Durable Business Drives Cash Flow and Dividend Growth...Forward-looking statements include, but are...

Durable

Business Drives

Cash Flow and

Dividend Growth

April 20, 2017

Safe Harbor Language and Reconciliation of Non-GAAP Measures

2

This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws and is subject to the safe-

harbor created by such Act. Forward-looking statements include, but are not limited to, our financial performance outlook and statements concerning our operations, economic

performance, financial condition, goals, beliefs, future growth strategies, investment objectives plans and current expectations, such as 2017 guidance, 2020 outlook, expected shareholder

returns and cash available for distribution, the expected total cost to integrate Recall Holdings Limited (“Recall”) with our company and expected synergies from the acquisition, strategic

goals, impact and expected cost savings associated with the Transformation Initiative, projected revenue and financial impact from acquisition pipeline, valuation creation and returns

associated with our data center and other adjacent businesses, capex and innovation spend and targeted leverage ratios. These forward-looking statements are subject to various known

and unknown risks, uncertainties and other factors. When we use words such as "believes," "expects," "anticipates," "estimates" or similar expressions, we are making forward-looking

statements. You should not rely upon forward-looking statements except as statements of our present intentions and of our present expectations, which may or may not occur. Although

we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our

expectations. Important factors that could cause actual results to differ from our other expectations include, among others: (i) our expected dividends may be materially different than our

estimates (ii) our ability to remain qualified for taxation as a real estate investment trust for U.S. federal income tax purposes; (iii) the adoption of alternative technologies and shifts by our

customers to storage of data through non-paper based technologies; (iv) changes in customer preferences and demand for our storage and information management services; (v) the cost

to comply with current and future laws, regulations and customer demands relating to data security, privacy issues, as well as fire and safety standards; (vi) the impact of litigation or

disputes that may arise in connection with incidents in which we fail to protect our customers' information; (vii) changes in the price for our storage and information management services

relative to the cost of providing such storage and information management services; (viii) changes in the political and economic environments in the countries in which our international

subsidiaries operate and changes in the global political climate; (ix) our ability or inability to complete acquisitions on satisfactory terms and to integrate acquired companies efficiently; (x)

changes in the amount of our capital expenditures; (xi) changes in the cost of our debt; (xii) the impact of alternative, more attractive investments on dividends; (xiii) the cost or potential

liabilities associated with real estate necessary for our business; (xiv) the performance of business partners upon whom we depend for technical assistance or management expertise

outside the United States; (xv) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xvi) other risks

described more fully in our filings with the Securities and Exchange Commission, including under the caption “Risk Factors” in our periodic reports including our Annual Report on Form 10-K

for the fiscal year ending December 31, 2016. Except as required by law, we undertake no obligation to release publicly the result of any revision to these forward-looking statements that

may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Reconciliation of Non-GAAP Measures:

Throughout this presentation, Iron Mountain will discuss (1) Adjusted EBITDA, (2) Adjusted Earnings per Share (“Adjusted EPS”), (3) Funds from Operations (“FFO NAREIT”), (4) FFO

(Normalized) and (5) Adjusted Funds from Operations (“AFFO”). These measures do not conform to accounting principles generally accepted in the United States (“GAAP”). These non-

GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to,

but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, income (loss) from continuing operations, net income

(loss) or cash flows from operating activities from continuing operations (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure,

as required by Regulation G under the Securities Exchange Act of 1934, as amended, and the definitions are included later in the Appendix to this document. Iron Mountain does not

provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is

not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition property,

plant and equipment (including of real estate) and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful.

Meet Iron Mountain 3

1 BILLION

Medical images stored

676 MILLION

Cubic feet of hardcopy

records archived

627 MILLION

Images scanned

annually

89 MILLION

Pieces of media stored

45,730

Disaster recovery

tests supported

30 MILLION

Film and sound elements

protected and preserved

99.99999%

Inventory accuracy rate

1 TRUSTED GUARDIAN

Of your most precious assets

Strong Diversified and Growing Business 4

75% 15% 10%

Records &

Information

Management(2)

Data

Management (2) Shredding (2)

Storage: 67%

Service: 33%

Storage: 66%

Service: 34%

Service: 100%

• $R3.7 billion+ annual revenue(1) and growing

• 230,000+ customers

• Serving 95% of Fortune

1000 including financial

services, healthcare,

energy, insurance and legal

• 24,000 employees

worldwide

(1) Based on Q4 2016 annualized revenues (2) Based on Q4-2016 results

Global Presence and Defensible Moat 5

Expansive global platform

• Compelling customer proposition

• Strong international expansion opportunity

86MM SF of real estate in 1,443 facilities

Attractive real estate characteristics

• Low turnover costs

• Low maintenance capex

• High customer retention, low volatility

Track record of enhancing shareholder value

• Share buyback, REIT conversion, dividend growth

• 28% TSR in 2016

Commitment to corporate responsibility

• FTSE4Good and Dow Jones Sustainability Index

• Solar and wind power reducing costs 6 CONTINENTS 47 COUNTRIES

Today’s Agenda 6

Meeting Kick-Off

Durable Business Drives Cash Flow

and Dividend Growth

William L. Meaney, President and CEO

Developed Markets: Solid Execution and

Further Growth Potential

Patrick Keddy, EVP & GM,

North America and Western Europe

Data Management: Transforming the

Solutions Portfolio

Eileen Sweeney, SVP & GM,

Data Management

Compelling Data Center Opportunity

Mark Kidd, SVP & GM, Data Centers

Break

Emerging Markets: Delivering Strong Growth

Ernest Cloutier, EVP & GM, International

Transformation, Integration and Talent

Deirdre Evens, EVP, Chief People Officer

Value Creation and Financial Outlook

Stuart Brown, EVP and Chief Financial Officer

Q&A

Innovation Showcase

Buffet Lunch

8:00 09:55

11:10

11:50

12:50

All figures are in C$ based on 2017 budget rates, unless otherwise noted

Library Moves

Offsite storage, moving and digitization

services, for academic / public

libraries

Innovation Showcase 7

Valet Consumer

Self-Storage

Innovative “stuff

management”

helps consumers

store & sell on-

demand

Policy Center

Cloud-based

platform for

global records

management

retention

requirements

Entertainment

Services

Secure

protection, digital

conversion and

preservation of

film, audio and

images

Trusted Guardian

Durable Business

Drives Cash Flow

and Dividend

Growth

William L. Meaney, President and

Chief Executive Officer

Durable Business Supports Cash Flow and Dividend Growth

10

Extend Business Model to

Fast-Growing Markets

Build on Customer Relationships

and Trust to Leverage Brand

Sustainable Growth in

Cash Flow and

Dividends per Share

Protect Durable, Growing

High-Margin Business Sustainable

Growth in

Cash Flow and

Dividends per Share

11 Durability and Performance Will Continue to Drive Shareholder Returns

$0.3

$1.3

$1.7

$2.2

2013 2014 2015 2016

Cumulative Ordinary Dividends and

Special Distributions $in Billions 9.7%

6.8%

4.0% 4.0%

2.4% 2.4% 2.4% 2.1%

2017E 2018E 2019E 2020E

Targeted Growth in Ordinary Dividend/Share vs. Inflation

Growth in Div./Share CPI Index

CPI Source: FactSet

Internal Growth Reflects Durable Fundamentals

12

STRATEGIC PLAN

DEVELOPED MARKETS

EMERGING MARKETS(1)

ADJACENT BUSINESSES

REVENUE C$ CAGR 4% 30% 65%

INTERNAL

REVENUE CAGR 0.2% 9% 22%

2013-2016

Strategic Plan Driving Strong Growth and Shift in Mix

(1) Excludes Australia and New Zealand

Internal Revenue Growth Shows Momentum in Underlying Business

13

0.5% 0.2%

0.8%

1.2%

2013 2014 2015 2016

Internal Total Revenue Growth Rolling 3-Year Average

2.7% 2.4% 2.3% 2.4%

2013 2014 2015 2016

Storage Internal Growth Rolling 3-Year Average

-2.5% -2.8%

-1.5% -0.6%

2013 2014 2015 2016

Service Internal Growth Rolling 3-Year Average

14 Global Scale Leverages Revenue Growth to Drive Profitability

$823 $859

$896

$1,076

$1,265

2013 2014 2015 2016 2017E

Adjusted EBITDA(1)

$in MM Worldwide Revenue

$in MM

$2,756 $2,857 $2,913

$3,476 $3,795

2013 2014 2015 2016 2017E

Note: 2017E and growth rates based on midpoint of 2017 Guidance

(1) Full reconciliation from Income from Continuing Operations available in Appendix on Page 113

Recall Synergies – a Major Contributor to Adj. EBITDA Growth

15

2016

Adjusted EBITDA Growth (C$)(1) 20%

AFFO Growth(2) 22%

Dividend per Share Growth (Q4) 13%

Share Count Growth 17%

• Successful integration

• Similar cultures

• Achieving synergies

faster than anticipated

• Financial impact flowing

through

• Only global platform

(1) Full reconciliation from Income from Continuing Operations for 2016 (-17)% is available in the Appendix on Page 113

(2) Full reconciliations from Net Income for 2016 (-14)% is available in the Appendix on Page 114

Going Forward, Plan Delivers 4%+ Dividend Growth Whilst De-levering

16

2020 Plan – Steady State

2018E – 2020E

Adjusted EBITDA CAGR (C$) ~8%

AFFO CAGR ~9%

Dividend per Share Growth 4%+

Dividend/AFFO ~75%

Leverage ~5.0x

Shift in Mix Underpins Long-term Dividend Growth

17

80%

Developed Portfolio Includes North America

And Western Europe

20%

Growth Portfolio Emerging Markets = 18%

Adjacent Businesses = 2%

2% 10%

~3%+ Average Internal Adj. EBITDA Growth

ROIC = 12%

Q4’16 2020

Revenue Mix

Adjusted EBITDA Growth

75%

Developed Portfolio Includes North America

And Western Europe

25%

Growth Portfolio Emerging Markets = 20%

Adjacent Businesses = 5%

3% 10%

~4%+ Average Internal Adj. EBITDA Growth

ROIC = 13%

Revenue Mix

Adjusted EBITDA Growth

Delivering on Strategic Plan and 2020 Vision

18

STRATEGIC PLAN

DEVELOPED MARKETS

EMERGING MARKETS

ADJACENT BUSINESSES

KEY THEMES

• Sales force effectiveness

• Un-vended opportunity

• Existing customers

• Federal government

• Mid-market

• New services

• Critical mass and scale

• Brazil

• Asia

• India

• New opportunities

• Accelerate growth of Data

Centers

• Expansion in art storage

• Exploring new areas

• Consumer self-storage

• Other

Progress in Data Center Business Fueled by Customer Response

19

• Focused on segment adding $350-$400MM/year of new

demand in U.S. alone

• IRM business expected to grow organically at 25%+/year

through 2020, outpacing market growth by 10%-15%

• Available capacity plus that under development expected to

drive 6-7x expansion in business, or stabilized EBITDA of

~$40MM

• Potential for M&A beyond what is included in financial plan

Prudent Investment in Innovation and Adjacencies Strengthens Durability and Extends Brand

20

Build

Disciplined

Capital Allocation

50% of Boxes Stored 15 Years Ago Remain in our Facilities

21

0%

20%

40%

60%

80%

100%

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28

IRM Retention Rate – North America

25% of boxes that

were stored 22 years

ago still remain

Box Age (Years)

Stable Growth in Internal Net Volume 22

7.5

10.3

8.0

9.0

2013 2014 2015 2016

CuFt in MM

Developed Markets: Solid Execution and Further Growth Potential Patrick Keddy, EVP & GM, North America and Western Europe

23

$2,458 $2,492 $2,501

$2,769

$2,910 - $2,960

FY13 FY14 FY15 FY16 FY17E

C$ Revenue Growth ($ in MM)

24 Durable Revenue and Profit Growth in Developed Markets

Revenue

• Ongoing storage revenue and volume growth

in Records and Information Management

(RIM) and Data Management (DM)

• Service Revenue and profitability stabilizing

with growing contribution from non core

services

• New service lines opening up incremental

revenue opportunities

Adj. EBITDA Margins • Improving on already strong performance

leveraging revenue growth

• Transformation reducing overheads

• Recall Integration delivering synergy

$961 $1,006 $1,021 $1,136

39.1% 40.6% 40.9% 41.0% 43%

-30.0%

-10.0%

10.0%

30.0%

(100)

100

300

500

700

900

1,100

1,300

1,500

1,700


$1,250 - $1,270

Adj. EBITDA (7.0% CAGR) / Margin ($ in MM)

(1) FY17E margin and growth rates based on midpoint of ranges

(1)

RM Storage - Strong Volume Growth driven by Improved Retention, Internal Volumes and New Sales

25

428 433

440

510 513


$1,156 $1,190 $1,204

$1,328 $1,407


RM Storage Revenue Growth Developed Markets ($ in MM)

Net Volume Growth Developed Markets (CuFt in MM)

(1) FY17E volume is internal and does not include any M&A projections

(1)

DM Storage Volumes Continuing to Grow

26

60 60 61

64

65


$238 $244 $255

$280 $295


NA DM Storage Revenue Growth North America ($ in MM)

Net Volume Growth North America (DPUs in MM)

Let’s Look Back at October 2015 27

Customer Segmentation

GO

AL

S

KEY DRIVERS

STORAGE VOLUME GROWTH

Sales force excellence

Customer Acquisitions

REVENUE MANAGEMENT

Customer Retention

Value Based Selling

SERVICE REVENUE & PROFIT

Align and Package + Expanding services+ New revenue streams

Manage Efficiencies and Costs

ROIC Capital Allocation

28

HOW WE’LL DELIVER

CONTINUITY MOVE THE DIAL

TAKE

ADVANTAGE

OF SCALE

Pilla

rs o

f foc

us

Customer Intimacy and Segmentation

Verticals, Midmarket and Global Accounts

En

ab

lers

Innovation

Leveraging core capabilities to deliver new products and solutions

Continue strong execution on key initiatives

Improve on areas with still more potential

Leverage our footprint and best practices globally

while delivering on transformation and synergy

expectations

Developed Markets Strategy

Pillars of Success: Continuity

Emphasis on Storage Growth

(Revenue and Volume Mix/Tradeoff)

Strong Customer Retention

(Optimal Price and Volume Mix)

Further Enterprise Account Penetration

(Vertical and National)

Sales Force Effectiveness

29

Pillars of Success: Move the Dial

Maximize the U.S. Federal Government and Mid-Market Opportunity

Holistic Focus on Service Revenue and Profit Performance

Improved Discipline to Align Price to Value with Focus on Largest Customer Relationships

30

31

720

700

480

Wholly Un-Vended

Vended

In-House with Vended Customers

Significant Opportunity for Growth from Un-vended Storage in North America

Total ~1.9 B CuFt with only ~700 M CuFt Vended (1) Excludes government and SMB (<250 employees), except Legal which includes 100+ employees. BCG analysis is as of April 2016. Source: BCG document storage survey; Avention; BCG analysis

These materials were designed for the sole use by Iron Mountain. No other party may or should rely on these materials for any purpose whatsoever. To the fullest extent permitted by law, any party accessing these materials hereby waives any rights and claims it may have at any time with regard to such party's use of and/or reliance on these materials, including the accuracy or completeness thereof.

BCG Estimates Un-vended Opportunity at ~720MM CuFt(1)

Customer Segmentation Journey…Why and What

32

KNOW YOUR CUSTOMER

• Account Planning

• Business reviews

VERTICAL FORMATION

• Sales

• Marketing Product Management

• Customer Care

INSIGHT-LED MESSAGING

• Thought Leadership

• Subject Matter Experts

INNOVATION: SERVICES & SOLUTIONS

• Aligned to key industry trends

• Engaging new personas

STRATEGIC RELEVANCE

• Trusted Advisor

• Broad Portfolio

Mid-market Segmentation 33

Initial list of

45 Variables

Final List of 12 Variables

Where is the Storage Opportunity? 34

18,000

12,000

6,000

19 50 20

0

28 27 26 25 24 23 22

44,000

18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0

24,000

21

Cu

bic

Fe

et

per

Cu

sto

me

r

Utilities and Mining

Public Sector

Schools

Estimated Cubic Feet Available (Millions)

Physician Groups

Manufacturing

Life Sciences

Retail & Resaurants

Resi. Care

Legal

Insurance

Hospitals

Holding Companies

Employment

Accounting

Construction

Banking & Finance

Auto Dealers

Aerospace

Universities

Security/Economics

Compliance

Non-IRM Middle Market Serviceable Customers by Industry

(Total = 37K customers, 300MM cubic feet)

1,000 customers

Source: IRM data utilizing

Avention/CID match

technique.

Further Exploring the Mid-Market Opportunity

35

Compliance- Focused Organizations

Need IRM

Residential Care

Public Sector

Physicians Groups

Hospitals Banking & Finance

Accounting

Insurance

Data Driven Approach to Identify

Non-IRM Middle Market Serviceable Customers by Industry

U.S. Federal Government Positioned to Grow

36

IRON MOUNTAIN’S VALUE PROPOSITION DRIVES SAVINGS AND OPERATIONAL EFFICIENCIES FOR FEDERAL AGENCIES

Investments: • Top Talent

• Industry Expertise

• Thought Leadership

Go to Market : • Direct Government

Relationships with

Channel Fulfilment

• Brand Awareness

• Proof of Concepts

Opportunity: RM pipeline = 21%

DM Bookings = 17%

DC Bookings= 120%

Driving Service Gross Profit 37

Developed Markets Service Gross Profit ($ in MM)

RM – Activity and Other Services

Shred

DM – Activity and Other Services

Info. Gov. & Digital Solutions

Other Services

47.8% 40.9%

34.2%

24.3%

17.4%

15.3%

5.6%

5.4%

9.3%

17.8%

25.8% 31.7%

4.6% 10.6% 9.5%

2014 2015 2016

$303 $283 $305

Pillars of Success: Leverage Scale

Gear up and Rationalize our

Global Accounts Practice

Deliver on Transformation Improvements and Synergies from Integration

Enable Customers to Manage Risk and Compliance Across the Globe for Both Physical and Digital Assets

38

Helping Organizations Manage Risk

GOVERNANCE, RISK AND COMPLIANCE SERVICE

87% of organizations believe they

have a mature program

ONLY 8% have measurements in place

75% say a lack of automated retention

is one of their biggest challenges

Simplify the complexities of information compliance while reducing risk and cost

39

Highly Relevant in a Digital World 40

IRON MOUNTAIN SOLUTIONS

+ = + + Automate paper-

centric processes – Go Paperless

Securely access your information in a central

repository

Transform your physical information

to digital

Consistently index/classify both physical and digital

information

INFORMATION ECONOMICS

Document Management Solutions

(HR, AP)

Strategic consulting for BPM, RIM/Imaging Strategy & Data

Integrity

Digital Content Archive and Workflow Automation

Suite

Challenges We’ve Heard

Governance & Policy Solutions in Physical &

Digital form

Developed Markets 2020 Expectations 41

$2,769

$2,910 - $2,960

$3,140 - $3,220

FY16 FY17E FY20E

Revenue Growth ($ in MM)

$1,136

$1,250 - $1,270

$1,375 – $1,425

41% 43% 44%

0.0%

20.0%

40.0%

(100)

100

300

500

700

900

1,100

1,300

1,500

1,700

FY16 FY17E FY20E

Adj. EBITDA and Margin

Data Management:

Transforming the

Solutions Portfolio

Eileen Sweeney, Senior Vice President

and General Manager, Data Management

Traditional Portfolio 43

TAPE

VAULTING

TRANSPORTATION DISASTER

RECOVERY

44

TECHNOLOGY

AGNOSTIC STORAGE RESTORATION DISPOSITION

Modernized Portfolio

Data Management Storage has Grown by ~8% from 2013-2016

45

$244

2013

$283

$238

2015 2016

$357

$280 $296

$313

$255

2014

Total North America

Storage Revenue (C$ in MM)

2013 – 2016 CAGR

North America 5.6%

ROW 20.0%

Total 8.1%

4% CAGR in Data Protection Units 46

60 60 61 64

74 76 79

83

2014 2015 2016 2013

Data Management Inventory Balance in DPUs (MM)

Total North America

2013 – 2016 CAGR

North America 2.2%

ROW 10.7%

Total 3.9%

22.9% CAGR of Data Volume Coming In

47

Volume of Data Capacity Inbounded by IRM

(MM Terabytes)

31

22 26

41

19

2015 2016

+22.9%

2014

22

2013

26

31

Total

NA

Tapes have become More Dense, Yet Adoption of New Technology is Slow

48

World Wide Tape Inventory by Type

87% of Total Inventory is Prior to LTO 6

9%

9%

8%

15%

49%

4%

5% 2%

2016

LTO 7

LTO 6

LTO 5

LTO 4

LTO 3

LTO 2

LTO 1

Legacy

LTO-3 LTO-4 LTO-5 LTO-6 LTO-7 LTO-8 LTO-9 LTO-10

Year 2005 2007 2010 2013 2015 TBD TBD TBD

Capacity 0.4TB .8TB 1.5TB 2.5TB 6TB 12.8TB 25TB 50TB

LTO Capacity in Terabytes

Ratio

LTO 6: 2.5TB

vs.

LTO 4: 0.8TB

= 3.1x

The Evolving Role of Tape 49

Number of Tape-Related Transportation Activities (in MMs)

2016

2.2

2015

2.5

2014

2.7

2013

3.0

3.9

3.4

3.7

3.1

Data Shows Trend of Tape Becoming More Archival

Global North America

2013 – 2016 Data

Protection CAGR

North America (9.4)%

Total (7.9)%

Revenue from New Services Partially Offsets Traditional Service Revenue Headwinds

50

200

10

20

170

0

180

190

2016 2015 2014 2013

DP DM New Services

Global Service Revenue ($MM)

Activity-Based Data Protection Service Revenue Experiences Headwinds (C$ in MM)

Service Revenue Growth from New Services has Grown at 50.7%, providing approx. a 2.0% boost (C$ in MM)

2013 – 2016 CAGR

DM Total Services (2.4%)

DP Activity-Based (4.5%)

New Services 50.7%

As Data Growth Continues to Explode, so Will Need for Data Management

51

Data is projected to

grow from 4.4ZB to

44ZB by 2020

Source: IDC

Advancing Data Management Strategy 52

TECHNOLOGY

AGNOSTIC

STORAGE

RESTORATION

SITAD

IRON CLOUD

• Customers send aging data to

object storage for longer retention

• Deep Storage Services for longer

retention (Tape Out)

• Cloud data replication services

• Isolated Recovery/Air Gap

RESTORATION &

MIGRATION

• Restoration Assurance Programs

• Cloud seeding and migration

• Media migration

• Tape identification

IT ASSET

RECYCLING &

DISPOSITION

• US Federal

• International expansion

• Onsite media shredding

expansion

52

Advancing Data Management Strategy

TECHNOLOGY

AGNOSTIC

STORAGE

RESTORATION

SITAD

53

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Continued storage

revenue growth

Core service

revenue declines

will continue but

will be partially

offset by new

service revenues

Leveraging

strategic

partnerships to

bring relevant

services to our

customers

1 2 3

What to Expect from Data Management 54

Partner Conversation

Kevin Reid

President & Chief Technology Officer,

Virtustream

Compelling Data

Center Opportunity

Mark Kidd, SVP and General Manager

Data Centers

57

The Opportunity is Large and Growing

$13B North America Market (1)

Sector Outsourced Market

Size(2)

Mainstream

Enterprise,

Government and

Private Cloud

~$3.5B

Inter-Connect Cloud

SPs / IT Services ~$3B

Non-Inter-Connect

Cloud SPs / IT

Services ~$1.5B

Network, Mobility,

Content and

Securities ~$4B

IRM Differentiated Focus

$3.5B enterprise & private cloud segment

Segment growing 10% per year

Private cloud = 12%

Enterprise = 8%

Target control-oriented industries

Financial services, healthcare and

government

(1) Source: 451 Research Multi-Tenant Datacenter Global Providers, October 2016

(2) Source: Bain Consulting study commissioned by Iron Mountain in 2015

$30 B Global market, CAGR 12.3% over next 3 years(1)

Growing 20%+ per year

More outsourcing happening as cloud

players struggle to build fast enough

Expect low price with large volume

Cloud

$1.5B segment

IRM Well Positioned 58

STRONG IT RELATIONSHIPS

Serves ~17k companies in US

>2M visits data centers/year

Visit 30k unique locations

30-year average customer life

STRONG SALES FOCUS

Data Center – 14

Data Management – 119

Federal – 21

Financial Services – 34

Life Sciences – 9

Global Accounts – 21

Buying Criteria Strongly

Desires

Highly secure 77%

Customer

support 74%

Regulatory

compliance 69%

Iron Mountain SunGard CyrusOne Digital Realty

50% 44% 27% 23%

29% 22% 21% 18%

43% 37% 27% 23%

IRON MOUNTAIN SCORES THE HIGHEST AMONG COMPETITION(1)

Total – 218

(1) Source: Independent survey of IT infrastructure buyers and influencers commissioned by Iron Mountain in 2014 at 210 companies within customer base.

2013 2014 2015 2016 2017E 2020E

Industry(1)

CAGR

11%

Revenue Growth and Returns Lead Public Competitors

59

• Strong revenue growth despite lack of top tier market locations

• Returns driven by controlled construction costs and value-driven pricing

• Entering larger market offers growth upside but may increase competition

Development Returns(2)

Iron

Mountain CoreSite QTS CyrusOne

DuPont

Fabros

Digital

Realty

13% 13% 10% 10% 9% 9%

(1) North American Market

(2) Source for competitor returns: Jefferies Data Center Industry Initiation Report, 2015. Returns

calculated as Adjusted EBITDA/Invested Capital

(1)

Opportunity to Meet Strong Data Center Demand

60

United S

tate

s

Inte

rnational

• 80% of data center leasing happening in

top 15 markets globally

• Vacancy rates remain low even with

faster construction

• Disciplined capital allocation and focus

on differentiation drive value creation

(1) Source: JLL Data Center Outlook, a Wave of Global Momentum, North America 2017

14.3

23.8

10.0

18.0

19.5

23.0

30.0

45.5

11.0

16.3

30.7

36.0

56.0

59.1

103.0

Toronto (GTA)

Montreal

Dublin

Tokyo

Paris

Frankfurt

Singapore

London

Austin & San Antonio

Phoenix

Pacific Northwest

Dallas / Fort Worth

Chicago

Northern California

Northern Virginia

2016 Year-End - MWs Absorption > 10 MWs(1)

New Northern Virginia Site Offers Upside to Plan

61

• 83-acre site purchased in Manassas, VA

• Total campus can support over 500,000 square

feet of purpose built data center and 42 MW of

IT capacity

• On track for late Q3’17 delivery of Phase I

• 150,000 square foot shell (1 of 4 planned)

• 10.5 MW of IT capacity

• Expect to meet 3 MW of demand annually

• Returns expected to be 13% and incremental

returns of 20%+

BENEFITS RISKS

New Site Development Generates high returns and

becomes easier with market

presence

Multi-year stabilization with large

upfront capital and carrying costs

Acquisition

Tenant Sale/Leaseback Day one income and lower cost

to develop incrementally

Limited supply of assets in best

markets

Stabilized and Value-Add Speed to new market entry,

organization building

High multiples, competitive

processes, limited supply

New Market Entry Offers Further Upside but Requires Capital Deployment Discipline

62

Emerging

Markets: Delivering

Strong Growth

Ernest Cloutier

EVP & GM, International

Emerging Markets: Delivering Strong Growth

64

:32 Countries

400 Facilities:

~30,000 Customers:

Emerging Markets represents all markets within the Other International reporting segment, excluding Australia and New Zealand

Data as of 12/31/2016

1. Strong Organic Growth of Core Business 6%+(1) Total Revenue CAGR

65 Continued Strong Execution of Emerging Markets Strategy

2. Enhanced Margin Accretion and Returns +300 bps Adj. EBITDA

What? Build market leadership and scale in our core businesses

Why? To achieve superior returns over long term

How? Through disciplined investing and execution in markets with attractive

growth in information management outsourcing

3. Value Creating M&A 11%+ Total Revenue CAGR

(1) Includes higher mix of more mature emerging markets following Recall acquisition

2018 – 2020

8 9

10

15

-4 -4 -5

-8

5 5 5 7

2013 2014 2015 2016

STORAGE VOLUME GROWTH

CuFt in MM

Intake Loss/Destructions Net Growth

• Primary focus remains internal storage volume and revenue growth

• Building and developing high-performance teams

• Tireless focus on commercial excellence

• Providing additional value-added services to storage

• Strengthening customer relationships

• Investing in infrastructure to effectively scale

66 Focus on Continued Strong Organic Growth 1

67 Drive Business Margin Accretion and Returns

22% 19%

21%

25%

26% -27%

28%- 30%

2013 2014 2015 2016 2017 2020E

ADJUSTED EBITDA MARGIN %

2

Improve EBITDA margins through management

focus, targeted investment and leveraging

enterprise scale

TIGHT SG&A and CAPITAL INVESTMENT CONTROLS

• Leverage scale and technology to improve efficiency and

SG&A as a percent of revenue

• Growth vs. maintenance capital focus

• Rigor and follow up on all investments

REAL ESTATE KNOW HOW AND INNOVATION TO:

• Improve building density

• Reduce Capex cost

• Increase labor productivity

GLOBAL SCALE TO SUPPORT LOCAL CUSTOMERS

• Leveraging information technology

• Adopting best practices and standard processes to ensure

efficiency and performance

• 2016 Focus: fast and effective Recall integration in multiple

markets

• Integration and synergies ahead of plan allows

renewed focus on future M&A pipeline

• Focusing more M&A investment on our attractive existing

markets to drive:

Strong storage rental revenue growth

EBITDA accretion

Market leadership and scale

• Selectively enter new markets with favorable characteristics:

Strong internal storage rental growth rate

Favorable real estate costs

Path to market leadership and scale

Political stability and ability to extract capital over time

68 Execute on Value Creating M&A to Accelerate the Business 3

80%

20%

Expected Share of Emerging Market M&A investment

Existing Markets New Markets

Reflects data from FY17-FY20

Progress in Achieving Leadership and Scale 69

Potential New Markets

2013

2017

Romania

Slovakia

Hungary

Czech Rep

Chile

Poland

Mexico Australia

Peru

Turkey

China Singapore

Argentina Hong Kong

Brazil Serbia

Russia Greece

China

Finland

Hong Kong

Singapore

Argentina

Serbia

Colombia

Peru

Turkey

Romania

Slovakia

Hungary

Czech Rep

Chile

Brazil

Mexico Macau S. Korea

Building Scale

Baltics

UAE

Norway

Malaysia

Thailand

Sweden

Denmark

India

Denmark

Norway

Greece

South Africa

Australia

Russia

India

Low Scale Medium Scale High Scale

Poland

Developed Africa

Middle East

Southeast Asia

Sweden Colombia

Malaysia

Philippines

S. Korea

Uruguay

Thailand

Ecuador Baltics

Finland

Latin America

Strong M&A Pipeline Supports Continued Growth

$0

$40

$80

$120

$160

MiddleEast/Africa/India

Latin America Asia Northern/EasternEurope

Multi-year Acquisition Pipeline by Revenue

$ in MM

• Strong multi-year M&A pipeline

across all regions

• Strategic focus on:

• Opportunities to consolidate

fragmented markets and build

scale

• Strong storage opportunities with

longevity of returns

• Execute methodically with

~$100MM to $150 MM / year M&A

to drive growth and returns

70

Figures based on FY17 – FY19 Emerging Markets M&A pipeline

RE

VE

NU

E G

RO

WT

H

MARKET LEADERSHIP POSITION

Revenue Growth versus Market Leadership

High

Low

Low High

Driving Higher Returns 71

Examples Include:

Central and Northern Europe,

Brazil, Singapore

Example Includes:

Hong Kong

Examples Include:

China, South Africa

Examples Include:

India, Turkey, Argentina 18%(1)

72%(1)

5%(1)

4%(1)

(1) Reflects % of total emerging

market revenue based on 2017

estimates. Numbers don’t foot

due to rounding

~ 8%

Revenue Growth ~ 10%

Cube Growth ~ 10%

Adj. EBITDA Margin ~ 20%

ROIC ~ 8%

Revenue Growth ~ 10%

~ 11%


Cube Growth

~ 6%

Revenue Growth ~ 4%

Cube Growth ~ 1%


~ 11%

Revenue Growth ~ 4%

Cube Growth ~ 3%


ROIC

ROIC ROIC

<7%

>7%

Strong Progress: Brazil and India

APPROACH AND PROCESS:

• All M&A sponsored by regional management

• Robust deal models & review process

• Standard integration strategy

and process leveraging global

know-how

• Protect what we buy and deliver accelerated value quickly and fully

Brazil Snapshot Focus on Brazil

Focus on India

5 6 8 10

12

25

FY11 FY12 FY13 FY14 FY15 FY16

Revenue $MM

• 3 major acquisitions since FY11

• Market leadership position

• Significant synergies actioned

• Real estate consolidation

• Solid organic growth trends 27

46 57

67 78

121

FY11 FY12 FY13 FY14 FY15 FY16

Revenue $MM

• 2 major acquisitions since 2015

• Several smaller acquisitions

• Close 2nd in market, soon to be no.1

• Strong leadership team now in place

• Exceptional cube volume growth

72

$68 $85

$167

$210-$220

$330 -$350

2013 2014 2015 2016 2017E 2020E

ADJ. EBITDA GROWTH ($ in MM)

Base Growth ANZ Acquisitions

$63 $352 $390

$647

2013 2014 2015 2016 2017E 2020E

REVENUE GROWTH ($ in MM)

Base Growth ANZ Acquisitions

Other International Growth Outlook 73

$285

$780 -

$800

$1,080 -

$1,130

Note: CAGRs are calculated off of midpoint of 2020E range

Emerging

Markets

CAGR

Other

International

CAGR

Strong internal

revenue growth

and storage

volume growth

Continuing

improvement in

margins and

returns

Large M&A

opportunity to

accelerate the

business

1 2 3

What to Expect from Emerging Markets 74

Transformation,

Integration and

Talent Deirdre Evens, Executive Vice

President and Chief People Officer

Transformation, Integration and Talent Continue to Support Strategic Plan

76

Critical enablers to achieving our growth strategy:

• Transformation efforts simplify and improve business processes

• Leveraging Recall acquisition for global scale, with broader, deeper market penetration

• Deploying global strategy to ensure we have the necessary talent to lead and execute

STRATEGIC PLAN

DEVELOPED MARKETS

EMERGING MARKETS

ADJACENT BUSINESSES

Transformation Across Multiple Areas Enables our Strategic Agenda

77

2017E

2016

• Transformation Phase I, mostly spans and layers • Initiated in July 2015 • 2016 FY benefit of $50 M • 2015 costs offset by in-year savings

• Non-essential work elimination; IT infrastructure; demand management; operating model/governance/controls; strategic sourcing

• Executed in 2016, $50M benefit • 2016 costs offset by in-year savings

• Shared services - IT, Finance and HR • Continued end-to-end process improvements • 2017 costs exceed in-year benefits • Investing $20 million in shared services and innovation

2015

2018E – 2020E

• Actioned initiatives drive shareholder returns, enable investments in innovation and provide platform for continuous improvement

Achieving Recall Net Synergies(1)

Faster than Originally Expected

78

Strong collaboration and execution across combined leadership teams and cultures

Organizational consolidation of leadership, sales, and corporate overhead – retaining key talent and capabilities

Completed conversions to support REIT structure

Completed required divestitures

Consolidation of corporate and operational IT platforms and technical infrastructure underway

Field integrations proceeding as planned, including Real Estate consolidations

Majority of rebranding efforts complete

(1) Net synergies is gross synergies net of required regulatory dispositions

Global Platforms Build Strong Foundation for Ongoing Continuous Improvement

Global systems will drive enterprise standardization and automation of key processes

• Single Finance System (ERP)

• Global Human Resource

Management Platform

• Common Sales platform

• Fewer operational systems

Partnering with best-in-class shared service providers for non-core work, enabling global consistency and continuous improvement

• Finance

• IT

• HR Operations

GLOBAL TECHNOLOGY

PLATFORMS

SCALED ENTERPRISE

SERVICES

Enhanced organizational capability and talent for continuous improvement

• Lean/Six Sigma

• GE Workout

• Daily Continuous Improvement

• Innovation pipeline for process

improvements

ORGANIZATIONAL

CAPABILITIES

79

Talent Strategy Aligned to Business Strategy

Talent processes ensure right people, right roles, right time

• Talent a strategic priority

• Leadership assessment, development, deployment, and succession

• Active global High Potential program

• Capital allocation

• Inclusion & Diversity strategy

• Incentives aligned to business outcomes

80

New capabilities support improvements in core business

and enable future growth

• Mid-Market Sales and Marketing

• Technology / CTO

• Innovation

• Product Management

• Strategic Partnerships

• Continuous Improvement/ Lean Sigma

Instilling culture of customer-focus, continuous improvement, and entrepreneurial mindset

Transformation and Integration Enabling Shareholder Return and Investment

81

• Transformation and Integration on track to deliver ~$230MM in annualized savings

• Bringing SG&A in line with Industry benchmarks

• Global platforms provide foundation for continuous improvement in future years

• Savings enable investment in ongoing innovation initiatives

• Delivering improvements in cash flow and sustainable dividend growth

(1) Net synergies is gross synergies net of estimated required regulatory dispositions

$19

$80 $50

$80

$230

$20

2016 2017E 2020E

Recall Net(1) Synergies and Transformation Benefits

Net Synergies Transformation Reinvested

Value Creation and

Financial Outlook

Stuart Brown, EVP and Chief

Financial Officer

Strong Record of Achievement

Continuing

storage and

volume growth

in all major markets

Achieved

8.0%+ C$ Total

Revenue Growth (CAGR 2013 - 2016)

Delivered

9.4%+ C$

Adj. EBITDA

Growth (CAGR 2013 - 2016)

Successfully

integrating Recall

and executing on

Transformation

Value creating

investments with

IRRs of 10 to 15%+

Generating strong

and durable cash

flow

Doubled dividend

per share since

2013(1)

83

(1) Growth calculated by comparing Q4 2013 dividend per share of $0.27 vs. Q4 2016 dividend per share of $0.55

Expecting Continued Growth 84

~5% Revenue Growth

• 60/40 Internal Growth and M&A

~8% Adjusted EBITDA Growth(1)

• Leveraging leadership and scale

~9% AFFO Growth(1)

• Disciplined capital allocation

4%+ Dividend per Share Growth

• Consistent with business growth

Steady Cash Flow Growth Beyond 2017

(1) Represents CAGRs for 2018-2020

Consistent Performance Across Economic Cycles

85

Growth Model underpinned by durable storage

business

Prudent capital deployment

generates long-term growth

Sound balance sheet underpinned by great real estate

Confident Outlook

Continuous Growth Model 86

Storage Revenue Growth

+

Service Gross Profit Growth

Consistent

Cash Flow

Growth

Value Creating Acquisitions

and Investments

Increasing Adj. EBITDA

Margin

Disciplined Capital

Allocation

Dividend Growth Per Share

We Continue to See Box Growth 87

40 MM+ NEW FROM

EXISTING AND NEW

CUSTOMERS ANNUALLY

8 MM+ INTERNAL

NET VOLUME

ANNUALLY

ACHIEVING NET VOLUME

GROWTH IN ALL

MAJOR MARKETS

462 469 477 487 495 504

34 41 34 41 32 42 35 43 39 48

2011 2012 2013 2014 2015 2016

Worldwide Internal Volume CuFt in MM

Change Excludes Acquisitions

(1) 676MM CuFt including acquisitions

(1)

Consistent Internal Storage Rental Revenue Growth and Profit Margins

88

2.1% 2.2%

2.7% 2.3%

2013 2014 2015 2016

Storage Internal Growth

(1) 2016 Normalized for Recall rent expense, adding approximately 150 basis points compared to reported storage gross margin

75.3% 76.6% 76.6% 76.4%

2013 2014 2015 2016

Storage Gross Margin

(1)

DURABLE GROWTH: 2% - 3% CONSISTENT, STRONG STORAGE MARGIN

Storage Business Continues to Drive Growth

89

81% of Total Gross Profits are from Storage

Q4’16

Service Revenue

39% of total revenues

27% gross profit margin

Q4’16

Storage Revenue

61% of total revenues

75% gross profit margin 49.4%

10.1% 1.1%

24.2%

9.6%

5.1%

0.4%

Driving Adjusted EBITDA Margin 90

29.7%

30.6% 31.0%

25.0%

27.0%

29.0%

31.0%

33.0%

35.0%

37.0%

2014 2015 2016 2017E 2020E

Adjusted EBITDA Margin

35% to 36%

33%

Targeted Future

Margin Improvement

• Revenue management

• Leveraging revenue growth on

fixed costs

• Synergy and transformation

benefits

• Continuous improvement


91


business




Confident Outlook

Developed And

Emerging Markets

Business Acquisitions

2018-2020 Investment

• $450 to $600 million

• Projected 11-15% IRR

• 1- 3 Years to Stabilize


• ~$500 million

• Projected 13-15+% IRR

• 3 - 5 Years to Stabilize


• $50 to $100 million

• Projected 10-14% IRR

• Project Specific Stabilization

Discretionary Investments Yield Compelling Returns

92

Core Racking, Data Center Development

and Real Estate Consolidation

Adjacent Businesses

M&A in Emerging and Developed Markets Deliver Solid Growth and Returns

93

Acquisition Spend/Yr. $100 MM to $150 MM

Topline Growth 5% to 10% Storage Rental

Projected IRR 13% – 14%

Emerging Markets

Acquisition Spend/Yr. $50 MM

Topline Growth Consistent Storage Rental

Projected IRR 11% – 13%

Developed Markets

Tuck-in deals have

predictable returns and

quickly synergize

Data reflects assumptions for 2017 – 2020

Strong returns;

increases exposure to

higher growth markets

94

Emerging Markets Acquisition with Attractive Economics

• Latin America based storage and data management business

• Consolidates market presence in existing market

• High leadership/low growth characteristics

TRANSACTION DETAILS

Purchase Price $16MM

Annual Revenue $6.5MM

Synergized EBITDA $4MM+, in year 3

Integration CapEx $6.5MM, includes expansion racking

in IRM facilities

IRR 15%

Lease Consolidation Drives Efficiencies and Solid Returns

95

Philadelphia Market Consolidation Example

• Consolidation of six leased facilities totaling

469K SF into a single owned 182K SF

• Complete in April 2017

• New facility:

• Class A, 36’ clear height, distribution

building

• Located in Lehigh Valley, Eastern PA’s

primary industrial submarket

• 2.75M CuFt capacity

13.3% IRR

Capital Recycling of Real Estate to Capture Inherent Market Value

96

Disposition: Deanston Wharf

Canning Town, London

• Iron Mountain owns a Class C warehouse on

5.7 riverside acres in an area of East London

experiencing significant regeneration

• Under contract to sell to adjoining land owner

and residential redeveloper “subject to planning”

basis

• Expected to close late in 2017/early 2018

• £35.0M sale price, £8.3M NBV

• Iron Mountain’s London Transportation Hub

operations to be relocated to existing facilities at

an estimated cost of £2.0M

Rendering of neighboring Royal Wharf redevelopment

Aerial of existing warehouse

Investing in Faster Growing and Value Creating Businesses

97

ADJACENT BUSINESSES INNOVATION

• 2020 Target = 5% of total Revenue

• Data Center continued organic

growth offering good returns and

evaluating M&A opportunities

• Art storage growth through organic

and acquisitions

• Leveraging brand, capabilities and

relationships to help customers solve

problems

• Iron Cloud, library moves, valet self-

storage, entertainment services

offerings and policy center


98


business




Confident Outlook

Multiple Financing Sources and Sound Balance Sheet

99

• Ample liquidity of ~$1 billion

• Sources include: • Growing operating cash flow from the business • Secured and unsecured borrowings • Capital recycling

• Debt structure: 72% fixed and 28% floating

• Average interest rate of 5.2% with 5-year average maturity

• Utilizing foreign-denominated debt to create natural hedge

• Lease adjusted leverage ratio of 5.7x projected to be ~5.0x by 2020

• Funding for opportunistic investments beyond plan could include: • Potential ATM program or other equity • Co-investment • Portfolio realignment

Note: Data as of 12/31/2016

Sizable Real Estate Portfolio 100

Storage

86M total square feet at year-end 2016

• Owned: 27MM SF/297 buildings

• Average size: 92,000 SF

• 32% of real estate by SF owned

• Leased: 59MM SF/1,146 buildings

• Average size: 51,000 SF

• 57% of portfolio expires after 2027, assuming

extension of options

Real Estate Quality Underpins Balance Sheet

101

Owned Real Estate Concentrated in Major Markets

NY0086JT / 645841_1.wor

Denver- Boulder

San Francisco

Los Angeles

Phoenix-Mesa- Scottsdale

Dallas-Fort Worth- Arlington

Chicago

Washington

D.C.

Philadelphia

Boston

New York

Seattle

San Diego

Metro

Source: Company filings, based on 12/31/2016.

(1) Gross book value including

leasehold improvements and

racking

$5 to $20mm

>$20mm

<$5mm

Major MSA

61% 39%

Owned SF Leased

SF

$1.7bn(1) United States

Owned Real Estate

Owned Real Estate Concentrated in Top Global Markets

102

Top Owned International Markets by Gross Book Value Gross Book Value Total %

Country ($MM) Int. Gross BV

1. Canada 128 18%

2. United Kingdom 111 15%

3. Brazil 67 9%

4. France 65 9%

5. Chile 59 8%

6. Mexico 48 7%

7. Scotland 46 6%

8. Peru 43 6%

9. Ireland 35 5%

10. Spain 26 4%

Total $628 87%

Source: Company Filings, based on 12/31/16

78%

22%

Owned SF

Leased SF

$0.7bn(1) International

Owned Real Estate

(1) Gross book value including

leasehold improvements and

racking


103


business




Confident Outlook

$3,795

$4,350 - $4,500

$245

$315

$70

2017 GuidanceMidpoint

DevelopedMarkets

Emerging Markets +ANZ

AdjacentBusinesses

2020E

2020 Plan: Revenue Buildup 104

Note: CAGR is calculated based on midpoint of 2020E range

Change from 2017E to 2020E in Developed and Emerging Markets (+ANZ) reflects midpoint of ranges provided in regional presentations

$1,265

$1,535 - $1,615

$140 $125

$45

2017 GuidanceMidpoint

DevelopedMarkets

Emerging Markets +ANZ

AdjacentBusinesses

2020E

2020 Plan: Adj. EBITDA Buildup 105

Note: CAGR is calculated based on midpoint of 2020E range

Change from 2017E to 2020E in Developed and Emerging Markets (+ANZ) reflects midpoint of ranges provided in regional presentations and

includes corporate allocations

2020 Plan: Profitable, Sustainable Growth 106

(1) Assumes Maintenance CapEx of 4.1% and 3.8% of Total Revenue for 2017 and 2020, respectively

(2) Assumes 265 million shares outstanding for 2017 increasing ratably to 269 million shares outstanding in 2020.

Lease Adjusted Leverage Ratio

5.6x 5.0x

2017E 2020E

$1,265

$1,535 – $1,615

2017E - Midpoint ofGuidance

2020E

$3,795

$4,350 – $4,500

2017E - Midpoint ofGuidance

2020E

Worldwide Revenue ($ in MM)

Adjusted EBITDA ($ in MM) $2.20 $2.35

$2.54

2017 2018 2020

Projected Minimum Dividend per Share(2)

$738 $910 - $960

2017E - Midpoint of Guidance 2020E

AFFO Growth(1)

Maintaining 2017 Guidance 107

• Investing $20 million in operating expenditures related to back-office centralization and innovation initiatives

• Expect structural tax rate of 18% - 20% in 2017

• Maintenance CapEx and non-real estate investments expected to be $150 - $170 million

• Business acquisitions plus acquisitions of customer relationships expected to total $160 - $180 million

$in MM except Earnings per Share

2017

Guidance(1)

2017 C$

Growth

Revenue $3,750 - $3,840 8% - 10%

Adjusted EBITDA $1,250 - $1,280 16% - 19%

Adjusted EPS Fully Diluted(2) $1.15 - $1.25 8% - 18%

AFFO(3) $715 - $760 8% - 15%

(1) C$ based on rates set in January 2017

(2) Assumes full-year weighted average shares outstanding of 265 mm and 18% - 20% structural tax rate

(3) Beginning in 2017 we have revised our AFFO definition, per the reconciliation in the Appendix on Page 115. AFFO 2017 Guidance in this

table reflects the new definition. AFFO guidance excludes Recall integration CapEx.

Rising Interest Rates and Inflation Create Potential Benefit

• Historically benefited from inflation, which supports higher pricing

• High flow-through of pricing given 75% storage gross margins

• Relative insensitivity to higher interest rates compared with other REITs

• Customers’ storage needs unaffected

• Changes in value of operating real estate do not historically affect storage NOI

• Effectively control real estate though ownership or long-term leases with

multiple extension options

108

IRM Compares Favorably to Broader REIT Universe

109

DIVIDEND

YIELD(1)

2017E

AFFO

PAYOUT(2)

2017E

AFFO

GROWTH(2)

P/AFFO(1)

YTD

TOTAL

RETURN

Iron Mountain 6.2% 79% 11.5% 12.7X 10.4%

Overall U.S. Equity REITs(3) 3.9% 76% 8.6% 21.2X 3.0%

(1) Based on IRM stock price of $35.29 (04/13/2017)

(2) Based on midpoint of 2017 Guidance

(3) Based on 04/13/17 JPMorgan’s REIT Weekly U.S. Real Estate Stock Tools database which includes 131 REITs

Key Takeaways 110

Durable records management growth: internal and acquisitions

High return investments enhance shareholder returns

Strong cash flow generation with increasing margins

Adjacent Businesses provide upside potential

Strategic plan drives sustainable dividend growth and future investments

Attractive valuation with superior business fundamentals

Appendix

Reconciliations of Non-GAAP Measures

112

(1) Net of tax provision of $0.2mm and $0.1mm in full year 2015 and full year 2016, respectively

(2) Includes realized and unrealized FX (gains) losses

Reconciliations of Non-GAAP Measures

113

(1) Net of tax provision of $0.2mm and $0.1mm full year 2015 and full

year 2016, respectively


(3) Includes the impact of the repatriation of foreign earnings and

accounting method changes related to the REIT conversion (including

the impact of amended tax returns); excludes normalized current cash

taxes of $8,924 in Q4 2015, $15,694 in Q4 2016, $43,226 full year

2015 and $76,887 full year 2016

(4) Reflects amortization of customer relationship intangible assets,

capitalized move costs and amortization of deferred financing costs

(5) Represents actual cash taxes less current tax provision and other

one-time cash tax items

(6) Includes $2.8mm of innovation and growth investment for Q4 2016

and $8.6mm for full year 2016

(7) Non-Real Estate Investment CapEx excludes $3.2mm and $9.7mm, of

Recall integration CapEx in Q4 2016 and full year 2016, respectively.

Real Estate and Non-Real Estate Maintenance CapEx excludes

$0.8mm and $1.2mm, of Recall integration CapEx in Q4 2016 and full

year 2016, respectively

Reconciliation of Net Income to FFO (Normalized) & AFFO New Definition

114

(1) Net of tax provision of $0.2mm and $0.1mm full year 2015 and

full year 2016, respectively


(3) Represents actual cash taxes less current tax provision and

other one-time cash tax items

(4) Non-Real Estate Investment excludes innovation and growth

investment of $8.6mm and Recall Non-Real Estate Investment

CapEx of $9.7mm

(5) Maintenance CapEx excludes Recall Maintenance CapEx of

$1.2mm

Definitions 115

Non-GAAP Measures

Non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to

be important for investors to consider when evaluating our financial performance. These non-GAAP measures should be considered in

addition to, but not as a substitute for, other measures of financial performance reported in accordance with accounting principles generally

accepted in the Unites States of America (“GAAP”), such as operating income, income (loss) from continuing operations, net income (loss)

or cash flows from operating activities from continuing operations (as determined in accordance with GAAP).

Adjusted Earnings Per Share, or Adjusted EPS

Adjusted EPS is defined as reported earnings per share fully diluted from continuing operations excluding: (1) (gain) loss on disposal/write-

down of property, plant and equipment (excluding real estate), net; (2) gain on sale of real estate, net of tax; (3) intangible impairments; (4)

other expense (income), net; (5) Recall Costs; (6) REIT Costs; and (7) the tax impact of reconciling items and discrete tax items. Adjusted

EPS includes income (loss) attributable to noncontrolling interests. We do not believe these excluded items to be indicative of our ongoing

operating results, and they are not considered when we are forecasting our future results. We believe Adjusted EPS is of value to our

current and potential investors when comparing our results from past, present and future periods.

Adjusted Funds From Operations, or AFFO

AFFO is defined as FFO (Normalized) excluding non-cash rent expense or income, plus depreciation on non-real estate assets,

amortization expense of customer relationship intangible assets, deferred financing costs and permanent withdrawal fees, stock-based

compensation expense and the impact of reconciling to normalized cash taxes, less maintenance capital expenditures and non-real estate

investments, excluding Recall integration capital expenditures. We believe AFFO is a useful measure in determining our ability to generate

excess cash that may be used for reinvestment in the business, discretionary deployment in investments such as real estate or acquisition

opportunities, returning capital to our stockholders and voluntary prepayments of indebtedness. Additionally AFFO is reconciled to cash flow

from operations to adjust for real estate and REIT tax adjustments, REIT costs, Recall costs, working capital adjustments and other non-

cash expenses. AFFO does not include adjustments for customer inducements, acquisition of customer relationships and investment in

innovation as we consider these costs to be growth related.

Definitions 116

Adjusted EBITDA and Adjusted EBITDA Margin Adjusted EBITDA is defined as income (loss) from continuing operations before

interest expense, net, provision (benefit) for income taxes, depreciation and amortization, and also excludes certain items that we believe

are not indicative of our core operating results, specifically: (i) loss (gain) on disposal/write-down of property, plant and equipment

(excluding real estate), net; (ii) intangible impairments; (iii) other expense (income), net; (iv) gain on sale of real estate, net of tax; (v)

Recall Costs; and (vi) REIT Costs. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by Total Revenues. We use

multiples of current or projected Adjusted EBITDA in conjunction with our discounted cash flow models to determine our overall enterprise

valuation and to evaluate acquisition targets. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide our current and potential

investors with relevant and useful information regarding our ability to generate cash flow to support business investment. These measures

are an integral part of the internal reporting system we use to assess and evaluate the operating performance of our business. Adjusted

EBITDA excludes both interest expense, net and the provision (benefit) for income taxes. These expenses are associated with our

capitalization and tax structures, which we do not consider when evaluating the operating profitability of our core operations. Finally,

Adjusted EBITDA does not include depreciation and amortization expenses, in order to eliminate the impact of capital investments, which

we evaluate by comparing capital expenditures to incremental revenue generated and as a percentage of total revenues. Adjusted

EBITDA and Adjusted EBITDA Margin should be considered in addition to, but not as a substitute for, other measures of financial

performance reported in accordance with GAAP, such as operating income, income (loss) from continuing operations, net income (loss) or

cash flows from operating activities from continuing operations (as determined in accordance with GAAP).

Definitions 117

Business Segments

North American Records and Information Management Business (“RIM”) – Our North American Records and Information Management

Business segment provides records and information management services, including the storage of physical records, including media such as

microfilm and microfiche, master audio and videotapes, film, x-rays and blueprints, including healthcare information services, vital records

services, service and courier operations, and the collection, handling and disposal of sensitive documents for corporate customers (“Records

Management”); Destruction; and Information Governance and Digital Solutions throughout the United States and Canada; as well as fulfillment

services and technology escrow services in the United States.

North American Data Management Business (“DM”) – Our North American Data Management Business segment provides storage and

rotation of backup computer media as part of corporate disaster recovery plans, including service and courier operations (“Data Protection &

Recovery”); server and computer backup services; digital content repository systems to house, distribute, and archive key media assets; and

storage, safeguarding and electronic or physical delivery of physical media of all types, primarily for entertainment and media industry clients

throughout the United States and Canada.

Western European Business – Our Western European Business segment provides records and information management services, including

Records Management, Data Protection & Recovery and Information Governance and Digital Solutions throughout Austria, Belgium, France,

Germany, Ireland, the Netherlands, Spain, Switzerland and the United Kingdom (consisting of our operations in England, Northern Ireland and

Scotland), as well as Information Governance and Digital Solutions in Sweden (the remainder of our business in Sweden is included in the

Other International Business segment)

Definitions 118

Other International Business – Our Other International Business segment provides records and information management

services throughout the remaining European countries in which we operate, Latin America, Asia Pacific and Africa. Our

European operations included in this segment provide records and information management services, including Records

Management, Data Protection & Recovery and Information Governance and Digital Solutions throughout the Czech Republic,

Denmark, Finland, Greece, Hungary, Norway, Poland, Romania, Russia, Serbia, Slovakia, Turkey, Ukraine and the United

Arab Emirates; Records Management and Information Governance and Digital Solutions in Estonia, Latvia and Lithuania; and

Records Management in Sweden. Our Latin America operations provide records and information management services,

including Records Management, Data Protection & Recovery, Destruction and Information Governance and Digital Solutions

throughout Argentina, Brazil, Chile, Colombia, Mexico and Peru. Our Asia Pacific operations provide records and information

management services, including Records Management, Data Protection & Recovery, Destruction and Information Governance

and Digital Solutions throughout Australia and New Zealand, with Records Management and Data Protection & Recovery also

provided in certain markets in China (including Taiwan), Hong Kong-SAR, India, Macau, Malaysia, South Korea ,Singapore and

Thailand. Our African operations provide Records Management, Data Protection & Recovery and Information Governance and

Digital Solutions in South Africa.

Corporate and Other – Our Corporate and Other Business segment primarily consists of our data center and fine art storage

businesses in the United States, the primary product offerings of our Adjacent Businesses operating segment, as well as costs

related to executive and staff functions, including finance, human resources and information technology, which benefit the

enterprise as a whole. These costs are primarily related to the general management of these functions on a corporate level and

the design and development of programs, policies and procedures that are then implemented in the individual segments, with

each segment bearing its own cost of implementation. Our Corporate and Other Business segment also includes stock-based

employee compensation expense associated with all stock options, restricted stock units, performance units and shares of

stock issued under our employee stock purchase plan.

Definitions 119

Constant Dollar Growth (C$) – The year-over-year growth rate excluding the impact of changes to foreign currency exchange rates.

Constant currency growth rates are a non-GAAP measure calculated by translating the 2015 results at the 2016 constant dollar budget

rates.

DPUs – Data protection units, a unit of measurement specific to our Data Protection storage services.

Internal Revenue Growth – Our internal revenue growth rate, which is a non-GAAP measure, represents the weighted average year-

over-year growth rate of our revenues excluding the impact of business acquisitions, divestitures and foreign currency exchange rate

fluctuations. The revenues generated by Recall have been integrated with our existing revenues and it is impracticable for us to

determine actual Recall revenue contribution. Therefore, our internal revenue growth rates exclude the impact of revenues associated

with the Recall Transaction based upon forecasted or budgeted Recall revenues beginning in the third quarter of 2016. Our internal

revenue growth rate includes the impact of acquisitions of customer relationships.

Internal Volume Growth – New Records Management storage volume from existing customers, plus volume from new customers

including volume from acquisitions of customer relationships as the nature of these transactions is similar to new customer wins, offset

by volume related to destructions, permanent withdrawals and customer terminations.

Lease Adjusted Leverage Ratio – The calculation for this ratio is EBITDA plus rent expense divided by net debt including the

capitalized value of lease obligations.

Net Volume Growth – New Records Management storage volume from existing customers, plus volume from new customers and

volume from acquisitions, offset by volume related to destructions, permanent withdrawals and customer terminations. Quarterly

percentages are calculated by dividing the trailing four quarters’ total activity by the ending balance of the same prior-year period.

120

Recall Costs – Operating expenditures associated with our acquisition of Recall, including operating expenditures to complete the

Recall Transaction, including advisory and professional fees and costs to complete the divestments required in connection with receipt

of regulatory approval and to provide transitional services required to support the divested businesses during a transition period, as well

as operating expenditures to integrate Recall with our existing operations, including moving, severance, facility upgrade, REIT

conversion and system upgrade costs.

REIT Costs – Costs associated with our conversion to a REIT, excluding REIT compliance costs beginning January 1, 2014.

ROIC – Defined as net operating profit after tax (NOPAT) plus depreciation & amortization less non-growth CapEx divided by Average

Invested Capital. NOPAT is defined as Adjusted OIBDA less depreciation & amortization, at the structural tax rate of approximately

18% to 20% for Enterprise, but varies by region. Average Invested Capital is defined as the average of interest bearing debt plus

equity less cash plus accumulated depreciation on racking.

Synergized (Stabilized) Returns – Synergized (stabilized) returns are calculated on an un-levered, pre-tax basis by taking synergized

Adjusted OIBDA and dividing it by purchase price as well as capital and operational integration costs.

Total Shareholder Return (TSR): TSR – Total Shareholder Return is calculated by taking the total dividend yield plus stock appreciation of a three year period (assuming dividends are reinvested at the current year TSR rate using a mid-year convention) divided by the Base Share Price and annualized for the three year period. Base Share Price is approximately $29 and assumes constant multiple of 10.5x.

Transformation Initiative – During the third quarter of 2015, we implemented a plan that calls for certain organizational realignments

to reduce our overhead costs, particularly in our developed markets, in order to optimize our selling, general and administrative cost

structure and to support investments to advance our growth strategy, which is expected to be completed by the end of 2017.

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