Durable

Business Drives

Cash Flow and

Dividend Growth

February 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, 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 2018 guidance, and statements about our investment and other goals. 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. 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. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) our ability to remain qualified for taxation as a real estate investment trust for U.S. federal income tax purposes ("REIT"); (ii) the adoption of alternative technologies and shifts by our customers to storage of data through non-paper based technologies; (iii) changes in customer preferences, and demand for our 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 our customers' information; (vi) changes in the price for our 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 our international subsidiaries operate and changes in the global political climate; (viii) our ability or inability to manage growth, expand internationally, complete acquisitions on satisfactory terms, to close pending acquisitions and to integrate acquired companies efficiently; (ix) changes in the amount of our growth and maintenance capital expenditures and our ability to invest according to plan; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments or to obtain additional financing to meet our working capital needs; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) changes in the cost of our debt; (xiii) the impact of alternative, more attractive investments on dividends; (xiv) the cost or potential liabilities associated with real estate necessary for our business; (xv) the performance of business partners upon whom we depend for technical assistance or management expertise outside the United States; (xvi) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xvii) 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. 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. 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 in 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 fourth quarter results on February 16, 2018. Selected metrics are defined in the appendix of our Q4 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 12/31/17 unless otherwise stated(1) Other revenues include Fulfillment Services, Information Governance and Digital Solutions, Technology, Escrow Services Consulting, Entertainment Services, Fine Art

Storage, Consumer Storage and other ancillary services(2) Based on annualized Q4 2017

Global Footprint Business Mix

6 CONTINENTS53 COUNTRIES

225,000+customers

95%Fortune 1000

companies

85MM+SF of real estate

Data Center, 1%

Records

Management

66%

Shredding

10%

Data

Protection

14%

Other(1)

10%

Storage - 81%

Service - 19%

1,400+Facilities

Adj. Gross Profit: $2.3B(2)Revenue: $4.0B(2)

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%

2.2% 2.2% 1.9%

2018E 2019E 2020E

Targeted Growth in Ordinary Dividend/Share vs. Inflation

Growth in Div./Share CPI Index

CPI Source: FactSet, as of February 21, 2018

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

47 MM+ NEW FROM

EXISTING AND NEW

CUSTOMERS ANNUALLY

7 MM+ INTERNAL

NET VOLUME

ANNUALLY

ACHIEVING NET VOLUME

GROWTH IN ALL

MAJOR MARKETS

462 469 477 487 495 504 511

34 41 34 41 32 42 35 43 39 48 40 47

2011 2012 2013 2014 2015 2016 2017

Worldwide Volume CuFt in MM

Change Excludes All Business Acquisitions Since 2011

(1) 684 MM 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 Revenue Growth Shows Momentum in Underlying Business

12

0.5%0.2%

0.8%

1.2%

1.7%

2013 2014 2015 2016 2017

Internal Total Revenue GrowthRolling 3-Year Average 2.7%

2.4% 2.3% 2.4%3.0%

2013 2014 2015 2016 2017

Storage Internal GrowthRolling 3-Year Average

-2.5%-2.8%

-1.5%-0.6%

-0.4%

2013 2014 2015 2016 2017

Service Internal GrowthRolling 3-Year Average

13Global Scale Leverages Revenue Growth to Drive Profitability

$764

$863

$922

$1,110

$1,280

$1,460

2013 2014 2015 2016 2017 2018E

Adjusted EBITDA(1)

C$ in MM (based on 2018 FX Rates)

Worldwide Revenue C$ in MM (based on 2018 FX Rates)

$2,825 $2,930 $2,989

$3,578

$3,901

$4,210

2013 2014 2015 2016 2017 2018E

Note: 2018E and growth rates based on midpoint of 2018 Guidance

(1) Reconciliation from Income from Continuing Operations to Adjusted EBITDA available in Q4 2017 Supplemental Financial Information on Page 15

Data Center Growth Enhances 2020 Plan and Accelerates Long-term Growth

14

80%

Developed PortfolioIncludes North America

And Western Europe

20%

Growth PortfolioEmerging Markets = 18%

Data Center = 1%

Adjacent Businesses = 1%

2% 10%

3.5%+ Average Internal Adj. EBITDA Growth

Q4’17 2020

Revenue Mix

Adjusted EBITDA Growth

70%

Developed PortfolioIncludes North America

And Western Europe

30%

Growth PortfolioEmerging Markets = 20%

Data Center = 7%

Adjacent Businesses = 3%

3% 10%

5%+ Average Internal Adj. EBITDA Growth

Revenue Mix

Adjusted EBITDA Growth

Note: Emerging Markets is Other International reporting segment, excluding Australia and New Zealand

15

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 16

Worldwide Service Gross Profit (2018 C$ in MM)

RM – Activity and Other Services

Shred

DM – Activity and Other Services

Information Governance & Digital Solutions

Other Services

47.0% 39.7%

31.3% 31.2%

24.2%

17.6%

14.4% 10.1%

9.0%

9.8%

15.3%

14.4%

17.8%

24.5% 30.3%

34.6%

2.0% 8.5% 8.7% 9.8%

2014 2015 2016 2017

$329 $310 $357 $403

Iron Cloud Launch Addresses Customer Challenges with Managing Data

17

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)

Progress in Achieving Leadership and Scale18

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

20

• 15+ years of colocation experience

• Significant customer overlap

• Opportunity to cross sell with

secure data archive solutions

• 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

(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

21

(1) Reflects close of IO Data Centers on January 10, 2018 and assumes close of pending Credit Suisse data center acquisition, which is expected 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

Accelerating Growth through Data Center Expansion

22

Transformative Transaction: IO Data Centers Snapshot

• 62.4 MW of capacity (90% leased) with expansion potential of 77 MW

• Purchase price of $1.34B at closing, which includes $25mm of earn out for

customer expansion

• ~15x Adjusted EBITDA multiple on post-integration basis, including synergies of $9 mm

• 550+ customers, no single tenant represents more than 10% of revenue

• 3.1 years WALE(1) and ~98% annual customer retention rate

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

(2) Pro forma pending acquisition of Credit Suisse data centers, which is expected to close in Q1 2018

Global Data Center Business(2)

• 90 MW+ global data center capacity with expansion potential of 160 MW+

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

• Expected to provide ~$200 mm of revenue and ~$100 mm of normalized EBITDA in 2018

Ohio

New Jersey Campus

Scottsdale

Phoenix Campus

23Increasing 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

Disciplined Capital

Allocation and Long-

term Outlook

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

25

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 2018 – 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

26

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

• New segment with approximately $100 mm revenue(1) run-rate with attractive growth opportunities

(1) Represents Q4 2017 annualized total revenue of Corporate and Other segment

Sizable Real Estate Portfolio27

Storage

87M total square feet as of December 31, 2017

• Owned: 28MM SF/307 buildings

• Average size: 91,000 SF

• 32% of real estate by SF owned

• Leased: 60MM SF/1,131 buildings

• Average size: 53,000 SF

• 55% of portfolio expires after 2027, assuming

extension of options

Real Estate Value Creation Opportunities

28

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

29

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 12/31/2017.

(1) Gross book value including leasehold improvements and racking

$5 to $20mm

>$20mm

<$5mm

Major MSA

60%

40%

Owned

SFLeased

SF

$1.9bn(1) United States

Owned Real Estate

Top Owned International Markets by Gross Book

ValueGross Book Value Total %

Country ($MM) Int. Gross BV

1. Canada 148 18%

2. United Kingdom 124 15%

3. France 72 9%

4. Chile 63 8%

5. Brazil 63 8%

6. Mexico 53 7%

7. Scotland 52 7%

8. Peru 46 6%

9. Ireland 37 5%

10. Spain 29 4%

Total $687 86%Source: Company Filings, based on 12/31/17

79%

21%

Owned SF

Leased SF

$0.8bn(1) International

Owned Real Estate

2018 Guidance Demonstrates Drives Strong Cash Flow and Dividend Coverage

30

• Expected internal storage rental revenue growth of 3% - 3.5% and total internal revenue growth of 2% - 3%

• Revenue recognition standards: expect to benefit Revenue by $7 mm and Adjusted EBITDA by $25 mm to $30 mm. No benefit is

expected for Adjusted EPS or AFFO.

• Interest expense is expected to be $415 mm to $425 mm and cash taxes to be $65 mm to $75 mm

• Expect structural tax rate in the range of 18% - 20%

• Assumes full-year weighted average shares outstanding of 287 mm

• Real Estate and Non-Real Estate maintenance CapEx and Non-Real Estate Investments expected to be $155 to $165 mm

• Real Estate Investment and Innovation of $150 mm to $160 mm

• Optimizing real estate portfolio through capital recycling opportunities

• Business acquisitions (~$150 mm) plus acquisitions of customer relationships and inducements (~$60 mm)

• Data Center growth investment expected to be ~$185 mm plus $100 mm for Credit Suisse

$ in MM except Earnings per Share

2018

C$ Guidance

2018

C$ Growth

Revenue $4,160 - $4,260 7% - 9%

Adjusted EBITDA $1,435 - $1,485 12% - 16%

Adjusted EPS Fully Diluted $1.00 - $1.20 (15)% - 2%

AFFO $805 - $865 5% - 13%

Note: 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 of real estate and

other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful.

Increasing Cash Available for Dividends and Discretionary Investments

31

$155

$185

$100

$100

$490

$150

Real Estate, Growth,

and Innovation(2)

Data Center

Growth

Credit Suisse

Incremental

Capital

for

Discretionary

Investments

Growth

Investments(3)Sources(3)

(1) Customer inducements and acquisitions of customer relationships are not deducted from AFFO as they represent discretionary growth investment

(2) Includes core growth racking and excludes Northern Virginia Data Center development under capital lease

(3) Excludes the capital associated with IO Data Centers acquisition, which closed on January 10. Represents midpoint of ranges.

Note: 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 of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful.

Base Acquisitions

$ in MM

Adjusted EBITDA 1,435$ 1,485$

Non-cash stock compensation /

other (including non-cash permanent withdrawal fees) 45 45

Adjusted EBITDA and non-cash expenses 1,480$ 1,530$

Less: Amortization of capitalized sales commissions 20 20

Cash interest and normalized cash taxes 500 480

Total maintenance CapEx and non-real estate investment 165 155

Customer inducements and acquisition of customer relationships (1)60 60

Cash available for dividends and investments 735$ 815$

Expected common dividend to be declared 675 675

Cash available for core and discretionary investments 60$ 140$

2018E

2020 Plan(1): Profitable, Sustainable Growth32

(1) Updated to reflect 2017 actuals and 2018 Guidance, including adoption of revenue recognition standards and expansion of data center business. 2020 ranges at 2018 C$ rates.

(2) Assumes Real Estate and Non-Real Estate Maintenance CapEx and Non-Real Estate Investment of 4% of Total Revenue for 2020.

(3) Assumes 287 million shares outstanding for 2018 increasing to 295 to 300 million shares outstanding in 2020, reflecting long-term incentive comp and potential issuances under existing ATM program.

Lease Adjusted Leverage Ratio – Year-End

5.5x~5.0x

2018E 2020E

$1,260

$1,680 –$1,760

2017 Actual 2020E

$3,846

$4,600 –$4,750

2017 Actual 2020E

Worldwide Revenue ($ in MM)

Adjusted EBITDA ($ in MM)

$2.35$2.54

2018E 2020E

Projected Minimum Dividend per Share(3)

$752

$1,000 -$1,070

2017 Actual 2020E

AFFO Growth(2) ($ in MM)

Disciplined Capital Allocation Designed to Maximize Returns

Lease Adjusted Net Debt to EBITDAR(1)

33

Dividend as % of AFFO

6.0X 4.0X

4.5X

5.0X

85% 65%

70%75%

Optimal Range(2)

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) See definition in the appendix of the Supplemental Financial Information

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

2020 Target

~73%

5.5X

81%

2018 Guidance

IRM Compares Favorably to Broader REIT Universe

34

DIVIDEND

YIELDAFFO

PAYOUT

2018E

AFFO

GROWTH

P/AFFO

YTD

TOTAL

RETURN

Iron Mountain(1) 7.1% 81% 9.0% 11.4X (12.1)%

Overall U.S. Equity REITs(2) 4.4% 75% 5.0% 18.7X (9.1)%

(1) Based on IRM stock price of $33.17 (2/16/18) and midpoint of 2018 Guidance. Note the AFFO payout ratio is based on 2018 midpoint of guidance.

(2) Based on 02/16/18 JPMorgan’s REIT Weekly U.S. Real Estate Stock Tools database which includes 129 REITs.

Key Takeaways 35

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

37Significant Data Center Expansion Opportunity

(MW) Existing Capacity

Under Construction

(12-18 months)

Planned and Future

Expansion

Total Potential

Capacity

Boyers and Other 11.9 2.3 8.2 22.3

Denver 9.6 1.0 5.6 16.2

Northern Virginia 3.0 7.5 49.5 60.0

Sub-Total as of 12/31/17 24.5 10.8 63.3 98.5

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(2) 38.1 12.0 50.0 100.1

IO – Scottsdale(2) 7.3 - - 7.3

IO – New Jersey(2) 15.1 3.0 12.0 30.1

IO – Ohio(2) 1.9 - - 1.9

IO Sub-Total 62.4 15.0 62.0 139.4

Total Data Center Portfolio 91.1 25.8 135.4 252.2

(1) Pending acquisitions expected to close Q1 2018.

(2) IO Data Centers acquisition closed on January 10, 2018

Significant expansion capacity from Northern Virginia and Phoenix properties