Durable

Business Drives

Cash Flow and

Dividend Growth

November 14-15, 2017

Safe Harbor Language and Reconciliation of Non-GAAP Measures

2

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

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

condition, goals, beliefs, future growth strategies, investment objectives, plans and current expectations, such as 2017 guidance, 2020 outlook, expected shareholder returns and cash available for

distribution. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors. When Iron Mountain uses words such as "believes," "expects,"

"anticipates," "estimates" or similar expressions, it is making forward-looking statements. Although Iron Mountain believes that its forward-looking statements are based on reasonable assumptions,

Iron Mountain’s expected results may not be achieved, and actual results may differ materially from its expectations. Iron Mountain’s expected results may not be achieved, and actual results may

differ materially from its expectations. In addition, important factors that could cause actual results to differ from Iron Mountain’s expectations include, among others: (i) Iron Mountain’s ability to

remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (ii) the adoption of alternative technologies and shifts by Iron Mountain’s customers to

storage of data through non-paper based technologies; (iii) changes in customer preferences and demand for Iron Mountain’s storage and information management services; (iv) the cost to comply

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

arise in connection with incidents in which we fail to protect Iron Mountain’s customers' information; (vi) changes in the price for Iron Mountain’s storage and information management services

relative to the cost of providing such storage and information management services; (vii) changes in the political and economic environments in the countries in which Iron Mountain’s international

subsidiaries operate and changes in the global political climate; (viii) Iron Mountain’s ability or inability to complete acquisitions on satisfactory terms and to close pending acquisitions and to

integrate acquired companies efficiently; (ix) changes in the amount of Iron Mountain’s capital expenditures and our ability to invest in accordance with plan ; (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 Iron Mountain depends for technical assistance or management expertise outside the United States; (xiv) other trends in competitive or economic

conditions affecting Iron Mountain’s financial condition or results of operations not presently contemplated; and (xv) other risks described more fully in our filings with the Securities and Exchange

Commission, including under the caption “Risk Factors” in our periodic reports or incorporated therein. In addition, the benefits of the 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. You should not rely upon forward-looking statements except as

statements of Iron Mountain’s present intentions and of its present expectations, which may or may not occur. Except as required by law, Iron Mountain undertakes no obligation to release publicly

the result of any revision to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Reconciliation of Non-GAAP Measures:

Throughout this presentation, Iron Mountain 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 of such Non-GAAP measures and certain operational measures are included in the Supplemental Financial

Information. Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information

required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to

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

meaningful.

Note: All financial projections and forward looking statements included herein are current as of reporting

the company’s third quarter results on October 25, 2017. Selected metrics are defined in the appendix of

our Q3 2017 Supplemental Financial Information.

Introduction and

Strategic Plan

Meet Iron Mountain4

1 BILLION

Medical images stored

680 MILLION

Cubic feet of hardcopy

records archived

627 MILLION

Images scanned

annually

89 MILLION

Pieces of media stored

45,730

Disaster recovery

tests supported

30 MILLION

Film and sound elements

protected and preserved

99.99999%

Inventory accuracy rate

1 TRUSTED GUARDIAN

Of your most precious assets

Strong Diversified and Growing Business 5

76% 14% 10%

Records &

Information

Management(1)

Data

Management(1) Shredding(1)

Storage: 69%

Service: 31%

Storage: 69%

Service: 31%Service: 100%

• ~$3.9 billion annual revenue(1) and growing

• 230,000+ customers

• Serving 95% of Fortune

1000 including financial

services, healthcare,

energy, insurance and legal

• 24,000 employees

worldwide

(1) Based on Q3 2017 results

Global Presence and Defensible Moat6

Expansive global platform

• Compelling customer proposition

• Strong international expansion opportunity

87MM SF of real estate in 1,433 facilities

Attractive real estate characteristics

• Low turnover costs

• Low maintenance capex

• High customer retention, low volatility

Track record of enhancing shareholder value

• Share buyback, REIT conversion, dividend growth

• 28% TSR in 2016, 31.0% TSR YTD(1)

Commitment to corporate responsibility

• FTSE4Good and Dow Jones Sustainability Index

• Solar and wind power reducing costs 6 CONTINENTS53 COUNTRIES

(1) As of November 6, 2017

Durable Business Supports Cash Flow and Dividend Growth

7

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

8Durability and Performance Will Continue to Drive Shareholder Returns

$0.3

$1.3

$1.7

$2.2

$2.8

2013 2014 2015 2016 2017

Cumulative Ordinary Dividends and

Special Distributions $in Billions

5.0%

4.0% 4.0%

2.1% 2.2% 2.1%

2018E 2019E 2020E

Targeted Growth in Ordinary Dividend/Share vs. Inflation

Growth in Div./Share CPI Index

CPI Source: FactSet, as of October 20, 2017

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

9

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

We Continue to See Box Growth10

48 MM+ NEW FROM

EXISTING AND NEW

CUSTOMERS ANNUALLY

8 MM+ INTERNAL

NET VOLUME

ANNUALLY

ACHIEVING NET VOLUME

GROWTH IN ALL

MAJOR MARKETS

462 469 477 487 495 504

34 41 34 41 32 42 35 43 39 48

2011 2012 2013 2014 2015 2016

Worldwide Internal Volume CuFt in MM

Change Excludes Business Acquisitions

(1) 676MM CuFt including acquisitions

(1)

Storage Rental Stream is Key Economic Driver

11

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

12

IRON MOUNTAIN SOLUTIONS

+ =+ +Automate paper-

centric processes –Go Paperless

Securely access your information in a central

repository

Transform your physical information

to digital

Consistently index/classify both physical and digital

information

INFORMATION ECONOMICS

Document Management and

Workflow Solutions (HR, AP)

Strategic consulting for BPM, RIM/Imaging Strategy & Data

Integrity

Comprehensive Data Protection, Preservation, Restoration and Recovery

Challenges We’ve Heard

Governance & Policy Solutions in Physical &

Digital form

Internal Growth Reflects Durable Fundamentals

13

STRATEGIC PLAN

DEVELOPED MARKETS

EMERGING MARKETS(1)

ADJACENT BUSINESSES

REVENUE C$ CAGR 4% 30% 65%

TOTAL INTERNAL

REVENUE CAGR 0.2% 9% 22%

STORAGE INTERNAL

REVENUE CAGR 1% 10% 22%

2013-2016

Strategic Plan Driving Strong Growth and Shift in Mix

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

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

Internal Revenue Growth Shows Momentum in Underlying Business

14

0.5%0.2%

0.8%

1.2%

2013 2014 2015 2016

Internal Total Revenue GrowthRolling 3-Year Average

2.7%2.4% 2.3% 2.4%

2013 2014 2015 2016

Storage Internal GrowthRolling 3-Year Average

-2.5%-2.8%

-1.5%-0.6%

2013 2014 2015 2016

Service Internal GrowthRolling 3-Year Average

Continued Cash Flow Growth15

~5% Revenue Growth

• 60/40 Internal Growth and M&A

~8% Adjusted EBITDA Growth(1)

• Leveraging leadership and scale

~9% AFFO Growth(1)

• Disciplined capital allocation

4%+ Dividend per Share Growth

• Consistent with business growth

Expecting Steady Cash Flow Growth Beyond 2017

(1) Represents CAGRs for 2018-2020

Transformation and Integration Enabling Shareholder Return and Investment

16

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

• Bringing SG&A in line with industry benchmarks

• Global platforms provide foundation for continuous improvement in future years

• Savings enable investment in ongoing innovation initiatives

• Delivering improvements in cash flow and sustainable dividend growth

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

$19

$80$50

$80

$230

$20

2016 2017E 2020E

Recall Net(1) Synergies and Transformation Benefits

Net Synergies Transformation Reinvested

$in mm

17Global Scale Leverages Revenue Growth to Drive Profitability

$823 $859

$896

$1,076

$1,265

2013 2014 2015 2016 2017E

Adjusted EBITDA(1)

C$ in MM (based on 2017 FX Rates)

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

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

$3,476 $3,795

2013 2014 2015 2016 2017E

Note: 2017E and growth rates based on midpoint of 2017 Guidance and reflects full year benefit from the Recall acquisition, closed May 2016

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

Shift in Mix Underpins Long-term Dividend Growth

18

80%

Developed PortfolioIncludes North America

And Western Europe

20%

Growth PortfolioEmerging Markets = 18%

Adjacent Businesses = 2%

2% 10%

~3%+ Average Internal Adj. EBITDA Growth

ROIC = 12%

Q4’16 2020

Revenue Mix

Adjusted EBITDA Growth

75%

Developed PortfolioIncludes North America

And Western Europe

25%

Growth PortfolioEmerging Markets = 20%

Adjacent Businesses = 5%

3% 10%

~4%+ Average Internal Adj. EBITDA Growth

ROIC = 13%

Revenue Mix

Adjusted EBITDA Growth

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

Developed Markets and Data Management Opportunity

19

1. Strong Top-line Growth 3% Total Revenue CAGR

20Durable Revenue and Profit Growth in Developed Markets

2. Enhanced Margins 100 bps Adj. EBITDA

What? Continue strong execution and take advantage of scale

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

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

innovating to deliver new products and solutions

2018 – 2020 Target

21

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

Driving Service Gross Profit 22

Developed Markets Service Gross Profit (C$ in MM)

RM – Activity and Other Services

Shred

DM – Activity and Other Services

Information Governance & Digital Solutions

Other Services

47.8% 40.9%

34.2%

24.3%

17.4%

15.3%

5.6%

5.4%

9.3%

17.8%

25.8% 31.7%

4.6% 10.6% 9.5%

2014 2015 2016

$303 $283 $305

Iron Cloud Launch Addresses Customer Data Management Challenges

23

Cloud Storage, Disaster Recovery and Data Archiving Solutions global

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

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

Fo

un

da

tio

n

Pu

rpo

se

Bu

ilt

So

luti

on

s

Va

lue

Ad

de

d S

erv

ice

s

• Geographic redundancy

• Compliant cloud framework

• Orchestration/Automation

• Compute, Storage, Virtualization

• Network Security

• Compliance

• E2E Disaster Recovery

• Data Analysis

• Data Classification

• Data Federations

• Data Indexing

• Cloud Auto Tiering

• Ransomware Preparedness

• Cloud Backup

• Cloud Archive

• Cloud Archive Surveillance Video

• Cloud Data Replication

• Deep Storage (Tape Out)

• Migration Services (Data Shuttle)

Emerging

Markets: Delivering

Strong Growth

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

25Continued Strong Execution ofEmerging Markets Strategy

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

What? Build market leadership and scale in our core businesses

Why? To achieve superior returns over long term

How? Through disciplined investing and execution in markets with attractive

growth in information management outsourcing

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

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

2018 – 2020 Target

Progress in Achieving Leadership and Scale26

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 Unparalleled Commercial Relationships

28

• Current data center portfolio 69% leased(1)

• 15+ years of colocation experience

• ~60% of current customers are Data

Management customers

• Opportunity to cross sell with secure data

archive solutions

• ~30 MW of available capacity with 80 MW+

expansion potential(2)

• 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

Predictable Growth

Long Term Capacity,

Agility

Mitigated Risk

Uptime & Comprehensive

Compliance Support

Transparency

DCIM, Asset Tracking,

Metered Power

Deploying Capital into Higher Growth Businesses

(1) Reflects available portfolio of 24MW as of 09/30/2017

(2) Includes Credit Suisse transaction, which is expected to close in Q1 2018

Data Center Investment Supports Business Diversification

29

(1) Existing portfolio includes legacy data center business, Northern Virginia phase 1, FORTRUST and Credit Suisse Acquisition

(2) International presence expected following the close of the Credit Suisse transaction, which is expected to close in Q1 2018

Minimum 5%

of total

Revenue by

2020

Focus on Top

US and Global

Markets

Invest in

Greenfield

Development

Execute on

Accretive

Acquisitions

• Driven by organic and external

growth

• Leverage REIT structure

• Total expected investment of

$350 million to build out and

stabilize existing portfolio(1)

• Projected 10% stabilized

cash-on-cash returns

• Conservative stabilization

assumptions

• 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 5 U.S. and 2

international markets(1)

• Acquisition of pre-stabilized

properties with expansion capacity

• Tenant sale-lease-back deals

provide day 1 income and lower

expansion costs

• Value-add redevelopment

opportunities

• Double digit stabilized projected

cash-on-cash returns

Multi-pronged

Approach to

Scaling

Data Center

Platform

Data Center Portfolio and Expected Returns

30

IRM Data Center Capacity in MW

(1) Planned expansion indicates shell/infrastructure in place

(2) Future expansion indicates ground breaking/new construction required

(3) Legacy portfolio includes Boston, Boyers, PA and Kansas City

(4) Greenfield development includes Northern Virginia Campus

(5) Includes FORTRUST and Credit Suisse, which is expected to close in Q1 2018

Existing Data

Center Capacity

Under Construction

(12-18 months)

Planned

Expansion(1)

Future

Expansion(2)

Total Potential

Capacity

Legacy Portfolio(3) 12.1 2.3 3.8 4.4 22.6

Greenfield Development(4) 3.0 7.5 - 49.5 60.0

Acquisition Properties(5) 13.3 1.6 15.6 - 30.5

Total 28.4 11.4 19.4 53.9 113.1

IRM Data Center Expectations

Annualized P&L Contribution$ in mm

Stabilized

Existing Data

Center Capacity

2020 - Including Under

Construction and Planned

Expansion (Pre-Stabilized)

Revenue $95 to $100 $130 to $140

Adjusted EBITDA $25 to $30 $65 to $75

Investment Capital (through 2020) $325 - $350

New Northern Virginia Site Offers Upside to Plan

31

• 83-acre site purchased in Manassas, VA

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

built data center space with 60 MW of IT capacity

• Phase I Live September 2017

• 165,000 square foot shell

• 10.5 MW of IT capacity

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

• Development costs in line with industry and market

• $700 - $800 per rentable square foot

• $10M - $11M per MW

• Conservative lease-up assumptions

• Expect to meet 3 MW of demand annually

• Reflects new entrant status in a well-established market

• Rental rates consistent with major providers; $135 -

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

• Projected double digit stabilized cash-on-cash returns

FORTRUST Acquisition Supports Growth and Solid Returns

32

• Acquired Denver-based data center business for ~$130 million

• New capacity significantly expands existing business

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

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

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

• Purchase price multiple of approximately 13.0x synergized EBITDA, post integration

• Acquisition funded with ~$75mm private placement stock and $55mm cash

• Transaction expected to be $(0.01) - $(0.02) dilutive to EPS in 2017 due to

integration costs and AFFO neutral in 2017

• No expected impact to EPS in 2018, modestly accretive in 2019

Strategic Sale-leaseback Data Center Transaction

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

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

• Access to power and fiber to support additional capacity development

• Enable reach to a larger pool of enterprise customers

• Strong anchor customer with 10-year lease

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

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

• With integration and deal-related operating costs, expect modest EPS dilution in 2018

• Expected to be neutral to EPS in 2019 and accretive in 2020, or Year 3 following integration

33

(1) Acquisition is expected to close in Q1 2018

(2) Planned expansion indicates shell/infrastructure in place

Metropolitan Area Total Leased Planned Expansion(2)

London 3.2 5.6

Singapore 1.0 4.5

Total 4.2 10.1

Disciplined Capital

Allocation and Long-

term Outlook

Developed And

Emerging Markets

Business Acquisitions

2018-2020 Investment

• $450 to $600 million

• Projected 11-15% IRR

• 1- 3 Years to Stabilize

2018-2020 Investment(1)

• ~$500 million

• Projected 13-15+% IRR

• 3 - 5 Years to Stabilize

2018-2020 Investment

• $50 to $100 million

• Projected 10-14% IRR

• Project Specific Stabilization

Discretionary Investments Yield Compelling Returns

35

Core Racking, Data Center Development

and Real Estate Consolidation

Adjacent Businesses

(1) Excludes Data Center acquisitions

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

36

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

Topline Growth 5% to 10% Storage Rental

Projected IRR 13% – 14%

Emerging Markets

Acquisition Spend/Yr. $50 MM

Topline Growth Consistent Storage Rental

Projected IRR 11% – 13%

Developed Markets

Tuck-in deals have

predictable returns and

quickly synergize

Data reflects assumptions for 2017 – 2020

Strong returns;

increases exposure to

higher growth markets

Investing in Faster Growing and Value Creating Businesses

37

ADJACENT BUSINESSES INNOVATION

• 2020 Target = 5% of total Revenue

• Data Center continued organic

growth offering good returns and

evaluating M&A opportunities

• Art storage growth through organic

and acquisitions

• Leveraging brand, capabilities and

relationships to help customers solve

problems

• Iron Cloud, library moves, valet self-

storage, entertainment services

offerings and policy center

Sizable Real Estate Portfolio38

Storage

87M total square feet as of September 30, 2017

• Owned: 28MM SF/307 buildings

• Average size: 91,000 SF

• 32% of real estate by SF owned

• Leased: 59MM SF/1,126 buildings

• Average size: 52,000 SF

• 54% of portfolio expires after 2027, assuming

extension of options

Real Estate Value Creation Opportunities

39

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

40

Owned Real Estate Concentrated in Major Markets

NY0086JT / 645841_1.wor

Denver-Boulder

San Francisco

Los Angeles

Phoenix-Mesa-Scottsdale

Dallas-Fort Worth-Arlington

Chicago

Washington

D.C.

Philadelphia

Boston

New York

Seattle

San Diego

Metro

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

(1) Gross book value including leasehold improvements and racking

$5 to $20mm

>$20mm

<$5mm

Major MSA

61%39%

Owned

SFLeased

SF

$1.7bn(1) United States

Owned Real Estate

Top Owned International Markets by Gross Book

ValueGross Book Value Total %

Country ($MM) Int. Gross BV

1. Canada 128 18%

2. United Kingdom 111 15%

3. Brazil 67 9%

4. France 65 9%

5. Chile 59 8%

6. Mexico 48 7%

7. Scotland 46 6%

8. Peru 43 6%

9. Ireland 35 5%

10. Spain 26 4%

Total $628 87%Source: Company Filings, based on 12/31/16

78%

22%

Owned SF

Leased SF

$0.7bn(1) International

Owned Real Estate

Capital Allocation Framework Designed to Maximize Returns

Lease Adjusted Net Debt to EBITDAR

41

Dividend as % of AFFO

6.0X 4.0X5.5X

4.5X

5.0X

85% 65%78%

70%75%

2020 TargetFY 2017 Guidance

Optimal Range(1)

• Sources of capital:

• Growth in operating cash flow

• Secured and unsecured borrowings

• Real estate capital recycling

• Co-investment JVs

• ATM program or other equity

• Data center acquisitions neutral or

incrementally positive to 2020 targets

• Grow dividend per share at 4%+

• ROIC hurdle rate above WACC

5.0X

Optimal Range

73%80%

4.5X

70%

(1) Most restrictive covenant with lease adjusted net debt/EBITDAR of 6.5X

Recent Refinancing Activity

• Leverage ratio 5.5x with most restrictive covenant at 6.5x

• 71% fixed rate debt and 29% floating

42

ActionAmount

USD

Rate Interest

Savings p.a.

Tenor /

ExtensionPre Post

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

+3.1 years

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

+1 year

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

+7 years

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

+2.3 years

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

+3 years

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

2020 Plan: Profitable, Sustainable Growth43

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

(2) Assumes 266 million shares outstanding for 2017 increasing ratably to 269 million shares outstanding in 2020.

Lease Adjusted Leverage Ratio

5.5x5.0x

2017E 2020E

$1,265

$1,535 –$1,615

2017E - Midpoint ofGuidance

2020E

$3,795

$4,350 –$4,500

2017E - Midpoint ofGuidance

2020E

Worldwide Revenue (C$ in MM)

Adjusted EBITDA (C$ in MM)$2.24 $2.35

$2.54

2017 2018 2020

Projected Minimum Dividend per Share(2)

$738$910 - $960

2017E - Midpoint of Guidance 2020E

AFFO Growth(1) (C$ in MM)

“Enterprise Storage” Compares Favorably

44

Iron Mountain

ActualSelf-Storage Industrial

North America annual rental

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

Tenant Improvements/SF 0 0 $1.96

Maintenance CapEx(2) 3% 5% 12%

Average lease term

Large customers: 3 Yrs.

Small customers: 1 Yr.

Average Box Age : 15 Yrs.

Month-to-Month ~4-6 yrs.

Customer retention 98% ~85% ~75%

Customer type Business Consumer Business

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

Largest Public REITs

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

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

(1) Annualized rental revenue / SF is based on 3Q17 results.

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

(3) Excludes rent expense for Iron Mountain.

(4) Represents annualized 3Q17 storage net operating income for IRM, 3Q17 self-storage net operating income for Public Storage (PSA), and 3Q-17 net operating income for Prologis (PLD) source from those companies’ supplemental disclosures.

IRM Compares Favorably to Broader REIT Universe

45

DIVIDEND

YIELD

2017E

AFFO

PAYOUT

2017E

AFFO

GROWTH

P/AFFO

YTD

TOTAL

RETURN

Iron Mountain(1) 5.8% 79% 11.5% 14.7X 31.0%

Overall U.S. Equity REITs(2) 4.1% 78% 5.7% 21.6X 3.7%

(1) Based on IRM stock price of $40.64 (11//6/2017) and midpoint of 2017 Guidance

(2) Based on 11/6/17 JPMorgan’s REIT Weekly U.S. Real Estate Stock Tools database which includes 129 REITs

Key Takeaways 46

Durable records management growth: internal and acquisitions

High return investments enhance shareholder returns

Strong cash flow generation with increasing margins

Adjacent Businesses provide upside potential

Strategic plan drives sustainable dividend growth and future investments

Attractive valuation with superior business fundamentals

Appendix: Q3 2017 Results

Q3-17 on Track with Financial Objectives 48

Q3 performance supported by storage rental durability, Recall synergies and Transformation• 8% C$ Adjusted EBITDA growth and 19% AFFO growth

• 230 basis point YoY improvement in Adjusted EBITDA margins

• Leverage ratio improved to 5.5x, following amendment and extension of senior credit facility

• Q4 dividend increase reflects expectation of continued strength of fundamentals

Maintaining 2017 Guidance • Business fundamentals remain consistent; C$ and R$ expectations within same range

• No change to Adjusted EBITDA range despite timing of M&A with related integration costs, disposition of Russia/Ukraine businesses and costs related to natural disasters

Continued strength in operating metrics • Strong internal storage rental growth of 3.5% in Q3

• Continued worldwide internal volume growth of 1.3% on TTM basis and improved pricing

• Net volume gain of 8.2 mm CuFt in TTM, reflects strong organic adds of 48.6 mm and 40.4 mm of outgoing CuFt

Note: Definition of Non-GAAP and other measures and reconciliations of Non-GAAP to GAAP measures can be found in the Q3 2017 Supplemental Financial Information

49

Continued Execution of Strategic Plan

Developed Markets – North America and Western Europe • Achieved 3.2% internal storage rental growth in Q3

• 1 million CuFt of net volume(1) before business acquisitions/Recall dispositions

• Enhanced revenue management efforts yielding higher margin

Emerging Markets(2)

• Achieved 6.6% internal storage rental growth in Q3

• ~18% of total revenue(2) in Q3; expanded presence through organic growth and acquisitions

• Completed deals in Cyprus and South Africa in Q3

Adjacent Businesses• Data center transactions expand existing platform

• Expanding entertainment services and art storage through Bonded acquisition

(1) Net volume on a trailing twelve months basis represents incoming cubic volume of 31.5mm from new and existing customers less outgoing

cubic volume of 30.5mm from destructions and customer terminations

(2) Emerging Markets is Other International, excluding Australia and New Zealand. Percentage of total revenue is based on 2014C$ foreign

currency rates at time goal was established

Solid Progress in Adjacent Businesses

Data Center(1)

• Northern Virginia expansion on-time and on budget - completed building 1, first data hall of 3 MW 50% leased

• Closed acquisition of FORTRUST in Denver, 75% of existing capacity leased

• Announced acquisition of two Credit Suisse data centers in Singapore and UK, 4.2 MW leased with expansion opportunity of 10 MW(2)

50

Bonded – Entertainment Services and Art Storage

• Provides storage, logistics and distribution, and digital services to roughly 2,000 customers

• Transaction more than doubles existing Entertainment Services business and expands presence in Europe

• Purchase price of £57MM ($74MM); low-teens IRR

(1) Data Center capacity chart is in the appendix on Page 54

(2) Acquisition is expected to close in Q1 2018

51

(34.9) (35.6) (36.3) (37.9) (39.2) (40.3) (40.7) (40.4)

43.0 43.0 45.4 47.4 48.2 50.8 49.8 48.6

Q1 ’17

9.0 10.5

Q4 ’16

9.5

Q3 ’16 Q2 ’17

9.1

Q3 ’17Q1 ’16

7.4

Q4 ’15

8.18.2

Q2 ’16

9.1

Worldwide Consistent Inbound/Outbound Volume

CuFt in mm Net Volume before Acquisitions/Dispositions(1)

(1) Net volume is defined in the appendix of the Q3 2017 Supplemental Financial Information on Page 42

(2) Q2-2017 cube growth has been adjusted to reflect required regulatory divestments in IRM’s legacy Australian business

(2)

Steady Internal Growth in Q3

Developed

Markets(1)

Other

International(2)

Corporate

& Other Total

Internal Growth

Storage 3.2% 5.0% 1.5% 3.5%

Service (0.1)% (0.1)% (16.0)% (0.2)%

Total 1.9% 3.0% (3.1)% 2.0%

% of Revenue by Segment

Storage 47.8% 13.0% 1.4% 62.2%

Service 29.8% 7.6% 0.4% 37.8%

52

(1) Represents North America Records and Information Management, North America Data Management and Western Europe reporting segments

(2) Other International includes emerging markets, Australia and New Zealand

Quarterly segment operating performance can be found on Page 10 of the Q3 2017 Supplemental Financial Information

Increasing Cash Available for Dividends and Discretionary Investments

53

(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

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.

$ in mm2017E Guidance

Adjusted EBITDA $ 1,250 1,280

Non-cash stock compensation / other (including non-cash permanent withdrawal fees) 50 50

Adjusted EBITDA plus non-cash expenses $ 1,300 1,330

Less: Cash interest and normalized cash taxes 420 420

Total maintenance CapEx and non-real estate investment 150 150

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

Cash available for dividends and investments $ 670 700

Expected common dividend (based on record date) 595 595

Cash available for core and discretionary investments $ 75 105

Less discretionary investments:

Acquisitions 150 150

FORTRUST cash consideration 55 55

Growth real estate, data center and innovation capital(2) 160 160

Incremental capital needed to fund discretionary investments $ (290) (260)