Durable Business Drives Cash Flow and Supports Dividend GrowthSeptember 9, 2016

Safe Harbor Language and Reconciliation of Non-GAAP Measures

2

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this communication may constitute “forward-looking statements” within the

meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws and be subject to the safe-harbor created by such Act. Forward-looking statements include, but are

not limited 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 2016 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, and expected cost savings associated with the Transformation Initiative. 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. You should not rely upon forward-looking statements except as statements of Iron Mountain’s present intentions

and of Iron Mountain’s present expectations, which may or may not occur. The forward-looking statements are based on Iron Mountain’s estimates based on information available to it as of the

date indicated in connection with such statement (and if no such date is indicated, the date of this Investor Presentation). Iron Mountain’s expected results may not be achieved, and actual

results may differ materially from its expectations. 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 U.S. 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 privacy issues; (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; (viii) Iron

Mountain’s ability or inability to complete acquisitions on satisfactory terms and to integrate acquired companies efficiently; (ix) changes in the amount of Iron Mountain’s capital expenditures;

(x) changes in the cost of Iron Mountain’s debt; (xi) the impact of alternative, more attractive investments on dividends; (xii) the cost or potential liabilities associated with real estate necessary

for Iron Mountain’s business; (xiii) the performance of business partners upon whom we depend for technical assistance or management expertise outside the United States; and (xiv) other

trends in competitive or economic conditions affecting Iron Mountain’s financial condition or results of operations not presently contemplated. In addition, the benefits of the l Recall

transaction, including potential cost synergies, accretion and other synergies (including tax synergies), may not be fully realized or may take longer to realize than expected. Additional risks

that may affect results are set forth in Iron Mountain’s filings with the Securities and Exchange Commission, including under the caption “Risk Factors” in our periodic reports, or incorporated

therein. Any forward-looking statements contained herein are based on assumptions that Iron Mountain believes to be reasonable as of the date indicated in connection with such statement

(and if no such date is indicated, the date of this Investor Presentation) and Iron Mountain undertakes no obligation, except as required by law, to update these statements as a result of new

information or future events.

Non-GAAP and Measures: Throughout this presentation, Iron Mountain will discuss (1) Adjusted OIBDA, (2) Adjusted Earnings per Share, (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 or net income (loss) or cash flows from operating activities from continuing

operations (as determined in accordance with GAAP). For additional information please see the appendix of this presentation, and for additional definitions and a reconciliation of these

measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, please see the Iron Mountain’s supplemental reporting

package under Investor Relations\Financial Information\Quarterly Reporting at www.ironmountain.com. 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.

Table of Contents

Topic Pages

Iron Mountain Overview 4 – 8

Business Durability 9 – 13

Strategic Plan Performance and 2020 Vision 14 – 24

Capital Allocation and Real Estate Strategy 25 – 34

Recall Acquisition and Transformation 35 – 39

Guidance and Summary 40 – 45

Appendix 46 – 55

3

Iron Mountain Overview

We Store & Manage Information Assets5

75% 16% 9%

Records & Information

Management(2) Data Management (2) Shredding (2)

Storage: 70%

Service: 30%

Storage: 60%

Service: 40%Service: 100%

Diversified Global Business (1)

• More than $3.7 billion annual revenue(1)

• 220,000+ customers

• Serving 94% of Fortune 1000

• More than 85 million square feet

of real estate in more than 1,400

facilities

Compelling Customer Value

Proposition

• Reduce costs and risks of storing and protecting information assets

• Broadest footprint and range of services

• Most trusted brand

(1) Annualized revenues reflect midpoint of normalized for FY 2016 guidance (2) Based on a partial year contribution from Recall through year-to-date 2016

Leading Global Presence6

Most expansive global platform

• Compelling customer proposition

• Strong international expansion

opportunity

Attractive real estate characteristics

• Low turnover costs

• Low maintenance capex

• High retention, low volatility

Solid track record of enhancing

shareholder value

• Share buybacks, REIT conversion,

dividend enhancement

Formal corporate responsibility program

• FTSE4Good and Dow Jones

Sustainability Index constituent

6 CONTINENTS45 COUNTRIES

Storage Rental Stream is Key Economic Driver

7

-4%

-2%

0%

2%

4%

6%

8%

2007 2008 2009 2010 2011 2012 2013 2014 2015

Coming off higher inflation

and pricing catch up

8-Year Average

IRM Internal Storage Revenue Growth (1) 3.8%

Self-Storage Average Same Store Revenue(2) 3.8%

Industrial Average Same Store Revenue(3) 1.0%

Source: Company filings.

(1) Represents the weighted average year-over-year growth rate of the Company’s revenues after removing the effects of acquisitions, divestitures and foreign currency exchange rate fluctuations. Local currency used for international operations.

(2) Represents the annual same-store revenue growth average for Public Storage (PSA), Extra Space Storage (EXR), CubeSmart (CUBE) and Sovran (SSS)

(3) Represents the annual same-store revenue growth average for DCT Industrial (DCT), Duke Realty (DRE), First Industrial (FR), Liberty Property (LPT), Prologis (PLD) and PS Business Parks (PSB).

Illustrative North America RM Storage Annual

Economics(1)

(per square foot, except for ROIC)

Investment

Customer acquisition $ 42

Building and outfitting 54

Racking structures 54

Total investment $ 150

Storage Rental NOI

Storage rental revenue $ 27

Direct operating costs (3)

Allocated field overhead (3)

Stabilized Storage NOI $ 21

Storage Rental ROIC(2) ~14%

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

Historical Same-store Revenue Growth

“Enterprise Storage” Compares Favorably

8

Iron Mountain

ActualSelf-Storage Industrial

North America annual rental

revenue/SF(1)$26.7 $13.8 $5.5

Tenant Improvements/SF N/A N/A $1.96

Maintenance CapEx(2) 2% 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 concentration Very low Very Low Low

Customer type Business Consumer Business

Stabilized Occupancy

(building & racking utilization)(3)

Building: 85%

Racking: 91%90% 93%

Storage Net Operating Margin (4) Storage: 81% 68% 70%

Largest Public REITs

2Q’16 NOI Annualized (5)IRM Storage: $1,874 PSA: $1,703 PLD: $1,756

Source: Company estimates and filings. Benchmark data provided by Green Street Advisors and J.P. Morgan.

(1) Annualized rental revenue / SF is based on 2Q16 results, reflecting only two months of Recall revenues and total square footage acquired

(2) IRM CapEx represents real estate maintenance CapEx as a percentage of storage NOI. Comps represent recurring CapEx as a percentage of NOI. Excludes leasing commissions. Based on 2Q16 results

(3) Building utilization represents total potential building capacity and racking utilization represents installed racking capacity for the Records Management business

(4) Excludes rent expense.

(5) Represents annualized 2Q16 storage net operating income for IRM including a FY benefit from Recall, self-storage net operating income for PSA, and net operating income for PLD source from those companies’ supplemental disclosures

($ in M)

Business Durability

Global Document Storage Continues to Demonstrate Strong, Steady Growth

10

6.1% 5.9% 5.9% 5.9% 5.7% 5.8% 5.8% 6.0%

2.4% 2.4% 2.4% 2.3% 2.4% 2.5% 2.6% 2.6%

3.4%1.5% 1.6% 1.0% 1.1% 0.7% 1.6%

25.9%

-4.5% -4.4% -4.4% -4.3% -4.5% -4.6% -4.8% -4.8%

-1.9% -1.9% -2.0% -2.1% -2.1% -2.1% -2.0% -2.1%

Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16

New Volume from Existing Customers New Sales Acquisitions Destructions Outperm/Terms

Year-over-Year Global Net Volume Growth Rates (Records Management Only)

(1) Acquisitions of customer relationships are included in new sales as the nature of these transactions is similar to new customer wins.

2.1% 2.1% 2.0% 1.8% 1.6% 1.6% 1.6% 1.7%Internal

Growth

5.5% 3.6% 3.6% 2.8% 2.7% 2.3% 3.2% 27.6%Net

Growth

(1)

North America box inventory has continued to grow

358 377

79

23 30

69

2 16 19

New from

Existing

New from

New

Outperms &

PWDestructions+ - - =

Organic

GrowthAcquisitions+ = Total Growth

YE 2011

Balance

YE 2015

Balance

Iron Mountain NA Cube Growth 2012-2015 (CuFt in M)

Continuing to receive

strong volume, albeit

at a declining pace

Successfully adding

new customers and

inventory at an

increasing rate

At historic lows,

having declined

from 2.4% to 1.8%

of total inventory

Virtually

unchanged, holding

at 4.7% of total

inventory

Ob

se

rve

d T

ren

ds

His

tori

ca

l P

erf

orm

an

ce

New From Existing New From New(1) Outperms & PWs Destructions

Accretive

acquisitions

generate stabilized

returns of 11% -

14%

Acquisitions

11

(1) Acquisitions of customer relationships are included in new sales as the nature of these transactions is similar to new customer wins

BCG Study Estimates NA Vended Document Storage at ~700M CuFt Excluding Government and SMB

40

0 4020

20

60

0

10080

100

80

60

190M

(11%)

38%

34%

175M

(11%)

Share of

Cuft (%)

55%

60M

(2%)

22%

38%

23%

Life

Sciences

90M

(4%)

Health

care

44%

25%

36%

31%

41%

29%

Vended

Wholly

Unvended

Other

1,000M

(53%)

31%

42%

In-house at

Vended

Customers

LegalEnergy

11%

Financial

services

385M

(20%)

45%

33%

21%

Segmentation of NA box storage volume(1)

(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

~720M

~700M

Cubic Feet

~480M

Total ~1.9 B cu ft

Vended ~700 M cu ft

Share of

Cuft (%)

12

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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

Retention rate

Predictable and Steady Box Retention Rate

IRM Retention Rate – North America

As of March 31, 2016

50% of boxes that were

stored 15 years ago still

remain25% of boxes that

were stored 22 years

ago still remain

Box Age

13

Strategic Plan Performance and 2020 Vision

Strategic Plan Delivering Expected Results

15

(1) Reflects net volume growth (prior to acquisitions of Records Management businesses) in North America Records Management and Western

Europe from Jan 2014 through June 2016

(2) Data as of Q2 2016 and on a 2014 C$ basis

DEVELOPED

MARKETS

9M cu. ft. Net RM

Volume prior to

Acquisitions(1)

OUR PLAN FOR GROWTH

EMERGING

MARKETS

Emerging Markets =

16.4% of Total

Revenues on a

C$ basis(2)

ADJACENT

BUSINESSES

New Data Center

Customers and

Expanded into

Art Storage

TRANSFORMATION, INTEGRATION AND TALENT

Drive process improvements, simplification, efficiencies, and develop and enable talent to support business strategy

Leverage Real Estate Platform to Create Long-Term Value

GR

OW

TH

and V

ALU

E

PIL

LA

RS

EN

AB

LE

RS

Consolidate properties for maximum efficiency, leverage development and lease conversion opportunities

Strategic Plan Drove Improved Performance Since Year-end 2013

16

$1.08$1.91

2013 2015

$2,894 $3,011 $3,078

2013 2014 2015

Worldwide Revenue (C$ in M) Adjusted OIBDA (C$ in M) Regular Dividend per Share

$861$898

$940

2013 2014 2015

2013 - 2015

Revenue

C$ CAGR

1% 33% 20%

DEVELOPED

MARKETSEMERGING

MARKETS

ADJACENT

BUSINESSES

STRATEGIC PLAN

Based on 2015 C$ Rates

Note: We use Non-GAAP metrics and financial measures in comparing our operating performance and highlights to our strategic goals because the non-GAAP metrics and financial

measures are used in our strategic goals, rather than GAAP financial measures. We believe it is important to our investors for us to report progress against these strategic goals,

and management compensation is aligned with these strategic goals, as noted in our annual meeting of stockholders proxy

Significant Improvement in Internal Revenue Growth Since 2012

17

3.0%

2.1% 2.2%2.7%

-4.4%

-3.4%

-0.7% -0.4%

2012 2013 2014 2015

Storage Internal Growth Service Internal Growth

Internal Revenue Growth(1)

-0.4%-0.3%

1.0%

1.5%

2.0%

2012 2013 2014 2015 2016 -GuidanceMidpoint

Internal Storage Rental and Service Growth Total Internal Growth

(1) 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 impacts of business acquisitions, divestitures and foreign currency exchange rate fluctuations. Our internal revenue growth rate includes the

impact of acquisitions of customer relationships

2020 Vision Changes Mix and Enhances Growth

18

75% Developed Portfolio 25% Growth PortfolioEmerging Markets = 20%

Adjacent Businesses = 5%

3% Adj. OIBDA 10% Adj. OIBDA

~5% Average Internal Adj. OIBDA Growth

ROIC = 14%

82% Developed Portfolio 18% Growth PortfolioEmerging Markets = 16%

Adjacent Businesses = 2%

2% Adj. OIBDA 10% Adj. OIBDA

~3% Average Internal Adj. OIBDA Growth

ROIC = 12%

Q2’16 2020

Summary of Financial Roadmap 2015 – 2020

19

Growing Storage Revenues And Margins

Stabilized Service Gross Margin and Grow

Gross Profits

Improved SG&A Efficiency

Disciplined Capital Spend on Maintenance,

Non-Real Estate Investment and Racking

Dividend Growth Per Share

Accretive Acquisitions,Real Estate and Adjacent

Businesses

Consistent Contribution

and Cash Flow Improvement

Growing Storage Revenues and Gross Profits

20

3.1% 3.0%

2.1% 2.2%2.7%

2011 2012 2013 2014 2015

Total Internal Storage Rental Growth

(1) Data as of YTD 2016 and based on reported dollar results

(2) Includes rent expense and doesn’t include termination and permanent withdrawal fees. 2015 Storage Gross Margin impacted by accounting

adjustments in Q2 2015

Storage 61%(1) of

Total Revenue

Storage 83%(1) of

Total Gross Profit

Maintain annual growth

of 2.5% to 3% through 2020

Modest annual growth

through 202072.8%73.6%

75.3%76.6% 76.6%

2011 2012 2013 2014 2015

Storage Gross Margin(2)

Stabilized Service Revenue with Focus on Enhancing Gross Profits

21

Expect internal service

revenue to be net

positive for 2016; mix

shift to drive higher

gross profit

Service 39%(1)

of Total

Revenue

Service 17%(1)

of Total Gross

Profit

(1) Data as of YTD 2016 and based on reported dollar results

(2) 2015 service gross margin represents Q4-2015

0.4%

(4.4%)

(3.4%)

(0.7%) (0.4%)

2011 2012 2013 2014 2015

Total Internal Service Revenue Growth

40.9%27.7% 27.2%(2)

2011 Service GrossMargin

2014 Service GrossMargin

2015 Service GrossMargin

Primary Drivers of Decline

Costs not reduced in line with activity

Mix shift to lower margin revenue

Lower paper price

Stabilization Drivers

Labor management

Transport efficiencies

Use of technology

Total Service Gross Profit

Offsetting Core Service Declines with Continued Shift in Revenue Mix

22

Total Company Service Revenue (All years reflect 2016 C$ in M)

Area / CAGR

RM – Activity-Based -3%

Shred Non-Paper +4%

DM – Activity-Based -10%

Info. Gov. & Digital Solutions +17%

Shred Paper -2%

Other Services +4%

Note: Examples of activity based service include retrieval refile; other services include library moves and Secure IT Asset Disposition

38% 39% 38% 35%

16% 15% 13%12%

7% 8% 8%11%

15% 15% 14% 17%

2015

$1,134

6%

$1,147

20142013

$1,128

6%6%

17% 17% 20%

• Shifting revenue mix to project-

based and other complementary

services

• Generate growth in service gross

profit, margins may be lumpy

• New offerings have lower

average gross margin than

activity-based services

• However, less capital

intensive, therefore have

similar returns

2016E

19%

7%

$1,360

- $1,400

Collaborating with Technology Providers to Enhance Data Management Offerings

23

Secure e-Waste and IT Asset Disposition a structured, secure, cost-

effective program to manage outdated IT assets that provides business

value, while being compliant and green

Restoration Assurance Program allows customers to archive data

securely offsite and restore it on-demand when you needed, through

an auditable, repeatable and defensible process

Cloud Seeding and Migration a cost-effective and efficient method

to move large data sets to the cloud, while providing security and

chain-of-custody throughout the entire process

Cloud Archive Solution highly secure and cost-effective off site

storage, available on demand and accessible by dedicated, secure

network bandwidth. Scalable and resilient storage infrastructure offers

full spectrum of backup, replication, archive and disaster recovery

solutions to protect, preserve, and manage data for compliance, legal or

value-creation purposes

• New offerings in data management drive both

storage and service revenue

• Diversification of service revenues to offset

decline in activity based services

• Early days, however, gaining traction among

customers in North America

Highlights

Improved SG&A Efficiencies –Transformation

24

• Improvement driven by offshoring, outsourcing,

automation, procurement effectiveness, and reducing

complexity

• Target levels of SG&A consistent with median level

benchmarks for companies of similar scale

• Actions taken in July 2015 generating run-rate savings of

$50M for 2016

• Year-to-date, through July 30, executed on over $28M of

$50M of run-rate savings in 2017

Estimated SG&A(1) as % of Revenue

$50

$100$125

2016 2017 2018

Estimated Cumulative SG&A Savings ($ in M)

20.0%

22.0%

24.0%

26.0%

28.0%

30.0%

2013 2014 2015 2016E 2017E 2018E 2019E 2020E

IRM Trend

Transformation

(1) Excludes REIT Costs and Recall Costs

Capital Allocation and Real Estate Strategy

Attractive Discretionary Investment Opportunities

26

DEVELOPED AND EMERGING MARKETS

BUSINESS ACQUISITIONSADJACENT BUSINESSES REAL ESTATE

DISCRETIONARY INVESTMENTS

Strong Stabilized Returns

27

Acquisition Spend/Yr. $100M

Ongoing Topline Growth 10% + Storage Rental

Expected Returns 13% – 14%

Emerging Markets Acquisition Economics*

Acquisition Spend/Yr. $50M

Ongoing Topline Growth 2 -3% + Storage Rental

Expected Returns 11% – 13%

Developed Markets Acquisition Economics*

Tuck-in deals offer

predictable return and

quickly synergize

Strong returns,

supports progress to

increase exposure to

higher growth markets

M&A Delivers Solid Growth and Returns

* Reflects assumptions for 2016 - 2020

Adjacent Businesses Offer Potential Further Upside

28

Capital Invested $78M in 2015

Expected Returns 13%

Stabilization 18 months

Capital Invested Per Year $35M/Yr.

Expected Returns 12-15%

Stabilization 2-3 years

Data Center Economics(1)

• 2020 Target = 5% of total Revenue

• 10% long-term organic growth

• Data center continued organic growth offering good returns

• Art storage through Crozier acquisition

Art Storage Economics

(1) Data reflects assumptions for 2016 – 2020 Data center economics represent invested capital in existing facilities and business and exclude large specific development projects and acquisitions

Formalizing Art Business with Acquisition of Premier Brand

29

• $1 billion industry with solid growth(1)

• Global and Fragmented

• Consolidation opportunity

• Durable REIT-friendly storage

• High per-square foot rates (~$60/SF)

• Durable storage (90% renewal rate)

• Leading brand in North America

• Driver of global industry standards

• Strong storage (58%) and storage related

services (34%) mix(2)

• ~$30M annual revenue(2), 30%+ expected

stabilized Adjusted OIBDA margins

• Year 1 accretive

Crozier Acquisition Fine Art Attractive Space for IRM

(1) Source: Proprietary industry research

(2) Based on 2015 results

• Secure storage expertise

• Legacy of trust

• Chain of custody and logistics

• Global footprint

• Roll-up experience

• Marquee clients in entertainment and government

And Bring Some Critical AdvantagesWe Complement Crozier

Northern Virginia Site Supports Scale and Long-Term Growth

30

Site Opportunity

• 83 acre site allows for 640,000 square feet in four buildings using a single-story design

• Power capacity utilizing multiple underground feeds from a nearby substation, with additional capacity available

• Abundant fiber on site and low latency to the major exchange points in nearby Ashburn, VA

• Flexibility to support custom government requirements with high security standards

• Each building is designed for 10.5 MW of critical IT load using a Tier III certified N+1 concurrently maintainable design

• Building 4 will be constructed first with Buildings 1, 2 and 3 planned for future development

• Leasing velocity will determine ultimate timing of capital spend

11650 Hayden Road,

Manassas, VA

Proposed Site Plan

Northern Virginia Data Center Financial Projections & Assumptions

31

• Capital Partners

• Engaged with development partner to finance Phase I

development, July 2017 expected completion

• Purchase option 3 years following completion

• Development costs in line with industry and market

• $700 - $800 per rentable square foot

• $10M - $11M per MW

• Ranges based on final density of the building; opportunity

to out-perform

• Conservative lease-up assumptions

• Reflect new entrant status in a well-established market

• Rental rates consistent with major providers; $135 -

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

• Forecast returns meet or exceed adjacent business targets

• Mid-teens projected IRR

• Stabilized NOI Yield of 10 - 12%

Estimated Stabilized Returns on Full

Development Project ($ in M)

Storage Revenue $71

Storage Adjusted OIBDA $47

Storage NOI $53

Estimated Total Investment (IRM

and Partners)$441

Assuming full build-out and

100% ownership of all 4 buildings

Sizable Real Estate Portfolio32

Storage

(1) Building utilization represents total potential building capacity and racking utilization represents installed racking capacity. Rates and data based on Q2 2016 results.(2) Reflects data for IRM only. Recall’s unit of measurement for tapes is not consistent with IRM’s methodology. IRM is in the process of converting Recall’s data to be

able to report DPUs.

88M total square footage (1)

• Owned: 27M sq. ft. / 303 Buildings

• Leased: 61M sq. ft. / 1,178 Buildings

• Owned: 31% of real estate by sq. ft.

• Average size: 60K sq. ft

Records Management Utilization rates (1)

• Building: 85%

• Racking: 91%

Data Protection Utilization Rates (1),(2)

• Building: 67%

• Racking: 80%

Real Estate Value Creation Opportunities

33

Lease

Consolidation

• Scope: 5 –10 markets in NA, $80 – 90M investment over 3-5 years

• Stabilized Return Range: 10 – 15 %

• Example: Philadelphia, PA

Development• Scope: Control land, development JVs

• Stabilized Return Range: Competitive BTS rents, low teens IRR

• Example: Manassas, VA / Ezeiza II, Argentina

• Scope: enhance active management of former Recall portfolio

• Potential improvement in facility costsProperty Mgt.

Conversion• Scope: Initial analysis ~ 50 assets w/o LT renewal options (3-3.5MSF)

• Stabilized Return Range: 8 – 10 %

• Example: Church St, Morrisville, NC

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

• Stabilized Return Range: 15 – 20 % +

• Example: Sale for redevelopment, convert for consumer or art storage

Racking• Scope: Growth racking

• Stabilized Return Range: 25 % +

• Example: Harris Tech Blvd, Charlotte, NC

Lease Consolidation Opportunity Post-Recall

34

Scope and ReturnMarket characteristics

for consolidations

• Initial Analysis

• Chicago, Cleveland, Detroit, Houston, Dallas,

Jacksonville, Portland

• France, Spain, the United Kingdom and Australia

• Total Potential Investment of $80M - $90M

over 3 – 5 years

• Projected IRRs: 10% - 15%

1. Strategic, long-term market

2. Multiple leased facilities with

low density and/or utilization

3. Significant capital expenditure

requirements for facility

upgrades/rack remediation

4. Leases with significant risk of

rent inflation

Recall Acquisition and Transformation

Successfully Integrating the Recall Business

36

Leadership teams engaged; strong collaboration across legacy companies

Retained legacy Recall talent to lead key areas such as SMB sales

Completed conversions to support REIT structure

Completed disposition of 13 markets in the U.S.

Evaluating bids on other required dispositions

Reviewed service offerings to determine optimal platforms

Conducted real estate reviews to identify initial consolidation opportunities

Strong Integration Progress and

Pulling Forward of Synergies (as of 08/04/16)

37

$40 $55

Total Expected Run-Rate Gross Synergies from Actions Taken in 2016

Actioned - YTD July 30 2016 To be Actioned - August - December 2016

$95

$20

$115

$35

$95$80

Expected Net

Synergies

Total Full Year

Divestitures

Total Expected

Gross Synergies

for 2017

In Year Benefit

of Actions to be

Taken in 2017

Expect Run-

Rate Gross

Synergies from

2016 Actions

>80% of 2017 Gross

Synergies Planned for 2016 2017 Expected Synergies

$ in M

Estimated Recall Synergies and Costs to Achieve

38

$135

$240 $270 $220

$80

$300

2016 2017 2018 Fully Synergized

Operating Expense Capital Expense

$18

$80

$100 $105

2016 2017 2018 FullySynergized

Overhead Cost of Sales Tax Real Estate

(1) Synergies are net of divestitures but do not reflect impact of costs to achieve synergies and integrate businesses. Synergy estimates are preliminary and may change as ongoing analysis and integration planning progresses.

(2) Cost to achieve synergies and integrate businesses includes moving, racking, severance costs, Facilities Upgrade Program, REIT conversion costs, system integration costs and costs to complete the divestitures and any transitional services required to support the divested business during a transition period. This is in l ine with previous guidance but excludes one-off deal close and divestments costs of approximately $80M.

(3) 2016 incudes approximately $20M of incurred in 2015 to prepare for integration

Estimated Total Net Synergies(1)

Anticipated at Full Integration

Estimated Cumulative One-time Costs to Achieve and Integrate(2)

Includes Operating and Capital Expenditures and In Line with

Prior Guidance

Debt financed as incurred

(3)

Estimates are as of 08/04/16

Transformation Program on Track39

• Developing and acquiring talent and capabilities to execute on plans

• Instilling a continuous improvement and owner / entrepreneurial mindset into culture

• Executed over $28M of targeted $50M 2016 SGA Savings

• Approximately half of 2016 savings are non-comp related

$50M, targeted 2016 Run-Rate

$25M

$75M

Line of Sight for 2016

Executed in 2015 and 2016

$100M

$125M

Validating Opportunity

Guidance and Summary

Recall Expected to Significantly Enhance Estimated Financial Performance (as of 08/04/16)

41

$1,140 –$1,180

$1,600 –$1,700

2016E - Normalized toReflect REC FY Benefit

2020E

$1.91 $1.94$2.20 $2.35

$2.54

2015 2016 2017 2018 2020$3,680 –$3,780

$4,365 –$4,465

2016E - Normalized toReflect REC FY

Benefit

2020E

Worldwide Revenue (2016 C$ in M)

(1) Assumes 263M shares outstanding at closing of Recall transaction. 2020 dividend per share reflects midpoint guidance as presented on Page 45.

(2) 2016E reflects midpoint of 2016 Guidance.

77%70%

2016E 2020E

Lease Adjusted Leverage Ratio(2)

Dividend as % of AFFO(2)

Adjusted OIBDA (2016 C$ in M)

Projected Minimum Dividend per Share (1)

5.7x5.0x

2016E 2020E

2016 Guidance Reflects Expected Recall Benefit

42

($ in millions, except per share data) 2016 Guidance (as of 8/04/16)

Revenue $3,450 – $3,550

Adj. OIBDA $1,075 – $1,110

Adj. EPS $1.10 – $1.20(1)

Normalized FFO/Sh. $2.15 – $2.25(1)

AFFO $610 – $650

Capital Expenses and Investments 2016 Guidance (as of 8/04/16)

Maintenance $90

Non-RE Investment $80

Total Capital Expenses $170

Real Estate Investments $320

Business and Customer Acquisitions $140 – $180

Total Capital Investments $460 – $500

(1) Assumes weighted average shares of 246 million shares for full year 2016 (263 million shares outstanding at closing). Adj. EPS and FFO/share includes purchase price accounting adjustments

Estimated Cash Available for Dividends and Discretionary Investment

43

Cash Available for Distribution and Investment ($M) on 2016C$ Basis

Numbers reflect midpoint of guidance

2016E

As of 08/04/16

2020E

As of 08/04/16

IRM + REC Pro Forma Adj. OIBDA $1,040 $1,525

Benefit from Transformation $50 $125

PF IRM Adj. OIBDA $1,090 $1,650

Add: Stock Compensation/Other 45 50

Adj. OIBDA, Transformation and Other Non Cash Expenses $1,135 $1,700

Less: Cash Interest 300 400

Cash Taxes 30 130

Real Estate and Non-Real Estate Maintenance Capex 90 100

Non-Real Estate Investment 80 85

Customer Acquisition Costs(1) 35 40

Cash Available for Dividends and Investments $600 $945

Expected Total Regular Dividend $490 $685

Racking Investment for on-going growth $70 $105

Cash Available for Discretionary Investments $40 $155

Lease Adjusted Leverage Ratio 5.7X 5.0X

(1) Includes costs associated with the acquisition of customer relationships and customer inducements such as move costs and permanent withdrawal fees.

Business Services Spreads Across Various Ratings (5yr+ Maturities)

44

Source: Bank of America Merrill Lynch - Bloomberg, FactSet. Market data as of May 24, 2016.

(1) Where a company has mixed ratings, the lower of Moody’s or S&P ratings is depicted.

(2) Excludes IRM. IRM Debt to LTM EBITDA is 5.0X

Recent debt pricing reflects

favorable view of

predictable cash flow from

business

IRM 5-year unsecured debt

priced at spreads similar to

business services issuers

rated two notches higher

and at top of spread range

for investment grade

issuers

Driving Durable Cash Flow to Support Business and Dividend Growth

45

Durable cash flow and Strong Dividend Growth Durable business generates significant cash, supports dividend growth and investments

Strategic Plan: 2020 Vision On track and delivering per guidance; 2020 Vision to accelerate growth

Leading Global Presence Large, global and diversified business underpinned by more than 85M sq. ft. of real estate

Appendix

Q2 and YTD 2016 Financial Highlights 47

(1) In Q4 2015, we revised the reconciliation of FFO (NAREIT), FFO (Normalized) and AFFO to reconcile these Non-GAAP measures to consolidated net income, rather than net income attributable to Iron Mountain. We have revised the Q2

2015 reconciliation of FFO (NAREIT), FFO (Normalized) and AFFO to conform to current year presentation.

(2) See slide 26 for Storage Net Operating Income reconciliation.

Q2 and YTD 2016 Revenue Growth48

49

Q2 2016 Revenue Growth

50

Q2 2016 Adj. OIBDA

51

Q2 2016 Adj. EPS

52

Q2 2016 FFO per Share

Definitions 53

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 or net income (loss) or cash flows from operating activities from continuing operations (as determined in

accordance with GAAP).

Adjusted Earnings Per Share, or Adj. EPS: Adjusted EPS is defined as reported earnings per share 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; (6) other expense (income), net; and (7) the tax impact of reconciling items and discrete tax

items. 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 (including amortization of deferred financing costs) and non-cash equity compensation expense, less

maintenance and Recall integration capital expenditures and non-real estate investments. 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 of 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.

Adjusted Operating Income Before Depreciation, Amortization, Intangible Impairments, and REIT Costs, or Adjusted OIBDA and Adjusted OIBDA

Margin: Adjusted OIBDA is defined as operating income before depreciation, amortization, intangible impairments, (gain) loss on disposal/write-down of

property, plant and equipment (excluding real estate), net, Recall Costs and REIT Costs. Adjusted OIBDA Margin is calculated by dividing Adjusted OIBDA

by total revenues. We use multiples of current or projected Adjusted OIBDA in conjunction with our discounted cash flow models to determine our estimated

overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted OIBDA and Adjusted OIBDA 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.

Definitions 54

Adjusted Operating Income Before Depreciation, Amortization, Intangible Impairments, and REIT Costs, or Adjusted OIBDA (continued)

Adjusted OIBDA does not include certain items that we believe are not indicative of our core operating results, specifically: (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) Recall Costs; (5) other expense (income), net; (6) income (loss) from discontinued operations, net of tax; (7) gain (loss) on sale of discontinued operations, net of tax; and (8) net income (loss) attributable to noncontrolling interests.

Adjusted OIBDA also does not include 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 OIBDA 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 OIBDA and Adjusted OIBDA Margin 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 United States of America (“GAAP”), such as operating or net income (loss) or cash flows from operating activities (as determined in accordance with GAAP).

Funds From Operations, or FFO (NAREIT), and FFO (Normalized) : Funds from operations (“FFO”) is defined by the National Association of Real

Estate Investment Trusts ("NAREIT") and us as net income excluding depreciation on real estate assets and gain on sale of real estate, net of tax (“FFO

(NAREIT)”). FFO (NAREIT) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a

property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market

conditions, we believe that FFO (NAREIT) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP

measure to FFO (NAREIT) is net income. Although NAREIT has published a definition of FFO, modifications to FFO (NAREIT) are common among REITs

as companies seek to provide financial measures that most meaningfully reflect their particular business. Our definition of FFO (Normalized) excludes

certain items included in FFO (NAREIT) that we believe are not indicative of our core operating results, specifically: (1) (gain) loss on disposal/write-down

of property, plant and equipment (excluding real estate), net; (2) intangible impairments; (3) Recall Costs; (4) REIT Costs; (5) other expense (income), net;

(6) deferred income taxes and REIT tax adjustments; (7) income (loss) from discontinued operations, net of tax; and (8) gain (loss) on sale of discontinued

operations, net of tax.

Definitions55

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 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: Includes costs associated with our conversion to a REIT, excluding REIT compliance costs beginning January 1, 2014 which we expect to

recur in future periods.

Stabilized Returns: Represents return on investment following complete funding of the related investment and achieving expected levels of occupancy

or utilization.

For additional definitions and for a reconciliation of these Non-GAAP measures to the appropriate GAAP measure, as required by Regulation G under the

Securities Exchange Act of 1934, as amended, please see the company’s supplemental reporting package under Investor Relations\Financial

Information\Quarterly Reporting at www.ironmountain.com.