Issuer:

Iron Mountain Incorporated (the “Issuer”)

Issue:

Senior Subordinated Notes due 2024 (the “Notes”)

Distribution:

SEC Registered

Offering Size:

$1,000,000,000

Coupon:

5.750% per annum, payable semi-annually, February 15 and August 15, commencing February 15, 2013

Maturity:

August 15, 2024

Price to Public (Issue Price):

100.000%

Gross Proceeds:

$1,000,000,000

Gross Spread:

1.500%

All-in Price:

98.500%

Net Proceeds to Issuer:

$985,000,000 (before offering expenses)

Spread to Treasury:

+ 390 bps

Benchmark:

UST 7.500% due November 2024

Optional Redemption:

Make-Whole T + 50 bps until August 15, 2017

Call Prices:

August 15, 2017………………………. 102.875%

August 15, 2018………………………. 101.917%

August 15, 2019………………………. 100.958%

August 15, 2020 and thereafter……….. 100.000%

Equity Clawback:

A portion of the outstanding notes at 105.750% until August 15, 2015, provided at least $650,000,000 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:

August 7, 2012

Settlement Date:

August 10, 2012 (T+3)

CUSIP:

46284PAP9

ISIN:

US46284PAP99

Denominations:

2,000 x 1,000

Other Information:

Certain of the Issuer’s directors have indicated an interest in purchasing an aggregate of up to approximately $1.5 million of Notes in this offering at the public offering price. Because indications of interest are not binding agreements or commitments to purchase, these directors may elect not to purchase any Notes in this offering. We will receive the full proceeds with respect to the Notes that are sold to certain of the Issuer’s directors in this offering, if any.

Recent Developments:

On August 7, 2012, the Wall Street Journal reported in connection with the Issuer’s plan to pursue conversion into a REIT that Richard Reese, the Issuer’s chief executive officer, said the Issuer concluded it was no longer a growth company.  In the same article it was reported that Mr. Reese said that the Issuer “will have more excess cash flow than reinvestment opportunities,” at the stage the Issuer is in now.

Pro Forma Ratio of Earnings
to Fixed Charges:

The following table sets forth our ratio of earnings to fixed charges on an actual and pro forma basis for the periods presented below:

Capitalization:

On page S-18 of the preliminary prospectus supplement, the dollar amounts listed under the as adjusted column for the line items “Cash and Cash Equivalents”, “Total Long-term Debt (Including Current Maturities)” and “Total Capitalization” are revised to read as follows (in thousands): $361,096, $3,706,723 and $4,950,610, respectively.

Joint Bookrunners:

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

Co-Managers:

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