1020569--3/1/2007--IRON_MOUNTAIN

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{debt, indebtedness, cash}

{product, market, service}

{operation, international, foreign}

{acquisition, growth, future}

{system, service, information}

{loan, real, estate}

{stock, price, share}

We face competition for customers. Governmental focus on data security could increase our costs of operations. In addition, our failure to protect our customers confidential information against security breaches could damage our reputation, harm our business and adversely impact our We may not be able to effectively expand our digital businesses. Our customers may shift from paper storage to alternative technologies that require less physical space. We may be subject to certain costs and potential liabilities associated with the real estate required for our businesses. International operations may pose unique risks. No Intention to Pay Dividends Our substantial indebtedness could adversely affect our financial health and prevent us from fulfilling our obligations under our various indebtedness. Restrictive loan covenants may limit our ability to pursue our growth strategy. We may not have the ability to raise the funds necessary to finance the repurchase of outstanding senior subordinated indebtedness upon a change of control event as required by our indentures. Since Iron Mountain is a holding company, our ability to make payments on our various indebtedness depends in part on the operations of our subsidiaries. Failure to successfully integrate acquired operations could reduce our future results of operations. We may be unable to continue our international expansion.

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1020569--3/1/2007--IRON_MOUNTAIN_INC