,000 x 1,000

Joint Bookrunners:

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, HSBC Securities (USA) Inc., RBS Securities Inc., Scotia Capital (USA) Inc.

Co-Managers:

Credit Agricole Securities (USA) Inc., PNC Capital Markets LLC, TD Securities (USA) LLC, Wells Fargo Securities, LLC

Use of Proceeds:

We intend to use the net proceeds of the notes for general corporate purposes, including funding a portion of the shareholder payout commitments we have made and possible future acquisitions and investments. See “Use of proceeds.”

Other Information:

The following changes are made to the preliminary prospectus supplement dated September 20, 2011, to which this pricing term sheet relates:

1.

The following table replaces the financial table on page S-13:

As Adjusted At June 30, 2011

(Dollars in millions)

Total long-term debt

$

3,333.1

Total equity

$

2,062.1

Debt to equity ratio

1.62x

2.

The following language replaces the fifth sentence within the section “Use of proceeds” on page S-18:

Based on the interest rate of 7.750%, we will record annual interest expense associated with the notes of $31.8 million, or approximately $19.1 million after tax assuming a tax rate of 40%.

3.

The last sentence within the section entitled “Use of proceeds” on page S-18 is deleted in its entirety.

4.

The following line items replace the corresponding line items in the capitalization table under the “As Adjusted” column under the heading “Capitalization” on page S-19 (in thousands):

Cash and Cash Equivalents

$

665,124

7¾% Senior Subordinated Notes due 2019(4)

$

400,000

Total Long-term Debt (including Current Maturities)

$

3,333,119

Total Capitalization

$

5,395,228