Jpm all stars conference final 09.13.17

1. Durable
Business Drives
Cash Flow and
Dividend Growth
September 19, 2017

2. 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, the expected total cost to integrate Recall Holdings Limited (“Recall”) with our company and expected synergies from the acquisition, strategic goals, impact and expected cost savings
associated with the Transformation Initiative, projected revenue and financial impact from acquisition, including those in our pipeline, valuation creation and returns associated with our data center
and other adjacent businesses, capex and innovation spend and targeted leverage ratios. 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) our expected dividends may be materially different than our estimates (ii) our ability to remain qualified for taxation as a real estate
investment trust for U.S. federal income tax purposes; (iii) the adoption of alternative technologies and shifts by our customers to storage of data through non-paper based technologies; (iv)
changes in customer preferences and demand for our storage and information management services; (v) the cost to comply with current and future laws, regulations and customer demands
relating to data security, privacy issues, as well as fire and safety standards; (vi) the impact of litigation or disputes that may arise in connection with incidents in which we fail to protect our
customers' information; (vii) changes in the price for our storage and information management services relative to the cost of providing such storage and information management services; (viii)
changes in the political and economic environments in the countries in which our international subsidiaries operate and changes in the global political climate; (ix) our ability or inability to complete
acquisitions on satisfactory terms and to integrate acquired companies efficiently; (x) changes in the amount of our capital expenditures; (xi) changes in the cost of our debt; (xii) the impact of
alternative, more attractive investments on dividends; (xiii) the cost or potential liabilities associated with real estate necessary for our business; (xiv) the performance of business partners upon
whom we depend for technical assistance or management expertise outside the United States; (xv) other trends in competitive or economic conditions affecting our financial condition or results of
operations not presently contemplated; and (xvi) other risks described more fully in our filings with the Securities and Exchange Commission, including under the caption “Risk Factors” in our
periodic reports including our Annual Report on Form 10-K for the fiscal year ending December 31, 2016. 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.
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 second quarter results on July 28, 2017. Selected metrics are defined in the appendix of
our Q2 2017 Supplemental Financial Information.

3. Introduction and
Strategic Plan

4. Meet Iron Mountain
4
1 BILLION
Medical images stored
676 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

5. Strong Diversified and Growing Business 5
76% 14% 10%
Records &
Information
Management(1)
Data
Management(1) Shredding(1)
Storage: 69%
Service: 31%
Storage: 68%
Service: 32%
Service: 100%
• ~$3.8 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 Q2 2017 results

6. Global Presence and Defensible Moat
6
Expansive global platform
• Compelling customer proposition
• Strong international expansion opportunity
86MM SF of real estate in 1,413 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, 27.3% TSR YTD(1)
Commitment to corporate responsibility
• FTSE4Good and Dow Jones Sustainability Index
• Solar and wind power reducing costs 6 CONTINENTS52 COUNTRIES
(1) As of September 8, 2017

7. 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

8. 8
Durability and Performance Will
Continue to Drive Shareholder Returns
$0.3
$1.3
$1.7
$2.2
2013 2014 2015 2016
Cumulative Ordinary Dividends and
Special Distributions
$in Billions 9.7%
6.8%
4.0% 4.0%
2.1% 2.1% 2.2% 2.1%
2017E 2018E 2019E 2020E
Targeted Growth in Ordinary
Dividend/Share vs. Inflation
Growth in Div./Share CPI Index
CPI Source: FactSet, as of September 11, 2017

9. 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

10. We Continue to See Box Growth
10
40 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)

11. 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 $ 29
Direct operating costs (3)
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.

12. 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

13. 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 43 in the Appendix of Q2 2017 Supplemental Financial Information

14. Internal Revenue Growth Shows
Momentum in Underlying Business
14
0.5%
0.2%
0.8%
1.2%
2013 2014 2015 2016
Internal Total Revenue Growth
Rolling 3-Year Average
2.7%
2.4% 2.3% 2.4%
2013 2014 2015 2016
Storage Internal Growth
Rolling 3-Year Average
-2.5%
-2.8%
-1.5%
-0.6%
2013 2014 2015 2016
Service Internal Growth
Rolling 3-Year Average

15. Continued Cash Flow Growth
15
~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

16. 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

17. 17
Global 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 Q2 2017 Supplemental Financial Information on Page 16

18. Shift in Mix Underpins Long-term
Dividend Growth
18
80%
Developed Portfolio
Includes North America
And Western Europe
20%
Growth Portfolio
Emerging 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 Portfolio
Includes North America
And Western Europe
25%
Growth Portfolio
Emerging 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

19. Developed
Markets and Data
Management Opportunity
19

20. 1. Strong Top-line Growth 3% Total Revenue CAGR
20
Durable 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. 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

22. 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

23. 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
Foundation
PurposeBuiltSolutions
ValueAddedServices
• 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)

24. Emerging
Markets: Delivering
Strong Growth

25. 1. Strong Organic Growth of Core Business 6%+(1) Total Revenue CAGR
25
Continued Strong Execution of
Emerging 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

26. Progress in Achieving Leadership and Scale
26
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

27. Disciplined Capital
Allocation and Long-
term Outlook

28. 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
28
Core Racking, Data
Center Development
and Real Estate
Consolidation
Adjacent Businesses
(1) Excludes Data Center acquisitions

29. M&A in Emerging and Developed Markets
Deliver Solid Growth and Returns
29
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

30. Sizable Real Estate Portfolio
30
Storage
86M total square feet as of June 30, 2017
• Owned: 28MM SF/302 buildings
• Average size: 91,000 SF
• 32% of real estate by SF owned
• Leased: 58MM SF/1,111 buildings
• Average size: 52,000 SF
• 54% of portfolio expires after 2027, assuming
extension of options

31. Real Estate Value Creation
Opportunities
31
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.

32. Real Estate Quality Underpins
Balance Sheet
32
Owned Real Estate Concentrated in Major Markets
NY0086JT / 645841_1.wor
Denver-
Boulder
San Francisco
Los Angeles
Phoenix-Mesa-
Scottsdale
Dallas-Fort Worth-
Arlington
Chicag
o
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
$1.7bn(1) United States
Owned Real Estate
Top Owned International Markets by Gross Book
Value
Gross Book Value Total %
Country ($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

33. Investing in Faster Growing and Value
Creating Businesses
33
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

34. IRM Data Center Well Positioned
34
STRONG IT RELATIONSHIPS
Serves ~17k companies in US
>2M visits data centers/year
Visit 30k unique locations
30-year average customer life
STRONG SALES TEAM
Data Center – 14
Data Management – 119
Federal – 21
Financial Services – 34
Life Sciences – 9
Global Accounts – 21
Buying Criteria
Strongly
Desires
Highly secure 77%
Customer
support
74%
Regulatory
compliance
69%
Iron Mountain SunGard CyrusOne Digital Realty
50% 44% 27% 23%
29% 22% 21% 18%
43% 37% 27% 23%
IRON MOUNTAIN SCORES THE HIGHEST AMONG COMPETITION(1)
Total – 218
(1) Source: Independent survey of IT infrastructure buyers and influencers commissioned by Iron Mountain in 2014 at 210 companies within customer base.

35. New Northern Virginia Site Offers
Upside to Plan
35
• 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
• IRRs expected to be 13% and incremental returns of 20%+

36. Data Center Acquisition Supports
Growth and Solid Returns
• Iron Mountain brings customer relationships, sales team and scale
• Acquired Denver-based data center business for ~$130 million
• New capacity significantly expands existing business
• FORTRUST represents:
• 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 ~$75 million private placement stock and ~$55 million cash
• Transaction expected to be $(0.01) - $(0.02) dilutive to Adjusted EPS in 2017 due to
integration costs, and AFFO neutral in 2017
• Flat for Adjusted EPS in 2018, modestly accretive in 2019
36

37. Multiple Financing Sources
and Sound Balance Sheet
37
• Ample liquidity of ~$1 billion
• Sources include:
• Growing operating cash flow from the business
• Secured and unsecured borrowings
• Capital recycling
• Debt structure: 76% fixed and 24% floating as of 06/30/17
• Utilizing foreign-denominated debt to create natural hedge
• Funding for opportunistic investments beyond plan could include:
• Potential ATM program or other equity
• Co-investment
• Portfolio realignment

38. Recent Refinancing Activity
• Redeemed 6.125% CAD $200 million Senior Notes due 2021
• Amended line of credit with improved covenants that increase flexibility
• Redeemed $1 Billion USD 6% Senior Notes due 2020 and issued
4.875% $1 billion USD Senior Notes due in 2027
• Extended and increased AR securitization
• Actions to date extend average maturity to 6.5 years+ and reduce
average rate by ~30 basis points
38

39. 2020 Plan: Profitable, Sustainable Growth
39
(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
5.6x
5.0x
2017E 2020E
$1,265
$1,535 –
$1,615
2017E - Midpoint of
Guidance
2020E
$3,795
$4,350 –
$4,500
2017E - Midpoint of
Guidance
2020E
Worldwide Revenue (C$ in MM)
Adjusted EBITDA (C$ in MM)
$2.20 $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)

40. “Enterprise Storage” Compares
Favorably
40
Iron Mountain
Actual
Self-Storage Industrial
North America annual rental
revenue/SF(1)
$29.3 $13.8 $5.5
Tenant Improvements/SF 0 0 $1.96
Maintenance CapEx(2) 3% 5% 12%
Average lease term
Large customers: 3 Yrs.
Small customers: 1 Yr.
Average Box Age : 15 Yrs.
Month-to-Month ~4-6 yrs.
Customer retention 98% ~85% ~75%
Customer type Business Consumer Business
Storage Net Operating Margin(3) Storage: 81% 68% 70%
Largest Public REITs
2Q’17 NOI Annualized ($ in MM)(4)
IRM Storage: $1,968 PSA: $1,812 PLD: $1,882
Source: Self-Storage and Industrial benchmark data provided by Green Street Advisors and J.P. Morgan.
(1) Annualized rental revenue / SF is based on 2Q17 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 2Q17 storage net operating income for IRM, self-storage net operating income for Public Storage (PSA), and net operating income for Prologis (PLD) source from those
companies’ supplemental disclosures.

41. IRM Compares Favorably to Broader
REIT Universe
41
DIVIDEND
YIELD
2017E
AFFO
PAYOUT
2017E
AFFO
GROWTH
P/AFFO
YTD
TOTAL
RETURN
Iron Mountain(1) 5.5% 79% 11.5% 14.4X 27.3%
Overall U.S. Equity REITs(2) 3.9% 77% 6.9% 21.4X 4.9%
(1) Based on IRM stock price of $40.04 (09/08/2017) and midpoint of 2017 Guidance
(2) Based on 09/11/17 JPMorgan’s REIT Weekly U.S. Real Estate Stock Tools database which includes 129 REITs

42. Key Takeaways
42
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

43. Appendix:
Q2 2017 Results

44. On Track with Short and Long-Term
Financial Objectives
44
Q2 key financial results in line with expectations
• Strong Adjusted EBITDA and AFFO growth supported by durability of storage rental business, achievement of
Recall acquisition synergies and Transformation initiative; additional benefit from one-time items
• Significant YoY and sequential quarter improvement in SG&A and Adjusted EBITDA margins
Maintaining 2017 C$ guidance (based on January 2017 FX rates)
• Business fundamentals remain strong
• Strong 1H performance largely offset by lower contribution from M&A due to later closings than expected (and
considering integration costs) and sale of Russia and Ukraine businesses
Strong internal storage rental growth of 4.8% in Q2 (4.0% excl. data center lease termination fee)
• Continued worldwide internal volume growth and improved pricing
• Net volume gain of 8.9 mm CuFt in TTM reflects strong organic adds of 49.8 mm and 40.9 mm of outgoing CuFt
• 1.3% TTM internal volume growth; Recall, net of regulatory dispositions, now in base
Note: Definition of Non-GAAP measures and reconciliations to GAAP measures can be found in the Q2 2017 Supplemental Financial Information

45. 45
Strategic Plan Highlights for Q2’17
Developed Markets – North America and Western Europe
• Achieved 3.4% internal storage rental growth
• 1.8 million CuFt of net volume(1) before business acquisitions/Recall dispositions
• Enhanced revenue management efforts yielding higher margin
Emerging Markets(2)
• Achieved 8.4% internal storage rental growth
• ~18% of total revenue(2); expanded presence through organic growth and acquisitions
• Completed deals: remaining Santa Fe countries plus Peru in Q2; Cyprus in July
• Sold Russia/Ukraine business to market leader – retained minority interest participation
Adjacent Businesses
• Data center acquisition agreement significantly expands platform in attractive business
(1) Net volume represents incoming cubic volume of 32.5mm from new and existing customers less outgoing cubic volume of 30.7mm 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.

46. 46
(35.0) (35.6) (36.3) (37.9) (39.2) (40.3) (40.9)
43.0 44.0 45.4 47.4 48.2 50.8 49.8
(33.9)
42.1
Q2 ’17
8.9
Q1 ’17
10.5
Q4 ’16
9.0
Q3 ’16
9.5
Q2 ’16
9.1
Q1 ’16
7.4
Q4 ’15
8.1
Q3 ’15
8.2
Consistent Inbound/Outbound Volume
CuFt in mm Net Volume before Business Acquisitions/Dispositions

47. Steady Internal Growth in Q2
NA Records &
Information
Management
NA Data
Management
Western
Europe
Other
International
Corporate
& Other Total
Internal Growth
Storage 3.7% 2.9% 2.5% 7.1% 41.3% 4.8%
Service 1.3% (7.4)% (1.7)% (4.7)% (5.4)% (1.1)%
Total 2.7% (0.5)% 0.8% 2.4% 28.5% 2.5%
% of Revenue by Segment
Storage 32.1% 7.7% 7.8% 12.8% 1.7% 62.1%
Service 21.5% 3.4% 5.0% 7.5% 0.4% 37.9%
47
Quarterly segment operating performance can be found on Page 10 of the Q2 2017 Supplemental Financial Information

48. 2017 Estimated AFFO Supports Growing Dividend;
Discretionary Investment Funded with Debt/Equity
$120
$35
Cash Available
for
Discretionary
Investment
Customer
Relationships
and
Inducements
Anticipated
Dividends
$585
Adjusted Funds
From
Operations
~$740
$185
$150
$120
$270
~$75
~$130
Growth Real
Estate, Racking,
Data Center
Development and
Innovation
M&A Guidance
FORTRUST
Acquisition
Incremental
Debt
FORTRUST Private
Placement
Equity
Growth
Investments
$ in mm
(1) Based on midpoint of guidance rounded to the nearest $5mm, excludes 2017 expected Recall Costs of $135mm (Opex and Capex)
Sources