Mitsubishi UFJ Securities Property REIT Conference

1. © 2013 Iron Mountain Incorporated. All rights reserved. Iron Mountain and the design of the mountain are registered trademarks of Iron Mountain Incorporated.
All other trademarks and registered trademarks are the property of their respective owners.
December 2014
Durable Fundamentals and Differentiated
Business Model Deliver Enhanced Returns

2. 2
Safe Harbor Language
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:
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 our financial performance outlook and shareholder returns and statements
regarding our operations, economic performance, financial condition, goals, beliefs, future growth strategies, investment objectives, plans and current expectations,
such as projected revenues from our emerging market acquisition pipeline, valuation creation and returns associated with our data center business and the anticipated
benefits of our conversion to a real estate investment trust for federal income tax purposes, including the opportunity to create value by acquiring leased space, our
potential for a broadened investor base and enhanced valuations and the estimated range of our ordinary dividends to be paid in the last quarter of 2014. These
forward-looking statements are subject to various known and unknown risks, uncertainties and other factors. When we use words such as "believes," "expects,"
"anticipates," "estimates" or similar expressions, we are making forward-looking statements. You should not rely upon forward-looking statements except as
statements of our present intentions and of our present expectations, which may or may not occur. Although we believe that our forward-looking statements are based
on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. Important factors that could
cause actual results to differ from our other expectations include, among others: (i) the actual cash dividends paid in the last quarter of 2014 may be materially different
from our estimates (ii) the cost to comply with current and future laws, regulations and customer demands relating to privacy issues; (iii) the impact of litigation or
disputes that may arise in connection with incidents in which we fail to protect our customers' information; (iv) changes in the price for our storage and information
management services relative to the cost of providing such storage and information management services; (v) changes in customer preferences and demand for our
storage and information management services; (vi) the adoption of alternative technologies and shifts by our customers to storage of data through non-paper based
technologies; (vii) the cost or potential liabilities associated with real estate necessary for our business; (viii) the performance of business partners upon whom we
depend for technical assistance or management expertise outside the U.S.; (ix) changes in the political and economic environments in the countries in which our
international subsidiaries operate; (x) claims that our technology violates the intellectual property rights of a third party; (xi) changes in the cost of our debt; (xii) the
impact of alternative, more attractive investments on dividends; (xiii) our ability or inability to complete acquisitions on satisfactory terms and to integrate acquired
companies efficiently; (xiv) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and
(xv) other risks described more fully in our Annual Report on Form 10-K filed on February 28, 2014 under “Item 1A. Risk Factors”, our Quarterly Report on Form 10-Q
filed on July 31, 2014 under “Item 1A Risk Factors” and other documents that we file with the SEC from time to time. Except as required by law, we undertake no
obligation to release publicly the result of any revision to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or
to reflect the occurrence of unanticipated events.

3. 3
We Store & Manage Information Assets
73% 17% 10%
Records Management Data Management Shredding
Based on FY2013 results

4. 4
Diversified Global Business
 $3B annual revenues
 >155,000 customers
 Serving 95% of Fortune 1000
 67MM SF of real estate in >1,000 facilities
Compelling Customer Value Proposition
 Reduce costs and risks of storing and protecting
information assets
 Broadest range of footprint and services
 Most trusted brand
Leading Global Presence
36 Countries
5 Continents

5. 5
What You Will Hear Today
We are uniquely positioned to create value through our operating
model and real estate strategy
Our market leadership position supports long-term value
Fundamentals support stable growth in storage rental
Leading storage rental-driven business, supported by market leadership and
stable fundamentals, drives attractive shareholder returns
Attractive business characteristics underscore value creation

6. 6
Global Real Estate Portfolio of More than 1,000 Facilities
67 million total square footage
 Owned: 24 million sq. ft.
 Leased: 43 million sq. ft.
 Buyout option: ~3.4 million sq. ft.
 Owned/Controlled: 40% of real estate by sq. ft.
 Average size: 61k sq. ft.
Leased facilities
 Weighted avg. remaining lease obligation: 5.6 yrs.
 Weighted avg. remaining lease obligation with
exercise of all extension options: 12.5 yrs.
Records Management Utilization rates
 Building: 83%
 Racking: 91%
Data Protection Utilization Rates
 Building: 69%
 Racking: 81%

7. 7
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 Income
Storage rental revenue $ 27
Direct operating costs (3)
Allocated field overhead (3)
Storage rental income $ 21
Pre-Tax Storage Rental ROIC(2) ~14%
Attractive, High-Return Storage Rental Businesses
(1) Reflects average portfolio pricing and assumes an owned facility
(2) Includes maintenance CapEx, assumed at 2% of revenue
High storage rental revenue /SF
Occupancy costs incurred by the SF;
revenue earned by the cubic foot
Storage rental value creation drivers
 Racking investment supports ability
to drive higher NOI
 Low maintenance capex
requirements
 Network utilization
 Portfolio management of
multiple tenants
 Related services

8. 8
NA Leased (47%) Owned (36%) INTL Leased (17%)
Significant global real estate footprint –
more than 1,000 facilities in 67MM SF
Acquisition opportunity of $700MM to
$1B over 10-year timeframe
Expanded real estate purchase
program; purchased and under
contract $40 million year to date or
approximately 700k sq. ft.
 Expected IRR of 9 – 12%
 Supports REIT Asset Test
 Enhances real estate residual value
Real Estate Acquisitions to Enhance Returns
Potential $2.5B - $3.0B Purchase Universe

9. 9
2%
9%
16%
8%
4%
3%
3%
37%
18%
North America Revenue by Vertical
Other2
Insurance
Financial
Healthcare
Federal
Legal
Energy
Business
Services
Life Sciences
Top Player in a Diversified, Fragmented Industry
(1) Based on annual volume churn rate of ~7%
(2) No single vertical within ‘Other’ comprises more than 1% of North America Revenue
155,000 customers
Serving 950 of Fortune 1000
No single customer represents greater than 2%
Top 20 customers have historically represented
between 6% to 7% of consolidated revenues
Customer retention is consistently high with
annual losses of less than 3% (on a volume
basis) attributable to customer terminations
Long average life of a box in storage (~15 yrs.)1

10. 10
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
2007 2008 2009 2010 2011 2012 2013
Same Store NOI Growth
(Historical)
Industrial average Self-storage average
Storage Rental Revenue is Stable Throughout Cycles
Source: Benchmark data provided by Green Street Advisors
IRM average internal storage rental revenue growth

11. 11
Large & growing
 59% of revenues ($1.8B)
 4% - 5% constant dollar growth
GDP correlated & inflation hedged
26 Consecutive Years of Storage Rental Growth
Q3 2014
Annualized
$1,876
Storage Rental ($MM)

12. 12
Consistent Incoming Storage Volume
 6-7% new volume from existing customers globally
 Cut sheet paper demand growth flat, but documents still being produced
and stored
 Records becoming more archival in nature
-4%
-5%
-3%
-6%
-3%
0%
3%
6%
Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13
New Volume From Existing Customers NA Paper Demand
1%
-1%
1%
-6%
-3%
0%
3%
6%
9%
12%
15%
Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13
New Volume From Existing Customers Global Paper Demand
Emerging Markets Developed Markets
Source for paper trends data: Resource Information Systems Inc. (RISI)

13. 13
Strategy to Extend Durability of Business
Speed and Agility
Simplification, Process Automation and Efficiency
Developed
Markets
Drive Profitable Revenue
Growth; Grow Tape and
Cube Volume
Strategic Plan
Emerging Markets
Expand and Leverage
Emerging
Businesses
Identify, Incubate,
Scale or Scrap
(Data Center)
Organization and Culture
Organizational Capabilities, Talent and Processes
CORE PILLARS ENABLERS

14. 14
$2,694
$2,810-
$2,870
$1,047
$1,100-
$1,150
2013 Actual 2016 Targets
Revenue Adjusted OIBDA
Developed Market Targets
($MM)
Driving profitable growth
Enhanced cube volume growth
 Sales force excellence
 Acquisitions
Speed & Agility drives profitability
Getting More out of Global Developed Markets
Stable Base Supports Moderate Growth with Low Risk
2013 Adj. OIBDA excludes restructuring charges

15. 15
Volume Growth Driven by Both Organic as well as Acquisition-Driven Volume Expansion
Year-over-Year Global Net Volume Growth Rates (Records Management Only)
(1) Net organic growth includes organic growth, destructions, outperm/terms, and new sales.
4.6 %
2.3 %
1.4 %
1.4 %
1.3 %
1.3 %
1.7 %
0.5%
(0.7%)
1.0%
0.2%
0.5%
4.5%
1.6%
FY2008
FY2009
FY2010
FY2011
FY2012
FY2013
YTD 2014
Acquisitions
Net Organic Growth(1)
5.1%
1.6%
2.4%
1.6%
1.8%
5.8%
3.3%

16. 16
Improved Retention and Acquisition Drive Net Volume
Growth
6.8% 6.6% 6.3% 6.3% 6.3% 6.2% 6.1% 6.1%
1.9% 1.9% 1.9% 2.0% 2.1% 2.1% 2.2% 2.1%
1.5% 1.5% 0.3%
2.1%
4.5% 5.2% 5.9%
3.7%
-4.7% -4.7% -4.6% -4.6% -4.6% -4.5% -4.7% -4.5%
-2.7% -2.7% -2.6% -2.6% -2.5% -2.3% -2.0% -1.9%
2.7% 2.6% 1.4% 3.2% 5.8% 6.7% 7.6% 5.5%
Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14
Organic New Sales Acquisitions Destructions Outperm/Terms
Year-over-Year Global Net Volume Growth Rates (Records Management Only)
Net Volume
Growth Rate

17. 17
Capturing Opportunity in
Emerging Markets
 Investing to drive leadership
 Currently 12.2% of total revenue
 Goal: increase percentage of total
revenue to 16%
 ~50% of emerging market growth
driven by acquisitions
 First wave of outsourcing
2013 Adjusted OIBDA excludes restructuring charges
M&A Key Driver of Emerging Market Strategy
$319
$510-$550
$65
$100-
$150
2013 Actual 2016 Targets
Revenue Adjusted OIBDA
Emerging Market Targets
($MM)
100-
120
Base
90-
110
Acquisitions

18. 18
$160
$50
$145
$55
$85
$30
IMLA EMEA Asia
New Territories Current Territories
Acquisition opportunities in both
emerging and developed markets
 Developed markets – strategy to
enhance storage growth while
maintaining attractive returns
 2014 YTD Acquisitions of $12 MM
 Emerging markets – investing to
build strong leadership positions
 Diversified portfolio of targets
 Streamlined acquisition process
 2014 YTD Acquisitions of $150 MM
M&A Pipeline is Strong and Execution Well Underway
Revenue Pipeline Greater than 4x
Target for 2016

19. 19
Evaluating Data Center Potential for Emerging Business
Opportunities
Illustrative Value Creation and
Estimated Stabilized Returns Post-2014
($ MM)
Revenue $27
Adjusted OIBDA ~$15
NOI ~$16
Capital invested ~$100
Data center cap rate 7.5% - 8.5%
Implied value $185 - $215
Implied value creation $85 - $115
ROIC 10% - 14%
Adjusted OIBDA reflects stabilized SG&A expenses

20. 20
$3,026
$3,360-
$3,470
$2,200
$2,400
$2,600
$2,800
$3,000
$3,200
$3,400
$3,600
2013 Base Incremental M&A 2016 E
Strategic Plan Drives Solid Revenue Growth
($MM)
$200 - $265
$135 - $175
+ Potential
Upside from
EBOs
+
Potential
Upside
from
Additional
EBOs

21. 21
Low-volatility, Moderate Growth with Attractive Yield
$919
$35-$60
$20-$45
$20-$30 $995 - $1,055
Adj. OIBDA 2013 Base Incremental M&A Speed and Agility Adj. OIBDA 2016 E
*Assumes a 4% dividend yield
2013 excludes restructuring charges
ROIC 9.7% 10% - 11%
Avg. Inv.
Capital
~$5.5B ~$6.3B
($MM)
Driving Total Shareholder Returns - projected to be between 8% to 9%*
+ Potential
Upside from
EBOs
+
Potential
Upside
from
Additional
EBOs

22. 22
Stockholder Distributions
Receipts and Reporting for 2014
Amounts paid in Jan, April, July, Oct. & Dec. 2014 are
included in 2014 taxable income
First REIT distribution of $0.475/share paid on 10/15/14
 Reflected quarterly rate expected in December
following issuance of shares associated with Special
Distribution
For 2014, IRM stockholders should report:
 $400mm quarterly distributions PLUS Special
Distribution
Under IRS rules, historical C-Corp earnings and profits
need to be distributed prior to any REIT distributions
 Character of each distribution to stockholders
(including qualified vs non-qualified ordinary
distributions) will vary, depending upon each
stockholder’s specific situation, final amounts
distributed, and the final characterization of such
distributions at year-end, among other factors
Mid-year Conversion Results in Catch-up Distribution
Declaration
Date Paid Date
Distribution
Amount
Cash
Amount
Distribution
Per Share
Dec 16, ‘13 Jan 15, ‘14 $52mm $52mm $0.27
Mar 14, ‘14 Apr 15, ‘14 $52mm $52mm $0.27
May 28, ‘14 Jul 15, ‘14 $52mm $52mm $0.27
Sept 15, ‘14 Oct 15, ‘14 $92mm $92mm $0.475
Nov ’14 1
(catch-up)
Dec ‘14 ~$52mm ~$52mm ~$0.248
Nov ’14 1 Dec ‘14 ~$100mm ~$100mm $0.477
2014 Special Distribution1
Sept 15, ‘14 Nov 4, ’14 $700mm $140mm $3.61
1 Subject to Board approval and reflects 15.8 million shares issued related to the Special
Distribution
2 80% stock / 20% cash , resulted in 15.8 million in additional shares outstanding

23. 23
Drivers of Net Asset Value (NAV)
Corporate
Governance
Balance Sheet
Risk
Franchise Value
Premium / Discount to NAV
Overhead
Structure

24. 24
Significant Franchise Value Supports Enhanced
Valuation
 Solid track record of enhancing shareholder value
 Share buybacks, pursuing REIT conversion, dividend enhancement
 Most expansive global platform
 Difficult and expensive to replicate
 Strong international expansion opportunity
 Attractive real estate characteristics
 Low turnover costs
 Low maintenance capex
 High retention, low volatility
 Formal corporate responsibility program and inclusion in SRI Indexes

25. 25
Strong Corporate Governance Profile
 Demonstrated responsiveness to investors
 Non-staggered, independent Board with significant investment
 No antitakeover provisions
 Rights plan implemented in 2013 to preserve REIT benefit
for shareholders in 2014
 Will be rescinded upon stockholder approval of REIT
merger
 Low potential conflicts of interest

26. 26
Attractive Balance Sheet / Capital Structure Poised for
Improvement as a REIT
 Debt-to-total-market cap compares favorably
 IRM debt-to-total market cap of 36%1
 Minor amount of secured debt
 Low percentage of floating rate debt
 Low repayment/refinancing risk
 Limited development/unfunded development
 Intend to de-lever over time as a REIT
 Refinancing in international markets to provide natural hedge and get
benefits of interest rate tax shield in taxable jurisdictions
(1) Based on 10/30/2013 closing prices of $35.38 and 209.3 million shares outstanding

27. 27
Overhead Structure Reflects Defensible Moat and
Operating Business
 High-return storage rental business
 Average Adjusted OIBDA margins consistent with other
property types
 Service business margins ~19% including overhead
 Greater allocation to service due to nature of business
 Lower capital intensity, so returns in line with storage business
 Integrated business model drives new sales and retention,
but overhead will naturally be higher than traditional REITs
 Limited additional operating leverage
 Low downside risk, but limited upside potential

28. 28
“Enterprise Storage” Compares Favorably
Iron Mountain Self-storage Industrial
North America annual rental revenue/SF $27.00 $13.80 $5.50
Tenant Improvements/SF N/A N/A $1.96
CapEx(1) ~3% 5.3% 12%
Average lease term
Large customers: 3 Yrs.
Small customers: 1 Yr.
Month-to-Month ~4-6 yrs.
Customer retention ~98% ~85% ~75%
Customer concentration Very low Very Low Low
Customer type Business Consumer Business
Non-Real Estate %(2) 30% 20% 10%
Stabilized Occupancy
(building & racking utilization)
Building: 80% to 85%
Racking: 90% to 95%
90% 93%
Operating Margin(3) Storage: 70% - 75% 68% 70%
(1) IRM CapEx represents maintenance CapEx as a percentage of Revenues. Comps represent recurring CapEx as a percentage of NOI. Excludes leasing commissions.
(2) Non-Real Estate % for IRM is as a % of Total Adj. OIBDA. Comps are as a % of Assets.
(3) Operating margin for IRM is storage gross margin.
Source: Company estimates and filings. Benchmark data provided by Green Street Advisors and J.P. Morgan

29. 29
Potential for Broadened Investor Base and
Enhanced Valuation
13.2
15.1
15.6
16.5
16.9
18.3
20.5
17.3
20.4
21.0
16.1 x
LPT
DRE
FR
PSB
DCT
EGP
PLD
CUBE
EXR
PSA
IRM
Price-to-2015 Pro Forma FFO
5.5%
3.6%
2.1%
2.4%
3.3%
3.4%
3.2%
2.6%
3.3%
3.1%
5.6%
LPT
DRE
FR
PSB
DCT
EGP
PLD
CUBE
EXR
PSA
IRM
Pro Forma Current Dividend Yield
*Based on a pro forma 2015 dividend of $2.20 per share, and 209MM shares outstanding and a stock price of $35.38 as of 10/30/2014. REIT pricing as of 10/30/2014
Source: Company estimates and FactSet mean FFO and AFFO estimates.
17.3
19.1
24.9
23.4
24.1
23.8
24.4
18.3
21.3
22.2
12.6 x
LPT
DRE
FR
PSB
DCT
EGP
PLD
CUBE
EXR
PSA
IRM
Price-to-2015 Pro Forma AFFO
INDUSTRIAL SELF-STORAGE

30. 30
Key Messages
We are uniquely positioned to create value through our operating
model and real estate strategy
Our market leadership position supports long-term value
Fundamentals support stable growth in storage rental
Leading storage rental-driven business, supported by market leadership and
stable fundamentals, drives attractive shareholder returns
Attractive business characteristics underscore value creation

31. 31
Questions?

32. © 2013 Iron Mountain Incorporated. All rights reserved. Iron Mountain and the design of the mountain are registered trademarks of Iron Mountain Incorporated.
All other trademarks and registered trademarks are the property of their respective owners.
Appendix

33. 33
Ordinary distribution and core
real estate investment covered
by cash flow
Data Center business,
opportunistic Real Estate
purchases and acquisitions
funded by incremental
borrowing at targeted leverage
ratio and/or potential equity
proceeds
Cash Available for Distributions and Investment ($MM)
Normalized
2015(1)
Adjusted OIBDA $965
Add: Other Non-Cash Items & Adjustments ~$40
Less: Interest
Cash Taxes (run rate)
Maintenance CapEx
Other (non-Real Estate) CapEx
Customer Acquisition Costs
~$265
~$55
~$90
~$50
~$30
Cash Available for Distributions and Investment $515
Normalized, Growing Cash Flows Support Capital
Allocation Strategy
Ordinary Distributions() ~$415
Excess Cash Flow Available for Investment: ~$100
(1) Cash interest expense, cash taxes, and customer acquisition costs are not intended to represent specific
projections for 2015
(2) Subject to board approval
Real Estate
(Building Purchases and Data
Centers)
Core
Acquisitions
Core Real Estate
(Racking, Building &
Leasehold improvements)
Illustrative example

34. 34
Updated Guidance
$MM
Current 2014
Guidance
Previous 2014
Guidance (If Different)
Preliminary 2015
Guidance C$ YOY Growth
Operating Performance
Revenues $3,100 - $3,150 $3,090 - $3,170 $3,135 - $3,290 1% - 5% 1
Adjusted OIBDA (Operating) 2 $925 - $945 $915 - $945 $945 - $985 2% - 5% 1
Adjusted EPS – Fully Diluted 2 $1.33 - $1.44 3 $1.37 - $1.52 $1.23 - $1.38 4
Cash Flow
FFO (NAREIT) $440 - $480
FFO (NAREIT) per share $2.12 - $2.28 4
FFO (Normalized) $435 - $465 $440 - $480
FFO (Normalized) per share $2.21 - $2.46 3 $2.12 - $2.28 4
AFFO $555 - $595 $570 - $610
Capital Allocation
Ordinary Dividends $400 $400 - $420 $410 - $420
Total Capital (excluding Dividends) $540 $550 - $650
Real Estate Investments $190 - $210 $240 - $280
Maintenance CapEx $80 - $100 $80 - $100
Other Investment $45 - $55 $40 - $60 $40 - $60
Acquisitions $190 - $200 $190 - $210 $150 - $250
$2.25 - $2.51
$435 - $485
$555 - $605
(1) YOY growth compared to 2014 constant dollar (C$) budget rates; includes 1% - 2% internal growth revenue
(2) Includes on-going REIT compliance costs of ~$15 million that we expect to incur in 2014 and future years
(3) Assumes 196 million shares outstanding
(4) Assumes 209 million shares outstanding