and Supports Dividend Growth 2 Safe Harbor Language and - PowerPoint PPT Presentation

Durable Business Drives Cash Flow and Supports Dividend Growth

2 Safe Harbor Language and Reconciliation of Non-GAAP Measures 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, the scope and timing of required divestitures, Iron Mountain’s financial performance outlook and shareholder returns, including after giving effect to Iron Mountain’s acquisition of Recall, and statements regarding Iron Mountain’s goals, beliefs, plans and current 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 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 whic h 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 o f providing such storage and information management services; (vii) changes in the political and economic environments in the countries in which Iron Mountain’s inter national subsidiaries operate; (viii) Iron Mountain’s ability or inability to complete acquisitions on satisfactory terms and to integrate acquired companies efficientl y; (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 f inancial 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 Mo untain’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 hereof 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, Adj. 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. Figures and data in this presentation do not include Recall, unless otherwise noted.

3 Driving Durable Cash Flow to Support Business and Dividend Growth Leading Global Presence Large, global and diversified business underpinned by more than 80 million sq. ft. of real estate Strategic Plan: 2020 Vision Three year plan on track and delivering per guidance; 2020 Vision to accelerate growth Durable cash flow and Strong Dividend Growth Durable business generates significant cash, supports dividend growth and investments

4 We Store & Manage Information Assets 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 Records & Information Data Management (2) Shredding (2) protecting information assets Management (2)  Broadest footprint and range of services 75% 16% 9%  Most trusted brand Storage: 70% Storage: 60% Service: 100% Service: 30% Service: 40% (1) Annualized revenues reflect midpoint of normalized for FY 2016 guidance (2) Includes Recall

5 Leading Global Presence 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 45 COUNTRIES 6 CONTINENTS FTSE4Good and Dow Jones Sustainability  Index constituent Map reflects Recall acquisition

6 Storage Rental Stream is Key Economic Driver Same Store Revenue Growth Illustrative North America RM Storage Annual (Historical) Economics (1) 8% (per square foot, except for ROIC) 6% Investment 4% Customer acquisition $ 42 2% Building and outfitting 54 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 -2% Racking structures 54 8-Year Average -4% Total investment $ 150 IRM Internal Storage Revenue Growth (1) 3.8% Storage Rental NOI Self-Storage Average Same Store Revenue (2) 3.8% Storage rental revenue $ 27 Industrial Average Same Store Revenue (3) 1.0% Direct operating costs (3) Source: Company filings. Represents the weighted average year-over- year growth rate of the Company’s revenues after removing (1) Allocated field overhead (3) 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 NOI $ 21 Storage (EXR), CubeSmart (CUBE) and Sovran (SSS) (3) Represents the annual same-store revenue growth average for DCT Industrial (DCT), Duke Realty (DRE), Storage Rental ROIC (2) ~14% First Industrial (FR), Liberty Property (LPT), Prologis (PLD) and PS Business Parks (PSB). (1) Reflects average portfolio pricing and assumes an owned facility. (2) Includes maintenance CapEx, assumed at 2% of revenue.

Sizable Real Estate Portfolio – 7 Excluding Recall  70 million total square footage  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) Storage  Building: 84%  Racking: 91%  Data Protection Utilization Rates (1)  Building: 70%  Racking: 82% (1) Building utilization represents total potential building capacity and racking utilization represents installed racking capacity . Rates based on Q1 2016 results.