REITWeek 2016 Investor Conference

Durable Business Drives Cash Flow and Supports Dividend Growth June 7-8, 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 to Iron Mountain’s financial performance outlook and shareholder returns, including after giving effect to Iron Mountain’s acquisition of Recall, statements regarding real estate value creation, data centers, adjacent business and other opportunities and statements regarding Iron Mountain’s goals, beliefs, plans and expectations. 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 Measures: Throughout this presentation, Iron Mountain will be discussing Adjusted OIBDA, Adjusted EPS, Normalized FFO and AFFO, which 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 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 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.

Driving Durable Cash Flow to Support Business and Dividend Growth

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

Strategic Plan: 2020 Vision Three year plan on track and delivering per guidance; 2020 Vision to accelerate growth

Leading Global Presence Large, global and diversified business underpinned by more than 80 million sq. ft. of real estate

Table of Contents Topic Pages Iron Mountain Overview 6 – 9

Business Durability 11 – 15

Strategic Plan Performance and 2020 Vision 17 – 25

Capital Allocation and Real Estate Strategy 27 – 36

Recall Acquisition 38 – 41

Guidance and Summary 43 – 47

Appendix 49 – 51

4

Iron Mountain Overview

We Store & Manage Information Assets 6

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)(2)

• 220,000+ customers(2)

• Serving 94% of Fortune 1000

• More than 80 million square feet of real estate in ~1,350 facilities (2)

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) Includes Recall

Leading Global Presence 7

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 CONTINENTS 45 COUNTRIES

Map reflects Recall acquisition

“Enterprise Storage” Compares Favorably

8

Iron Mountain Actual

Self-Storage Industrial

North America annual rental revenue/SF $27.33 $13.80 $5.50

Tenant Improvements/SF N/A N/A $1.96 Maintenance CapEx(1) 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)(2)

Building: 84% Racking: 91% 90% 93%

Storage Net Operating Margin (3) Storage: 80% 68% 70% Largest Public REITs 1Q’16 NOI Annualized (4)

IRM Storage: $1,520 million PSA: $1,659 million PLD: $1,520 million

Source: Company estimates and filings. Benchmark data provided by Green Street Advisors and J.P. Morgan. (1) 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 1Q16 results (2) Building utilization represents total potential building capacity and racking utilization represents installed racking capacity for the Records Management business (3) Excludes rent expense. (4) Represents annualized 1Q16 storage net operating income for IRM, self-storage net operating income for PSA, and net operating income for PLD source from the companies’ supplemental disclosure

Storage Rental Stream is Key Economic Driver

9

-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)

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

Business Durability

Global Document Storage Continues to Demonstrate Strong, Steady Growth

11

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

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

5.5% 3.4% 1.5% 1.6% 1.0% 1.1% 0.7% 1.6%

-4.7% -4.5% -4.4% -4.4% -4.3% -4.5% -4.6% -4.8% -2.0% -1.9% -1.9% -2.0% -2.1% -2.1% -2.1% -2.0%

Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16New Volume from Existing Customers New Sales Acquisitions Destructions Outperm/Terms

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

Net volume before acquisitions (internal volume) growing in every major market 50-year average customer retention; boxes stay with us for an average of 15 years(1)

2% annual volume loss from terminations; no single customer greater than 1% of total revenue

(1) Based on annual volume churn rate of 6.8% as of 1Q16 (2) Customer acquisitions are now included in new sales as the nature of these transactions is similar to new customer wins.

2.1% 2.1% 2.1% 2.0% 1.8% 1.6% 1.6% 1.6% Internal Volume Growth

7.6% 5.5% 3.6% 3.6% 2.8% 2.7% 2.3% 3.2% Net

Volume Growth

2

North America box inventory has continued to grow

358 377

79

23 30

69 2 16 19

New from Existing

New from New

Outperms & PW Destructions + - - = Organic

Growth Acquisitions + = Total Growth YE 2011 Balance

YE 2015 Balance

Iron Mountain NA Cube Growth 2012-2015 (CuFt MMs)

Continuing to receive strong volume, albeit at a declining pace

(approx. 3.6% CAGR)

Successfully adding new customers and

inventory at an increasing rate (7.5% CAGR)

At historic lows, having declined

from 2.4% to 1.8% of total inventory

Virtually unchanged, holding

at 4.7% of total inventory

Obs

erve

d Tr

ends

H

isto

rical

Per

form

ance

New From Existing New From New Outperms & PWs Destructions

Highly accretive acquisitions

generate stabilized returns of 11% -

14%

Acquisitions

Key Drivers Support Sustainable Document Storage Growth

13

On behalf of IRM, Boston Consulting Group conducted survey of more than 700 existing and potential respondents plus 70 in-depth interviews with large North America customer sample, across six verticals, excluding government

Findings of study include*: • North American vended box market is large with pockets of growth amidst mature verticals • Overall North American vended market net volume growth projected to be flat over next 5 years • Flat to minimal natural volume decline if IRM’s volume growth was consistent with market

Given observed and projected market trends, and based on customer expectations, IRM is confident in its ability to overcome developed market trends with multiple initiatives, some already in flight:

• Unlock unvended market, which represents more than 50% overall market • IRM’s targeted efforts in growth segments such as mid-size customers, government and emerging markets • Robust acquisition pipeline, particularly in emerging markets, where organic growth is high-single to low-double digit

Based on market dynamics and expected changed in revenue mix, IRM is confident in total revenue growth of 4-5% annually through 2020

• Physical documents remain ultimate form of proof • Ongoing regulatory requirements • Customer destructions remain low due to potential risks

*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.

NA Vended Document Storage Estimated at ~700M CuFt (~37% of total storage volume), Excluding Government and SMB

40

0 40 20

20

60

0 100 80

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

Legal Energy

11%

Financial services

385M (20%)

45%

33%

21%

Segmentation of NA box storage volume1

(1) Excludes government and SMB (<250 employees), except Legal which includes 100+ employees. 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 (%)

14

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.

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

remain 25% of boxes that

were stored 22 years ago still remain

Box Age

Strategic Plan Performance and 2020 Vision

Strategic Plan Delivering Expected Results

17

*Reflects data from Jan 2014 through December 2015

DEVELOPED MARKETS

8M cu. ft. Net RM Volume prior to Acquisitions*

OUR PLAN FOR GROWTH

EMERGING MARKETS

Emerging Markets = 15% of Total

Revenues on a C$ basis

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 VALU

E PILLAR

S

ENABLER

S

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

Strategic Plan Driven Performance Turnaround Since Year-end 2013

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$1.08 $1.91

2013 2015

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

2013 2014 2015

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

$861 $898 $940

2013 2014 2015

2013 - 2015 Revenue C$ CAGR

1% 33% 20%

DEVELOPED MARKETS

EMERGING MARKETS

ADJACENT BUSINESSES

STRATEGIC PLAN

Significant Improvement in Internal Revenue Growth Since 2012

19

3.0% 2.1% 2.2%

2.7%

-4.4% -3.4%

-0.7% -0.4%

2012 2013 2014 2015Storage 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 – Internal revenue growth represents the year-over-year growth rate of revenues excluding the impacts of changes to foreign currency exchange rates, acquisitions and other unusual items. In general, only business acquisitions that have been in our results for the full calendar year prior to the quarter of measurement are included in internal revenue growth

Standalone Plan to Extend Performance with 2020 Vision

20

75% Developed Core 25% Growth Portfolio Emerging Markets = 20%

Adjacent Businesses = 5%

3% Adj. OIBDA 10% Adj. OIBDA

~5% Average Internal Adj. OIBDA Growth ROIC = 14%

85% Developed Core 15% Growth Portfolio Emerging Markets = 14%

Adjacent Businesses = 1%

2% Adj. OIBDA 10% Adj. OIBDA

~3% Average Internal Adj. OIBDA Growth ROIC = 12%

TODAY

Prior to Recall acquisition Today represents view as of Investor Day - October 2015

2020

Summary of Financial Roadmap 2015 – 2020

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Growing Storage Revenues And Margins

Stabilized Service Gross Margin

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 Margins

22

3.1% 3.0% 2.1% 2.2%

2.7%

2011 2012 2013 2014 2015

Total Internal Storage Rental Growth

72.8% 73.6%

75.3% 76.6% 76.6%

2011 2012 2013 2014 2015(1) Data as of FY 2015 (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% of Total Revenue(1)

Storage 82% of Total Gross Profit(1)

Maintain annual growth of 2.5% to 3% through 2020

Modest annual growth, reach 79% by 2020

Storage Gross Margin(2)

Stabilized Service Gross Margins 23

40.9% 27.7% 27.2%(2)

2011 Service GrossMargin



Improve growth to 1% - 2% annually 2016 through 2020 Archival trends moderate Maintain progress in scanning,

projects and shredding

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

Service 39% of Total Revenue(1)

Service 18% of Total Gross

Profit(1)

(1) Data as of FY 2015 (2) 2015 Gross Margin represents Q4-2015

Total Service Gross Profit

0.4%

(4.4%) (3.4%)

(0.7%) (0.4%)

2011 2012 2013 2014 2015

Total Internal Service Revenue Growth

Worldwide Service Gross Margin Improvement

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Total Company Service Revenue (2015 C$ in MM)

Area / CAGR

RM – Activity-Based 0%

Shred Non-Paper -2%

DM – Activity-Based -6%

DMS +9%

Shred Paper +1%

Other Services +4%

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

39% 39% 38%

16% 15% 13%

7% 9% 9%

15% 14% 14%

2015

$1,201

6%

$1,209

2014 2013

$1,181

6% 7%

17% 17% 19%

• 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

Improved SG&A Efficiencies – Transformation

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• 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 Q3’15 expected to generate run-rate savings in 2016 of $50 million

• Actions to be taken in 2016 expected to generate additional $50 million of run-rate savings in 2017

Estimated SG&A(1) as % of Revenue

$50 $100

$125

2016 2017 2018

Estimated Cumulative SG&A Savings

20.0%

22.0%

24.0%

26.0%

28.0%

30.0%

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

IRM TrendTransformation

(1) Excludes REIT Costs and Recall Costs

Capital Allocation and Real Estate Strategy

Attractive Discretionary Investment Opportunities

27

DEVELOPED AND EMERGING MARKETS

BUSINESS ACQUISITIONS ADJACENT BUSINESSES REAL ESTATE

DISCRETIONARY INVESTMENTS

Strong Stabilized Returns

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Acquisition Spend/Yr. $100 MM

Ongoing Topline Growth 10% + Storage Rental

Expected Returns 13% – 14%

Emerging Markets Acquisition Economics*

Acquisition Spend/Yr. $50 MM

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

29

Capital Invested $78 MM in 2015

Expected Returns 13%

Stabilization 18 months

Capital Invested Per Year $35 MM/Yr.

Expected Returns 12-15%

Stabilization 2-3 years

Data Center Economics*

• 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

Data reflects assumptions for 2016 – 2020, unless otherwise noted Data center economics represent invested capital in existing facilities and business and exclude large specific development projects and acquisitions

Northern Virginia Site Supports Scale and Long-Term Growth

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Site Opportunity • 83 acre site allows for 640,000 square feet in (4)

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

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• Capital Partners • Engaged with potential 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 ($ MM)

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

Formalizing Art Business with Acquisition of Premier Brand

32

• $1 billion industry with solid growth(1)

• Global • Fragmented • 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%) focus • ~$30MM annual revenue, 30%+ stabilized

Adjusted OIBDA margins • Year 1 accretive

Crozier Acquisition Fine Art Attractive Space for IRM

(1) Source: Proprietary industry research

• 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 Advantages We Complement Crozier

Sizable Real Estate Portfolio – Excluding Recall

33

Storage

(1) Building utilization represents total potential building capacity and racking utilization represents installed racking capacity. Rates and data based on Q1 2016 results.

70 million total square footage (1) • Owned: 26 million sq. ft. / 277 Buildings

• Leased: 44 million sq. ft. / 860 Buildings

• Owned: 37% of real estate by sq. ft.

• Average size: 62k sq. ft

Records Management Utilization rates (1)

• Building: 84%

• Racking: 91%

Data Protection Utilization Rates (1) • Building: 70%

• Racking: 82%

Real Estate Value Creation Opportunities

34

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: ~ $50M LTV, 17 facilities in 4 states • Current market borrowing rate in mid 3-s

Secured debt

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

35

Scope and Return Market characteristics for consolidations

• Initial Analysis - combined NA Portfolio • Chicago, Cleveland, Detroit, Houston, Dallas,

Jacksonville, Portland

• 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

Targeted Lease Conversion Pipeline 36

Potential Pipeline 3-3.5M SF

Target Conversion facilities have the following attributes:

1. Strategic locations and building types with maximum appreciation potential

2. Core to IRM’s business operations / network

3. Facilities IRM wants to control - significant risk of lease rate inflation or relocation

Recall Acquisition

Recall Acquisition Closed • Compelling opportunity to accelerate IRM’s successful strategy

• Broader geographic footprint, exposure to high growth emerging markets and meaningful cost synergy opportunities

• Supports medium term deleveraging • Complementary to REIT structure

• Regulatory review complete in US, Canada and Australia • Recall shareholders overwhelmingly approved deal on April 19 • Final Australian court approval of transaction received on April 21 • Deal closed on May 2, 2016 • UK Phase 2 Review expected to conclude June 29

• UK Recall business to be held separate

38

Estimated Recall Synergies and Costs to Achieve

39

$125 $230 $260 $220

$80

$300

2016 2017 2018 Fully Synergized

Operating Expense Capital Expense

$15

$80 $100 $105

2016 2017 2018 FullySynergized

Overhead Cost of Sales Tax Real Estate

(1) Net synergies 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 line with previous guidance but excludes one-off transaction costs of approximately $80 million in implementing the Scheme.

(3) 2016 incudes approximately $20 million 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 04/01/16

Estimated Cash Available for Dividends and Discretionary Investment

40

Cash Available for Distribution and Investment ($MM) on R$ basis /2016C$ Basis I-day October 2015

Numbers reflect midpoint of guidance 2016E + Recall As of 04/28/16

2020 Vision + Recall Based on 2015 C$ Rates

2020 Vision + Recall As of 04/28/16

IRM + REC PF Adj. OIBDA $1,040 $1,650 $1,525 Benefit from Transformation $50 $125 $125 PF IRM Adj. OIBDA $1,090 $1,775 $1,650

Add: Stock Compensation/Other 45 50 50 Adj. OIBDA, Transformation and Other Non Cash Expenses $1,135 1,825 $1,700

Less: Cash Interest 300 400 400 Cash Taxes 30 150 130 Real Estate and Non-Real Estate Maintenance Capex 90 120 100 Non-Real Estate Investment 80 105 85 Customer Acquisitions(1) 35 50 40

Cash Available for Dividends and Investments $600 2015 C$1,000 / R$ 955 $945

Expected Total Regular Dividend (dividend per share remains the same) $492 $700 $685 Racking Investment for on-going growth $70 $105 $105

Cash Available for Discretionary Investments $38 $150 $155 Lease Adjusted Leverage Ratio 5.7X 4.9X 5.0X

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

R$ basis is equivalent to 2016 C$ rates and figures may not tie due to rounding

Estimated Earnings, FFO and AFFO Accretion – Excluding 2020 Plan

41

• The bar chart percentages for Adj. EPS Accretion and Normalized FFO Accretion do not reflect the impact of estimated purchase accounting adjustments, primarily fair value adjustments associated with Recall’s tangible and intangible assets that Iron Mountain will record upon closing in accordance with GAAP.

• While the adjustments are expected to result in a significant increase in depreciation and amortization expenses, the adjustments are primarily related to non-cash items and will not have a significant impact on cash flows, AFFO or estimated synergies. Therefore, the adjustments do not impact the fair value assessment of the transaction.

• Accretion/dilution after adjusting for impact of non-cash U.S. GAAP purchase price adjustments: • Adj. EPS: 6% on a Fully Synergized basis • Normalized FFO: 4% on a Fully Synergized basis

Note: Assumes IRM shares outstanding of 267 million at close, and exchange ratio of 0.1722x. Accretion estimates are on a per share basis and do not include operating and capital expenditures related to integration, as these are one time in nature and will be excluded from our Adj. EPS, Normalized FFO and AFFO. Assumptions represent our current analysis and are subject to change as our analysis and integration planning process progresses. Effective tax rate estimated to be approximately 19%.

Adjusted EPS Accretion Normalized FFO Accretion AFFO Accretion

Meaningful Accretion Across Relevant Financial Metrics (as of 04/01/16) Accretion Percentages Reflect Updated Estimated Synergies Achieved in Each Year – Excluding IRM 2020 Plan

1%

5% 5% 6%


3%

7% 7% 7%


0%

14% 15% 16%


Guidance and Summary

Preliminary 2016 Guidance Reflects Expected Recall Benefit

43

($ in millions, except per share data) Preliminary 2016 Guidance With Recall (as of 4/28/16)

Revenue $3,450 – $3,550

Adj. OIBDA $1,070 – $1,110

Adj. EPS $1.10 – $1.20(1),(2)

Normalize d FFO/Sh. $2.10 – $2.20(1),(2)

AFFO $610 – $650

Capital Expenses and Investments Preliminary 2016 Guidance with Recall (as of 04/28/16)

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 253 million shares for full year 2016 (267 million shares outstanding at closing) (2) Adj. EPS and FFO/share includes purchase price accounting adjustments (PPA), which results in $64 million of incremental D&A expense. Preliminary 2016 Guidance with Recall assumes all divestitures will be effective day 1 and an effective tax rate estimated to be approximately 19%. Assumptions represent our current analysis and are subject to change as our analysis and integration planning process progresses

Recall Expected to Significantly Enhance Estimated Financial Performance (as of 04/28/16)

44

$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$ / R$ in MM)

(1) Assumes 267 million shares outstanding at closing of Recall transaction. 2020 dividend per share reflects midpoint of CAD guidance see Page 43.

78% 70%

2015 2020E

Lease Adjusted Leverage Ratio

Dividend as % of AFFO

Adjusted OIBDA (2016 C$ / R$ in MM)

Projected Minimum Dividend per Share (1)

5.6x 5.0x

2015 2020E

Recall Expected to Enhance Cash Available for Dividends and Discretionary Investment

45

$38 $155 $70 $105

$492

$685

2016E 2020E

Cash for Investment Organic Growth Racking Dividend

$945

$600

Cash Available for Dividends and Discretionary Growth Investments (as of 04/28/16)

$ in mm

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

46

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

Key Takeaways 47

Durable RM volume growth delivered; internal and with acquisitions

Strategic plan drives sustainable dividend growth and future investments

Debt financed investments; equity not required to achieve plan

Recall acquisition delivers attractive synergies and supports core growth

Adjacent Businesses provide upside potential and are closely linked to core

Strong Cash Flow Generation

Appendix

Definitions 49

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) Recall Costs (as defined below); (5) REIT Costs (as defined below); (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 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 50

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) REIT Costs; (6) other expense (income), net; (7) income (loss) from discontinued operations, net of tax; (8) gain (loss) on sale of discontinued operations, net of tax; and (9) 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 GAAP, such as operating or net income (loss) or cash flows from operating activities from continuing operations (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 (i) depreciation on real estate assets and (ii) 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.

Definitions 51

Recall Costs: Includes operating expenditures associated with our proposed acquisition of Recall, including costs to complete the Recall Transaction, including advisory and professional fees, as well as costs incurred to integrate Recall with our existing operations, including moving, severance, facility upgrade, REIT conversion, system upgrade costs and costs to complete the divestitures required in connection with receipt of regulatory approval and to provide transitional services required to support the divested businesses during a transition period.

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.

REITWeek 2016 Investor Conference

Investor Relations

Transcript of REITWeek 2016 Investor Conference