Durable

Business Drives

Cash Flow and

Dividend Growth

January 2018

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 statements concerning our operations, economic performance, financial condition, goals, targets, beliefs, future growth strategies, investment objectives, plans and current expectations and Iron Mountain’s proposed acquisition (the “Acquisition”) of IO Data Centers, LLC (“IODC”). These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors. When Iron Mountain uses words such as "believes," "expects," "anticipates," "estimates" or similar expressions, it is making forward-looking statements. Although Iron Mountain believes that its forward-looking statements are based on reasonable assumptions, Iron Mountain’s expected results may not be achieved, and actual results may differ materially from its expectations. In addition, important factors that could cause actual results to differ from Iron Mountain’s expectations include, among others: (i) Iron Mountain’s ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (ii) the adoption of alternative technologies and shifts by Iron Mountain’s customers to storage of data through non-paper based technologies; (iii) changes in customer preferences and demand for Iron Mountain’s storage and information management services; (iv) the cost to comply with current and future laws, regulations and customer demands relating to data security and privacy issues, as well as fire and safety standards; (v) the impact of litigation or disputes that may arise in connection with incidents in which we fail to protect Iron Mountain’s customers' information; (vi) changes in the price for Iron Mountain’s storage and information management services relative to the cost of providing such storage and information management services; (vii) changes in the political and economic environments in the countries in which Iron Mountain’s international subsidiaries operate and changes in the global political climate; (viii) Iron Mountain’s ability or inability to complete acquisitions on satisfactory terms, to close pending acquisitions, including the Acquisition, and to integrate acquired companies, such as IODC, efficiently; (ix) changes in the amount of Iron Mountain’s capital expenditures and Iron Mountain’s ability to invest according to plan; (x) Iron Mountain’s ability to comply with existing debt obligations or to obtain additional financing to meet its working capital needs; (xi) changes in the cost of Iron Mountain’s debt; (xii) the impact of alternative, more attractive investments on dividends; (xiii) the cost or potential liabilities associated with real estate necessary for Iron Mountain’s business; (xiv) the performance of business partners upon whom Iron Mountain depends for technical assistance or management expertise outside the United States; (xv) other trends in competitive or economic conditions affecting Iron Mountain’s 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 or incorporated therein. In addition, Iron Mountain’s ability to close the Acquisition is dependent on the satisfaction of customary closing conditions set forth in the purchase agreement for the Acquisition. You should not rely upon forward-looking statements except as statements of Iron Mountain’s present intentions and of its present expectations, which may or may not occur. Except as required by law, Iron Mountain undertakes 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 may 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 of such Non-GAAP measures and certain operational measures are included in the Supplemental Financial Information. 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.

Note: All financial projections and forward looking statements included herein are current as of reporting the company’s third quarter results on October 25, 2017. Selected metrics are defined in the appendix of our Q3 2017 Supplemental Financial Information.

Introduction and

Strategic Plan

Iron Mountain Provides Mission-critical Services4

1 BILLIONMedical images stored

680 MILLIONCubic feet of hardcopy

records archived

627 MILLIONImages scanned

annually

89 MILLIONPieces of media stored

45,730Disaster recovery

tests supported

30 MILLIONFilm and sound elements

protected and preserved

99.99999%Inventory accuracy rate

1 TRUSTED GUARDIAN of your most precious assets

~250 MegawattsExisting and potential

data center capacity(1)

(1) Pro forma for Credit Suisse and IO Data Centers acquisitions and based on existing and expansion megawatt capacity.

Leading Global Information Management Brand5

Note: Statistics as of 9/30/17 unless otherwise stated(1) Based on 9/30/17 YTD.(2) Other revenues include Fulfillment Services, Information Governance and Digital Solutions, Technology, Escrow Services, Data Center, Consulting, Entertainment

Services, Fine Art Storage, Consumer Storage and other ancillary services.(3) Based on annualized Q3 2017.

Global Footprint Business Mix(1)

6 CONTINENTS53 COUNTRIES

230,000+customers

95%Fortune 1000

companies

87MMSF of real estate

Records

Management

66%

Shredding

10%

Data

Protection

14%

Other(2)

11%

Storage - 81%

Service - 19%

1,400+Facilities

Adj. Gross Profit: $2.2B(3)Revenue: $3.9B(3)

Durable Business Supports Cash Flow and Dividend Growth

6

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

7Durability and Performance Will Continue to Drive Shareholder Returns

$0.3

$1.3

$1.7

$2.2

$2.8

2013 2014 2015 2016 2017

Cumulative Ordinary Dividends and

Special Distributions $in Billions

5.0%

4.0% 4.0%

2.1% 2.3% 2.0%

2018E 2019E 2020E

Targeted Growth in Ordinary Dividend/Share vs. Inflation

Growth in Div./Share CPI Index

CPI Source: FactSet, as of December 20, 2017

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

8

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)

Source: Iron Mountain Propriety Safekeeper Plus Inventory Management System

50% of boxes that

were stored 15 years

ago still remain

We Continue to See Box Growth9

48 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 Business Acquisitions

(1) 676MM CuFt including acquisitions

(1)

Storage Rental Stream is Key Economic Driver

10

Illustrative North America RM Storage Annual Economics(1)

(per square foot, except for ROIC)

Investment

Customer acquisition $ 42

Building and outfitting 65

Racking structures 54

Total investment $ 161

Storage Rental NOI

Storage rental revenue $ 30

Direct operating costs (4)

Allocated field overhead (3)

Stabilized Storage NOI $ 23

Storage Rental ROIC(2) ~14%

(1) Reflects average portfolio pricing and assumes an owned facility.(2) Includes maintenance CapEx, assumed at 2% of revenue.

Addressing Information Governance Challenges

11

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 and

Workflow Solutions (HR, AP)

Strategic consulting for BPM, RIM/Imaging Strategy & Data

Integrity

Comprehensive Data Protection, Preservation, Restoration and Recovery

Challenges We’ve Heard

Governance & Policy Solutions in Physical &

Digital form

Internal Growth Reflects Durable Fundamentals

12

STRATEGIC PLAN

DEVELOPED MARKETS

EMERGING MARKETS(1)

ADJACENT BUSINESSES

REVENUE C$ CAGR 4% 30% 65%

TOTAL INTERNAL

REVENUE CAGR 0.2% 9% 22%

STORAGE INTERNAL

REVENUE CAGR 1% 10% 22%

2013-2016

Strategic Plan Driving Strong Growth

(1) Emerging Markets is Other International, excluding Australia and New Zealand

Note: The definition of Internal Growth, a Non-GAAP measure, can be found on Page 42 in the Appendix of Q3 2017 Supplemental Financial Information

Internal Revenue Growth Shows Momentum in Underlying Business

13

0.5%0.2%

0.8%

1.2%

2013 2014 2015 2016

Internal Total Revenue GrowthRolling 3-Year Average

2.7%2.4% 2.3% 2.4%

2013 2014 2015 2016

Storage Internal GrowthRolling 3-Year Average

-2.5%-2.8%

-1.5%-0.6%

2013 2014 2015 2016

Service Internal GrowthRolling 3-Year Average

Transformation and Integration Enabling Shareholder Return and Investment

14

• 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 Acquisition Net(1) Synergies and Transformation Benefits

Net Synergies Transformation Reinvested

$in mm

15Global Scale Leverages Revenue Growth to Drive Profitability

$823 $859

$896

$1,076

$1,265

2013 2014 2015 2016 2017E

Adjusted EBITDA(1)

C$ in MM (based on 2017 FX Rates)

Worldwide Revenue C$ in MM (based on 2017 FX Rates)

$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 and reflects full year benefit from the Recall acquisition, closed May 2016

(1) Full reconciliation from Income from Continuing Operations to Adjusted EBITDA available in Q3 2017 Supplemental Financial Information on Page 16

Shift in Mix and Capital Allocation Supports Long-term Dividend Growth

16

Note: Emerging Markets is Other International revenue, excluding Australia and New Zealand.

(1) Assumes closing of Credit Suisse and IO Data Centers acquisitions ‘

(2) Based on 2014 Constant Dollar Rates.

Emerging markets

Adjacent businesses

Developed portfolio

2%

18%

80%

Q4’16 Revenue Mix

~10%

20%

70%

2020 Anticipated Revenue Mix(1)

• Continued expansion into emerging markets

~10% of revenues in 2014 to ~18% of revenue in Q3 2017(2)

Pipeline of 4X acquisition goal in high growth markets

• Strategic investments into data center

Large campus development opportunity in Northern VA, the world’s leading data center market

Recent FORTRUST acquisition and pending Credit Suisse and IO Data Centers acquisitions

Prudent

capital

allocation

Developed Markets and Data Management Opportunity

17

1. Strong Top-line Growth 3% Total Dev. Mrkt. Rev. CAGR

18Durable Revenue and Profit Growth in Developed Markets

2. Enhanced Margins 100 bps Adj. EBITDA

What? Continue strong execution and take advantage of scale

Why? Drive volume, focus on revenue management and further expand margins

How? Increase penetration of verticals, mid-market and Global Accounts while

innovating to deliver new products and solutions

2018 – 2020 Target

19

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)

Survey of >700 existing and potential respondents, as well as 70 in-depth interviews with

large North America customers across six verticals, excluding government

Shifting our Service Gross Profit Mix 20

Developed Markets Service Gross Profit (2017 C$ in MM)

RM – Activity and Other Services

Shred

DM – Activity and Other Services

Information Governance & 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

Iron Cloud Launch Addresses Customer Challenges with Managing Data

21

Cloud Storage, Disaster Recovery and Data Archiving Solutions global

market expected to grow 25% to 30%(1)

(1) Reflects CAGR for 2016 through 2021 estimate. Source: Markets & Markets Research Report

Fo

un

da

tio

n

Pu

rpo

se

Bu

ilt

So

luti

on

s

Va

lue

Ad

de

d S

erv

ice

s

• Geographic redundancy

• Compliant cloud framework

• Orchestration/Automation

• Compute, Storage, Virtualization

• Network Security

• Compliance

• E2E Disaster Recovery

• Data Analysis

• Data Classification

• Data Federations

• Data Indexing

• Cloud Auto Tiering

• Ransomware Preparedness

• Cloud Backup

• Cloud Archive

• Cloud Archive Surveillance Video

• Cloud Data Replication

• Deep Storage (Tape Out)

• Migration Services (Data Shuttle)

Emerging

Markets: Delivering

Strong Growth

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

23Continued Strong Execution ofEmerging 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 + Organic Growth 11%+ Total E.M. Revenue CAGR

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

2018 – 2020 Target

Progress in Achieving Leadership and Scale24

Potential New Markets

2013

2017

Romania

Slovakia

Hungary

Czech Rep

Chile

Poland

Mexico Australia

Peru

Turkey

China Singapore

ArgentinaHong Kong

BrazilSerbia

RussiaGreece

China

Finland

Hong Kong

Singapore

Argentina

Serbia

Colombia

Peru

Turkey

Romania

Slovakia

Hungary

Czech Rep

Chile

Brazil

MexicoMacau 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

EcuadorBaltics

Finland

Latin America

Compelling Data

Center Opportunity

Global Footprint and Excellent Commercial Relationships

26

• Data center portfolio 85% utilized

• 15+ years of colocation experience

• Significant customer overlap

• Opportunity to cross sell with secure data

archive solutions

• ~90 MW of available capacity with 160

MW+ expansion potential

• Highly secure and reliable

• Comprehensive compliance support

Trust

Recognized,

Respected Brand

Max Productivity

15+ Years Remote

Support Experience

Cost-Effective

Low PUE, Minimal Waste,

Reduced TCO(1)

Predictable Growth

Long Term Capacity,

Agility

Mitigated Risk

Uptime & Comprehensive

Compliance Support

Transparency

DCIM, Asset Tracking,

Metered Power(1)

Deploying Capital into Higher Growth Businesses

Note all data assumes closing of pending Credit Suisse and IO Data Centers acquisitions, which are expected to close in Q1 2018.

(1) Power unit equivalent or PUE is a measure of data center efficiency. TCO is total cost of operation. DCIM is data center infrastructure management.

Data Center Investment Supports Business Diversification

27

(1) Assumes close of pending Credit Suisse and the IO Data Centers acquisitions, which are expected to close in Q1 2018.

~7% of total

Revenue by

2020(1)

Focus on Top

US and Global

Markets

Invest in

Greenfield

Development

Execute on

Accretive

Acquisitions

• Driven by organic and external

growth

• Leverage REIT structure

• Higher growth and higher

EBITDA margin business,

supports accelerated growth in

2020 Plan

• Conservative three year

stabilization assumptions

• Projected 10% stabilized cash-

on-cash returns

• Ability to address both co-

location and hyper scale

requirements

• Focused on markets with high

absorption

• Targeting top 10 U.S. and top 10

global markets

• Presence in 8 U.S. and 2

international markets(1)

• Pre-stabilized properties with

expansion capacity

• In aggregate, recent acquisitions

expected to be modestly accretive to

2019 AFFO

• Tenant sale-lease-back deals provide

day 1 income and lower expansion

costs

• Double digit stabilized projected

cash-on-cash returns

Multi-pronged

Approach to

Scaling

Data Center

Platform

New Northern Virginia Site Offers Greenfield Development Opportunity

28

• 83-acre site purchased in Manassas, VA

• Total campus can support more than 900,000 SF of purpose-

built data center space with 60 MW of IT capacity

• Phase I Live September 2017

• 165,000 square foot shell

• 10.5 MW of IT capacity

• Initial data hall of 3 MW more than 50% pre-leased

• Development costs in line with industry and market

• $700 - $800 per rentable square foot

• $10M - $11M per MW

• Conservative lease-up assumptions

• Expect to meet 3 MW of demand annually

• Reflects new entrant status in a well-established market

• Rental rates consistent with major providers; $135 -

$145/kW/month; pricing has been stable for last 2-3 years

• Projected double digit stabilized cash-on-cash returns

FORTRUST Acquisition Supports Growth and Solid Returns

29

• Acquired Denver-based data center business for $137.5

million

• New capacity significantly expands existing business

• Top 10 US market; 30%+ local share, 250 customers and 15-year operating

history

• Tier 3 Gold owned facility with 9.1 MW existing capacity, 75% leased

• 7.1 MW of expansion potential allows for future growth and return

enhancement

• Purchase price multiple of approximately 13.7x synergized EBITDA, post integration

• Acquisition funded with $82.5mm private placement of

common shares and ~$55mm cash

Strategic Sale-leaseback Data Center Transaction

• Announced acquisition of two Credit Suisse data centers in Singapore and UK(1)

• Expanding geographic footprint in leading non-US data center markets

• Access to power and fiber to support additional capacity development

• Enable reach to a larger pool of enterprise customers

• Strong anchor customer with 10-year lease

• Sale-leaseback: enable corporate data center users to refine IT infrastructure and increase efficiencies

• Double digit cash on cash returns, following build-out and lease-up of expansion capacity

30

(1) Acquisition is expected to close in Q1 2018.

Metropolitan Area

Total Leased

MW

Planned and Future Expansion

MW

London 3.2 5.6

Singapore 1.0 4.5

Total 4.2 10.1

31

Transformational Transaction: IO Data Centers Snapshot

Property

Overview

Broad

Customer

Base

Attractive

Financial

Profile

(1) Purchase price is subject to customary closing adjustments and is on a cash free/debt free basis.

(2) Weighted Average Lease Term. Weighted by monthly recurring revenue as of 9/30/17.

(3) Based on YTD 2017 number of customers.

(4) Data is based on Last Quarter Annualized financials (Q3 2017) and adjusted for impact of IO’s U.K. and Singapore operations that are not being acquired.

(5) Growth calculated off of $71 million of Adjusted EBITDA and includes benefit from partially realized overhead synergies.

(6) Pro forma pending Credit Suisse and IO Data Centers acquisitions.

• 4 state-of-the-art data centers in Phoenix, Scottsdale, New Jersey and Ohio

• Current capacity (MW) of 62.4 with total potential capacity of 139 MW

• Up to 1.5 million gross square feet (GSF) and 728K data center square feet

• $1.315B purchase price with an additional contingent payment of up to $60mm(1)

• 550+ customers with no single tenant representing more than 10% of total revenue

• Top 10 customers represent ~48% of YTD-2017 revenues with 7 out of top 10

tenants having an investment grade rating

• 3.1 years WALT(2) and ~98%(3) annual customer retention rate

• Standalone $139 million in revenue with $71 million Adjusted EBITDA(4)

• Expected Adjusted EBITDA growth of 20% in 2018(5)

• Data Center business expected to be ~10% of total EBITDA by 2020(6)

Ohio

New Jersey Campus

Scottsdale

Phoenix Campus

32Increasing Exposure to High Growth Data Center Markets with Powerful Secular Tailwinds

$29.7

$48.6

2016 2020E

Outsourcing continues to increase(2)

IT evolution driving market growth and increased demand for data centers

10%21%

90%79%

2015 2019E

Service provider data centers Internal data centers

Large and growing addressable market(1)

Revenues ($bn)

(1) Technavio Global Data Center Market 2016-2020 report.(2) Wall Street research.(3) JLL Data Center Outlook Report 2017; net absorption based on 1H 2017.(4) Includes Denver and Colorado Springs.

Iron Mountain On-campus scale in high growth markets(3)

Total inventory: 145 MW

1H 2017 net absorption: 15 MW

4th fastest absorption market in U.S.

Total inventory: 128 MW(4)

1H 2017 net absorption: 3 MW(4)

Demand from Denver HQ companies

Total inventory: 853 MW

1H 2017 net absorption: 41 MW

Largest data center market in US

Total inventory: 327 MW

1H 2017 net absorption: 2 MW

Critical market for global financial services

Phoenix

Denver

NorthernVirginia

New Jersey

Global colocation market

33Additional Expansion and Value Creation Opportunity Through Development

Data Center Capacity (MW) Under Construction MW

(1) IRM includes pending acquisition of Credit Suisse assets.

(2) Under construction represents projects 12-18 months to completion and planned expansion indicates shell / infrastructure in place.

IO – Under

ConstructionIRM – Under

Construction

57%43%

Select Developments Under Construction

Manassas, VA Phoenix, AZ Edison, NJ Boyers, PA• Under Construction: 7.5 MW

• Planned and Future Expansion: 49.5 MW

• Under Construction: 3.0 MW

• Planned and future Expansion: 12.0 MW

Total Under Construction : 26.4MW

• Under Construction: 2.3 MW

• Planned and Future Expansion: 3.8 MW

90.8

252.5

26.4

135.3

Current Under construction Planned and Futureexpansion

TotalTotal Potential

Capacity

IRM

(1)

IO development expertise + IRM capital enable profitable growth through development

(2)

IO

: Existing IRM property : IO property

• Under Construction: 12.0 MW

• Planned and Future Expansion: 50.0 MW

Disciplined Capital

Allocation and Long-

term Outlook

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

35

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 and represents typical annual acquisition investment, and expected growth and returns in the core business.

Strong returns;

increases exposure to

higher growth markets

Investing in Faster Growing and Value Creating Businesses

36

Innovation

• Leveraging brand, capabilities and

relationships to help customers solve

problems

• Iron Cloud, library moves, valet self-

storage, entertainment services

offerings and policy center

Entertainment Services and Art Storage

• Providing storage, logistics and distribution, and digital services

• Recently doubled Entertainment Services business and expanded presence in Europe

• Art storage segment represents attractive, $1 billion global market growing at ~15% /year

Sizable Real Estate Portfolio37

Storage

87M total square feet as of September 30, 2017

• Owned: 28MM SF/307 buildings

• Average size: 91,000 SF

• 32% of real estate by SF owned

• Leased: 59MM SF/1,126 buildings

• Average size: 52,000 SF

• 54% of portfolio expires after 2027, assuming

extension of options

Real Estate Value Creation Opportunities

38

Lease

Consolidation

• Scope: 5 –10 markets in NA

• Return Range: 10 – 15 %

• Example: Philadelphia, PA; Phoenix, AZ

Development

and Expansion

• Scope: Control land, development JVs

• Return Range: low teens IRR, competitive BTS rents

• Example: Manassas, VA (Data Center); Seattle, WA (Shred)

Optimizing

Portfolio

• Scope: Optimizing portfolio through capital recycling

• Selling in non-strategic locations (low cap rates), using proceeds to

acquire properties in strategic locations and/or with growth/expansion potential

Higher better use• Scope: Maximizing value of existing asset base through sale or conversion (~ 10 potential conversion assets)

• Return Range: 15 – 20 % +

• Example: Sale of infill property for redevelopment - Deanston Wharf, London UK

Racking• Scope: Growth racking

• Return Range: 25 % +

• Example: Grove Rd, Spokane, WA

Note: Return Ranges represent targeted IRRs with stabilization period for racking, lease consolidation and development ranging 2 to 5 years.

Real Estate Quality Underpins Balance Sheet

39

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

SFLeased

SF

$1.7bn(1) United States

Owned Real Estate

Top Owned International Markets by Gross Book

ValueGross 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

Disciplined Capital Allocation Designed to Maximize Returns

Lease Adjusted Net Debt to EBITDAR

40

Dividend as % of AFFO

7.0X 4.0X

4.5X

5.0X

85% 65%

70%75%

Optimal Range(1)

Sources of capital:

• Growth in operating cash flow

• Secured and unsecured borrowings

• Real estate capital recycling

• ATM program or other equity

ROIC hurdle rate above WACC

5.0X

Optimal Range

4.5X

(1) Most restrictive Credit Facility covenant is lease adjusted net debt/EBITDAR of 6.5x.

(2) Based on total dividends paid divided by total AFFO for the LTM 9/30/17 period.

2020 Target

73%

Recent Refinancing Activity(1)

• 71% fixed rate debt and 29% floating

41

ActionAmount

USD

Rate Interest

Savings p.a.

Tenor /

ExtensionPre Post

Amended and extended senior credit facility $2B 2.25% 2.0% $2mm - $4mm5 years /

+3.1 years

Called CAD $200mm bond using revolver capacity ~$165mm 6.125% 3.25% $3.3mm5 years /

+1 year

Issued USD bond and called outstanding USD bond $1B 6% 4.875% $11.3mm10 years /

+7 years

Refinanced AR Securitization $250mm .9% 1% ($250K)3 years /

+2.3 years

Issued £400mm GBP bond and called outstanding GBP bond ~$530mm 6.125% 3.875% $11.9mm8 years /

+3 years

Portfolio Weighted Average (excl. credit facility) 5.4% 4.8% ~$30mm +2.0 years

(1) Excludes $825 million new senior unsecured notes issued in connection with the IO Data Centers acquisition.

“Enterprise Storage” Compares Favorably

42

Iron Mountain

ActualSelf-Storage Industrial

North America annual rental

revenue/SF(1)$29.7 $13.8 $5.5

Tenant Improvements/SF 0 0 $1.96

Maintenance CapEx(2) 3% 5% 12%

Average lease term

Large customers: 3 Yrs.

Small customers: 1 Yr.

Average Box Age : 15 Yrs.

Month-to-Month ~4-6 yrs.

Customer retention 98% ~85% ~75%

Customer type Business Consumer Business

Storage Net Operating Margin(3) Storage: 82% 68% 70%

Largest Public REITs

NOI Annualized ($ in MM)(4)IRM Storage: $1,996 PSA: $1,892 PLD: $1,880

Source: Self-Storage and Industrial benchmark data provided by Green Street Advisors and J.P. Morgan.

(1) Annualized rental revenue / SF is based on Q3 2017 results.

(2) IRM CapEx represents real estate maintenance CapEx as a percentage of storage revenue based on FY 2016 results. CapEx for Self-Storage and Industrial comps represent recurring CapEx as a percentage of storage revenue. Excludes leasing commissions.

(3) Excludes rent expense for Iron Mountain.

(4) Represents annualized Q3 2017 storage net operating income for IRM, 3Q17 self-storage net operating income for Public Storage (PSA), and Q3 2017 net operating income for Prologis (PLD) source from those companies’ supplemental disclosures.

IRM Compares Favorably to Broader REIT Universe

43

DIVIDEND

YIELDAFFO

PAYOUT

2017E

AFFO

GROWTH

P/AFFO

YTD

TOTAL

RETURN

Iron Mountain(1) 6.2% 79% 11.5% 13.6X 23.5%

Overall U.S. Equity REITs(2) 4.1% 76% 5.8% 21.7X 5.1%

(1) Based on IRM stock price of $37.73 (12/29/17) and midpoint of 2017 Guidance. Note the AFFO payout ratio is based on 2017 midpoint of guidance.

(2) Based on 12/29/17 JPMorgan’s REIT Weekly U.S. Real Estate Stock Tools database which includes 129 REITs. Note the AFFO payout ratio represents 2018E

Key Takeaways 44

Leading Global Information Management Brand with Scale Supports Durable, Growing Business

Strong cash flow generation with increasing margins

Disciplined Capital Allocation Designed to Maximize Returns

Transformational Data Center Acquisitions Establish IRM as a Leading Provider and Accelerate Growth

Increasing Exposure to High Growth Markets with Powerful Secular Tailwinds

Strategic plan drives sustainable dividend growth and future investments

Proven Track Record of Shareholder Return Driven by Performance and Durability

Attractive valuation with superior business fundamentals

Appendix

46Significant Data Center Expansion Opportunity

(MW) Existing Capacity

Under Construction

(12-18 months)

Planned and Future

Expansion

Total Potential

Capacity

Boston 1.2 - 2.4 3.6

Boyers, PA 9.6 2.3 3.8 15.7

Denver 9.1 1.6 5.5 16.2

Kansas City 1.3 - 2.0 3.3

Northern Virginia 3.0 7.5 49.5 60.0

Sub-Total as of 9/30/17 24.2 11.4 63.2 98.8

CS – London(1) 3.2 - 5.6 8.8

CS – Singapore(1) 1.0 - 4.5 5.5

CS Sub-Total 4.2 - 10.1 14.3

IO – Phoenix(1) 38.1 12.0 50.0 100.1

IO – Scottsdale(1) 7.3 - - 7.3

IO – New Jersey(1) 15.1 3.0 12.0 30.1

IO – Ohio(1) 1.9 - - 1.9

IO Sub-Total 62.4 15.0 62.0 139.4

Total Data Center Portfolio 90.8 26.4 135.3 252.5

(1) Pending acquisitions expected to close Q1 2018.

Significant expansion capacity from Northern Virginia and Phoenix properties

Reconciliation of Income from ContinuingOperations to Adjusted EBITDA

47

Last Twelve Months Q3 2017 vs. Q3 2016

For the period

LTM 9/30/17

Income (Loss) from Continuing Operations $217,174

Add/(Deduct):

Gain on Sale of Real Estate, Net of Tax (2,780)

(Benefit) Provision for Income Taxes 28,284

Other Expense, Net 41,043

Interest Expense, Net 350,444

Loss (Gain) on Disposal/Write-down of Property, Plant

and Equipment (Excluding Real Estate), Net1,576

Depreciation and Amortization 506,749

Recall Costs 87,667

Adjusted EBITDA $1,230,157

3Q 2016 3Q 2017

(Loss) Income from Continuing Operations $5,759 $25,382

Add/(Deduct):

Gain on Sale of Real Estate, Net of Tax (325) 638

(Benefit) Provision for Income Taxes 23,418 2,268

Other Expense, Net 23,302 59,479

Interest Expense, Net 83,300 88,989

Loss (Gain) on Disposal/Write-down of Property, Plant

and Equipment (Excluding Real Estate), Net(54) (292)

Depreciation and Amortization 124,670 128,513

Recall Costs 34,132 18,047

Adjusted EBITDA $294,203 $323,024

Credit agreement adjustments 29,065

$1,259,222Adjusted EBITDA per credit agreement

Rent expense 308,872

$1,568,093Adjusted EBITDAR per credit agreement

($ in 000) ($ in 000)

IO Reconciliation of Income from ContinuingOperations to Adjusted EBITDA

48

2016 Actual LQA-Q3 2017(1)

For the period

12/31/16

Income (Loss) from Continuing Operations ($56,469)

Add/(Deduct):

Loss on disposal of assets 1,411

(Benefit) Provision for Income Taxes -

Other Expense, Net 6,487

Interest Expense, Net 78,014

Depreciation and Amortization 29,896

Adjusted EBITDA $59,339

3Q 2017

(Loss) Income from Continuing Operations ($36,795)

Add/(Deduct):

Loss on disposal of assets 823

(Benefit) Provision for Income Taxes -

Other Expense, Net 3,795

Interest Expense, Net 67,863

Depreciation and Amortization 38,015

Adjusted EBITDA $73,701

(2,526)

$71,175

Less U.K. and Singapore operations not acquired

Adjusted EBITDA (excl. U.K. and Singapore)

($ in 000) ($ in 000)

(1) LQA is last quarter annualized