Acquisition

Mentmore PLC
12 July 2003


For immediate release                                               12 July 2003


                                  Mentmore plc


Acquisition of the European Information Management Services Business of Hays plc


Mentmore plc is pleased to announce that Iron Mountain Europe Limited, its
European records management joint venture, has agreed the acquisition of the
European business of Hays information management services ('Hays European IMS')
from Hays plc, for an aggregate cash consideration of £185.5 million, on a cash
and debt free basis.  Completion is expected to take place no later than Friday
18 July 2003.


Iron Mountain Europe is owned 50.1% by Iron Mountain Incorporated ('IMI') and
49.9% by Mentmore.  Separately IMI has acquired the US business of Hays
information management services ('Hays US IMS') for an aggregate cash
consideration of £14.5 million, on a cash and debt free basis.


Hays information management services ('Hays IMS') provides records and
information management services in the UK, Europe and the US, serving a range of
customers in a variety of sectors such as energy, healthcare, financial
services, pharmaceuticals and the public sector.  For the year ended 30 June
2002, Hays IMS recorded earnings before interest, taxes, depreciation and
amortisation ('EBITDA') of £19.2 million and operating profit of £13.0 million
on turnover of £88.3 million.  Included within these figures is EBITDA of £1.6
million, operating profit of £1.1 million and turnover of £11.3 million, all
relating to Hays US IMS.


IMI will initially provide the financing to Iron Mountain Europe for the
acquisition of Hays European IMS.  Iron Mountain Europe is currently preparing
permanent financing to repay all or a portion of the funding received from IMI.
Separately Mentmore has entered into an option agreement with IMI, under which
Mentmore may call up to 49.9% of the equity funding of the consideration
(equivalent to approximately £34.9 million), on or before 8 January 2004. In the
event that this option is not taken up, Mentmore's 49.9% equity ownership in
Iron Mountain Europe could be diluted.


Iron Mountain Europe currently provides records and information management
services in the United Kingdom, France, Spain, Eire, Germany, Hungary, Czech
Republic, Slovakia, Austria and the Netherlands.  With the acquisition of the
European operations of Hays IMS, Iron Mountain Europe will add locations in
Belgium and Norway and strengthen its coverage in the United Kingdom, the
Netherlands and Germany.


Following Mentmore's sale of its Serviced Business Space Division announced on 9
July 2003 and the acquisition of Hays European IMS by Iron Mountain Europe, the
significance of the Iron Mountain Europe joint venture to Mentmore has increased
substantially. Mentmore has already initiated discussions with IMI as to how
best recognise the value of Mentmore's investment in Iron Mountain Europe.  Many
options are being discussed and there is a commitment from both parties to
finding a solution that benefits all.



Enquiries

 Mentmore plc                                                [phone]
 Martin Nye, Chief Executive
 Clive Drysdale, Finance Director
 Nick Smith, Chairman                                        [phone]

 Iron Mountain Europe Limited
 Ken Radtke, President                                       [phone]

 Lehman Brothers:
 Financial Advisors to IME
 John McIntyre                                               [phone]
 Chris Nicholls

 Buchanan Communications
 Charles Ryland                                              [phone]
 Catherine Miles



Lehman Brothers Europe Limited, which is regulated in the UK by The Financial
Services Authority, is acting for Mentmore and Iron Mountain in connection with
the acquisition and no one else and will not be responsible to anyone other than
Mentmore and Iron Mountain for providing the protections afforded to customers
of Lehman Brothers, nor for providing advice in relation to the acquisition and
any other matters described herein.


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