Investor presentation baltimore investor meetings

1. Durable Business
Drives Cash Flow
and Supports
Dividend Growth
September 9, 2016

2. Safe Harbor Language and
Reconciliation of Non-GAAP Measures
2
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this communication may constitute “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws and be subject to the safe-harbor created by such Act. Forward-looking statements include, but are
not limited 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 2016 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, and expected cost savings associated with the Transformation Initiative. These
forward-looking statements are subject to various known and unknown risks, uncertainties and other factors. When Iron Mountain uses words such as "believes," "expects," "anticipates,"
"estimates" or similar expressions, it is making forward-looking statements. You should not rely upon forward-looking statements except as statements of Iron Mountain’s present intentions
and of Iron Mountain’s present expectations, which may or may not occur. The forward-looking statements are based on Iron Mountain’s estimates based on information available to it as of the
date indicated in connection with such statement (and if no such date is indicated, the date of this Investor Presentation). Iron Mountain’s expected results may not be achieved, and actual
results may differ materially from its expectations. Important factors that could cause actual results to differ from Iron Mountain’s expectations include, among others: (i) Iron Mountain’s ability
to remain qualified for taxation as a real estate investment trust for U.S. federal income tax purposes; (ii) the adoption of alternative technologies and shifts by Iron Mountain’s customers to
storage of data through non-paper based technologies; (iii) changes in customer preferences and demand for Iron Mountain’s storage and information management services; (iv) the cost to
comply with current and future laws, regulations and customer demands relating to privacy issues; (v) the impact of litigation or disputes that may arise in connection with incidents in which we
fail to protect Iron Mountain’s customers' information; (vi) changes in the price for Iron Mountain’s storage and information management services relative to the cost of providing such storage
and information management services; (vii) changes in the political and economic environments in the countries in which Iron Mountain’s international subsidiaries operate; (viii) Iron
Mountain’s ability or inability to complete acquisitions on satisfactory terms and to integrate acquired companies efficiently; (ix) changes in the amount of Iron Mountain’s capital expenditures;
(x) changes in the cost of Iron Mountain’s debt; (xi) the impact of alternative, more attractive investments on dividends; (xii) the cost or potential liabilities associated with real estate necessary
for Iron Mountain’s business; (xiii) the performance of business partners upon whom we depend for technical assistance or management expertise outside the United States; and (xiv) other
trends in competitive or economic conditions affecting Iron Mountain’s financial condition or results of operations not presently contemplated. In addition, the benefits of the l Recall
transaction, including potential cost synergies, accretion and other synergies (including tax synergies), may not be fully realized or may take longer to realize than expected. Additional risks
that may affect results are set forth in Iron Mountain’s filings with the Securities and Exchange Commission, including under the caption “Risk Factors” in our periodic reports, or incorporated
therein. Any forward-looking statements contained herein are based on assumptions that Iron Mountain believes to be reasonable as of the date indicated in connection with such statement
(and if no such date is indicated, the date of this Investor Presentation) and Iron Mountain undertakes no obligation, except as required by law, to update these statements as a result of new
information or future events.
Non-GAAP and Measures: Throughout this presentation, Iron Mountain will discuss (1) Adjusted OIBDA, (2) Adjusted Earnings per Share, (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 or net income (loss) or cash flows from operating activities from continuing
operations (as determined in accordance with GAAP). For additional information please see the appendix of this presentation, and for additional definitions and a reconciliation of these
measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, please see the Iron Mountain’s supplemental reporting
package under Investor RelationsFinancial InformationQuarterly Reporting at www.ironmountain.com. Iron Mountain does not provide a reconciliation of non-GAAP measures that it
discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all,
including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this
information, Iron Mountain does not believe that a reconciliation would be meaningful.

3. Table of Contents
Topic Pages
Iron Mountain Overview 4 – 8
Business Durability 9 – 13
Strategic Plan Performance and 2020 Vision 14 – 24
Capital Allocation and Real Estate Strategy 25 – 34
Recall Acquisition and Transformation 35 – 39
Guidance and Summary 40 – 45
Appendix 46 – 55
3

4. Iron Mountain
Overview

5. We Store & Manage Information Assets
5
75% 16% 9%
Records & Information
Management(2) Data Management (2) Shredding (2)
Storage: 70%
Service: 30%
Storage: 60%
Service: 40%
Service: 100%
Diversified Global Business (1)
• More than $3.7 billion annual
revenue(1)
• 220,000+ customers
• Serving 94% of Fortune 1000
• More than 85 million square feet
of real estate in more than 1,400
facilities
Compelling Customer Value
Proposition
• Reduce costs and risks of storing and
protecting information assets
• Broadest footprint and range of
services
• Most trusted brand
(1) Annualized revenues reflect midpoint of normalized for FY 2016 guidance
(2) Based on a partial year contribution from Recall through year-to-date 2016

6. Leading Global Presence
6
Most expansive global platform
• Compelling customer proposition
• Strong international expansion
opportunity
Attractive real estate characteristics
• Low turnover costs
• Low maintenance capex
• High retention, low volatility
Solid track record of enhancing
shareholder value
• Share buybacks, REIT conversion,
dividend enhancement
Formal corporate responsibility program
• FTSE4Good and Dow Jones
Sustainability Index constituent
6 CONTINENTS45 COUNTRIES

7. Storage Rental Stream is Key
Economic Driver
7
-4%
-2%
0%
2%
4%
6%
8%
2007 2008 2009 2010 2011 2012 2013 2014 2015
Coming off higher inflation
and pricing catch up
8-Year
Average
IRM Internal Storage Revenue Growth (1) 3.8%
Self-Storage Average Same Store Revenue(2) 3.8%
Industrial Average Same Store Revenue(3) 1.0%
Source: Company filings.
(1) Represents the weighted average year-over-year growth rate of the Company’s revenues after removing
the effects of acquisitions, divestitures and foreign currency exchange rate fluctuations. Local currency
used for international operations.
(2) Represents the annual same-store revenue growth average for Public Storage (PSA), Extra Space
Storage (EXR), CubeSmart (CUBE) and Sovran (SSS)
(3) Represents the annual same-store revenue growth average for DCT Industrial (DCT), Duke Realty (DRE),
First Industrial (FR), Liberty Property (LPT), Prologis (PLD) and PS Business Parks (PSB).
Illustrative North America RM Storage Annual
Economics(1)
(per square foot, except for ROIC)
Investment
Customer acquisition $ 42
Building and outfitting 54
Racking structures 54
Total investment $ 150
Storage Rental NOI
Storage rental revenue $ 27
Direct operating costs (3)
Allocated field overhead (3)
Stabilized Storage NOI $ 21
Storage Rental ROIC(2) ~14%
(1) Reflects average portfolio pricing and assumes an owned facility.
(2) Includes maintenance CapEx, assumed at 2% of revenue.
Historical Same-store Revenue Growth

8. “Enterprise Storage” Compares
Favorably
8
Iron Mountain
Actual
Self-Storage Industrial
North America annual rental
revenue/SF(1) $26.7 $13.8 $5.5
Tenant Improvements/SF N/A N/A $1.96
Maintenance CapEx(2) 2% 5% 12%
Average lease term
Large customers: 3 Yrs.
Small customers: 1 Yr.
Average Box Age : 15 Yrs.
Month-to-Month ~4-6 yrs.
Customer retention 98% ~85% ~75%
Customer concentration Very low Very Low Low
Customer type Business Consumer Business
Stabilized Occupancy
(building & racking utilization)(3)
Building: 85%
Racking: 91%
90% 93%
Storage Net Operating Margin (4) Storage: 81% 68% 70%
Largest Public REITs
2Q’16 NOI Annualized (5)
IRM Storage: $1,874 PSA: $1,703 PLD: $1,756
Source: Company estimates and filings. Benchmark data provided by Green Street Advisors and J.P. Morgan.
(1) Annualized rental revenue / SF is based on 2Q16 results, reflecting only two months of Recall revenues and total square footage acquired
(2) IRM CapEx represents real estate maintenance CapEx as a percentage of storage NOI. Comps represent recurring CapEx as a percentage of NOI. Excludes leasing commissions. Based on 2Q16 results
(3) Building utilization represents total potential building capacity and racking utilization represents installed racking capacity for the Records Management business
(4) Excludes rent expense.
(5) Represents annualized 2Q16 storage net operating income for IRM including a FY benefit from Recall, self-storage net operating income for PSA, and net operating income for PLD source from those companies’
supplemental disclosures
($ in M)

9. Business
Durability

10. Global Document Storage Continues to
Demonstrate Strong, Steady Growth
10
6.1% 5.9% 5.9% 5.9% 5.7% 5.8% 5.8% 6.0%
2.4% 2.4% 2.4% 2.3% 2.4% 2.5% 2.6% 2.6%
3.4%
1.5% 1.6% 1.0% 1.1% 0.7% 1.6%
25.9%
-4.5% -4.4% -4.4% -4.3% -4.5% -4.6% -4.8% -4.8%
-1.9% -1.9% -2.0% -2.1% -2.1% -2.1% -2.0% -2.1%
Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16
New Volume from Existing Customers New Sales Acquisitions Destructions Outperm/Terms
Year-over-Year Global Net Volume Growth Rates (Records Management Only)
(1) Acquisitions of customer relationships are included in new sales as the nature of these transactions is similar to new customer wins.
2.1% 2.1% 2.0% 1.8% 1.6% 1.6% 1.6% 1.7%
Internal
Growth
5.5% 3.6% 3.6% 2.8% 2.7% 2.3% 3.2% 27.6%
Net
Growth
(1)

11. North America box inventory has
continued to grow
358 377
79
23 30
69
2 16 19
New from
Existing
New from
New
Outperms &
PW
Destructions+ - - =
Organic
Growth
Acquisitions+ = Total Growth
YE 2011
Balance
YE 2015
Balance
 
Iron Mountain NA Cube Growth 2012-2015 (CuFt in M)
Continuing to receive
strong volume, albeit
at a declining pace
Successfully adding
new customers and
inventory at an
increasing rate
At historic lows,
having declined
from 2.4% to 1.8%
of total inventory
Virtually
unchanged, holding
at 4.7% of total
inventory
ObservedTrendsHistoricalPerformance
New From Existing New From New(1) Outperms & PWs Destructions
Accretive
acquisitions
generate stabilized
returns of 11% -
14%
Acquisitions
11
(1) Acquisitions of customer relationships are included in new sales as the nature of these transactions is similar to new customer wins

12. BCG Study Estimates NA Vended Document Storage at
~700M CuFt Excluding Government and SMB
40
0 4020
20
60
0
10080
100
80
60
190M
(11%)
38%
34%
175M
(11%)
Share of
Cuft (%)
55%
60M
(2%)
22%
38%
23%
Life
Sciences
90M
(4%)
Health
care
44%
25%
36%
31%
41%
29%
Vended
Wholly
Unvended
Other
1,000M
(53%)
31%
42%
In-house at
Vended
Customers
Legal
Energy
11%
Financial
services
385M
(20%)
45%
33%
21%
Segmentation of NA box storage volume(1)
(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
~720M
~700M
Cubic Feet
~480M
Total ~1.9 B cu ft
Vended ~700 M cu ft
Share of
Cuft (%)
12
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.

13. 0%
20%
40%
60%
80%
100%
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Retention rate
Predictable and Steady Box
Retention Rate
IRM Retention Rate – North America
As of March 31, 2016
50% of boxes that were
stored 15 years ago still
remain
25% of boxes that
were stored 22 years
ago still remain
Box Age
13

14. Strategic Plan
Performance
and 2020 Vision

15. Strategic Plan Delivering Expected
Results
15
(1) Reflects net volume growth (prior to acquisitions of Records Management businesses) in North America Records Management and Western
Europe from Jan 2014 through June 2016
(2) Data as of Q2 2016 and on a 2014 C$ basis
DEVELOPED
MARKETS
9M cu. ft. Net RM
Volume prior to
Acquisitions(1)
OUR PLAN FOR GROWTH
EMERGING
MARKETS
Emerging Markets =
16.4% of Total
Revenues on a
C$ basis(2)
ADJACENT
BUSINESSES
New Data Center
Customers and
Expanded into
Art Storage
TRANSFORMATION, INTEGRATION AND TALENT
Drive process improvements, simplification, efficiencies, and develop and enable talent to support business strategy
Leverage Real Estate Platform to Create Long-Term Value
GROWTHandVALUE
PILLARS
ENABLERS
Consolidate properties for maximum efficiency, leverage development and lease conversion opportunities

16. Strategic Plan Drove Improved
Performance Since Year-end 2013
16
$1.08
$1.91
2013 2015
$2,894 $3,011 $3,078
2013 2014 2015
Worldwide Revenue (C$ in M) Adjusted OIBDA (C$ in M) Regular Dividend per Share
$861
$898
$940
2013 2014 2015
2013 - 2015
Revenue
C$ CAGR
1% 33% 20%
DEVELOPED
MARKETS
EMERGING
MARKETS
ADJACENT
BUSINESSES
STRATEGIC PLAN
Based on 2015 C$ Rates
Note: We use Non-GAAP metrics and financial measures in comparing our operating performance and highlights to our strategic goals because the non-GAAP metrics and financial
measures are used in our strategic goals, rather than GAAP financial measures. We believe it is important to our investors for us to report progress against these strategic goals,
and management compensation is aligned with these strategic goals, as noted in our annual meeting of stockholders proxy

17. Significant Improvement in Internal
Revenue Growth Since 2012
17
3.0%
2.1% 2.2%
2.7%
-4.4%
-3.4%
-0.7% -0.4%
2012 2013 2014 2015
Storage Internal Growth Service Internal Growth
Internal Revenue Growth(1)
-0.4%
-0.3%
1.0%
1.5%
2.0%
2012 2013 2014 2015 2016 -
Guidance
Midpoint
Internal Storage Rental and Service Growth Total Internal Growth
(1) Internal Revenue Growth – Our internal revenue growth rate, which is a non-GAAP measure, represents the weighted average year-over-year growth rate of our
revenues excluding the impacts of business acquisitions, divestitures and foreign currency exchange rate fluctuations. Our internal revenue growth rate includes the
impact of acquisitions of customer relationships

18. 2020 Vision Changes Mix and
Enhances Growth
18
75% Developed Portfolio 25% Growth Portfolio
Emerging Markets = 20%
Adjacent Businesses = 5%
3% Adj. OIBDA 10% Adj. OIBDA
~5% Average Internal Adj. OIBDA Growth
ROIC = 14%
82% Developed Portfolio 18% Growth Portfolio
Emerging Markets = 16%
Adjacent Businesses = 2%
2% Adj. OIBDA 10% Adj. OIBDA
~3% Average Internal Adj. OIBDA Growth
ROIC = 12%
Q2’16 2020

19. Summary of Financial Roadmap
2015 – 2020
19
Growing Storage
Revenues And Margins
Stabilized Service
Gross Margin and Grow
Gross Profits
Improved SG&A
Efficiency
Disciplined Capital
Spend on Maintenance,
Non-Real Estate
Investment and Racking
Dividend Growth
Per Share
Accretive Acquisitions,
Real Estate and Adjacent
Businesses
Consistent
Contribution
and Cash Flow
Improvement

20. Growing Storage Revenues and
Gross Profits
20
3.1% 3.0%
2.1% 2.2%
2.7%
2011 2012 2013 2014 2015
Total Internal Storage Rental Growth
(1) Data as of YTD 2016 and based on reported dollar results
(2) Includes rent expense and doesn’t include termination and permanent withdrawal fees. 2015 Storage Gross Margin impacted by accounting
adjustments in Q2 2015
Storage 61%(1) of
Total Revenue
Storage 83%(1) of
Total Gross Profit
Maintain annual growth
of 2.5% to 3% through 2020
Modest annual growth
through 202072.8%
73.6%
75.3%
76.6% 76.6%
2011 2012 2013 2014 2015
Storage Gross Margin(2)

21. Stabilized Service Revenue with
Focus on Enhancing Gross Profits
21
Expect internal service
revenue to be net
positive for 2016; mix
shift to drive higher
gross profit
Service 39%(1)
of Total
Revenue
Service 17%(1)
of Total Gross
Profit
(1) Data as of YTD 2016 and based on reported dollar results
(2) 2015 service gross margin represents Q4-2015
0.4%
(4.4%)
(3.4%)
(0.7%) (0.4%)
2011 2012 2013 2014 2015
Total Internal Service Revenue Growth
40.9%
27.7% 27.2%(2)
2011 Service Gross
Margin
2014 Service Gross
Margin
2015 Service Gross
Margin
Primary Drivers of Decline
 Costs not reduced in line with activity
 Mix shift to lower margin revenue
 Lower paper price
Stabilization Drivers
 Labor management
 Transport efficiencies
 Use of technology
Total Service Gross Profit

22. Offsetting Core Service Declines with
Continued Shift in Revenue Mix
22
Total Company Service Revenue (All years reflect 2016 C$ in M)
Area / CAGR
RM – Activity-Based -3%
Shred Non-Paper +4%
DM – Activity-Based -10%
Info. Gov. & Digital Solutions +17%
Shred Paper -2%
Other Services +4%
Note: Examples of activity based service include retrieval refile; other services include library moves and Secure IT Asset Disposition
38% 39% 38% 35%
16% 15% 13%
12%
7% 8% 8%
11%
15% 15% 14% 17%
2015
$1,134
6%
$1,147
20142013
$1,128
6%
6%
17% 17% 20%
• Shifting revenue mix to project-
based and other complementary
services
• Generate growth in service gross
profit, margins may be lumpy
• New offerings have lower
average gross margin than
activity-based services
• However, less capital
intensive, therefore have
similar returns
2016E
19%
7%
$1,360
- $1,400

23. Collaborating with Technology Providers to
Enhance Data Management Offerings
23
Secure e-Waste and IT Asset Disposition a structured, secure, cost-
effective program to manage outdated IT assets that provides business
value, while being compliant and green
Restoration Assurance Program allows customers to archive data
securely offsite and restore it on-demand when you needed, through
an auditable, repeatable and defensible process
Cloud Seeding and Migration a cost-effective and efficient method
to move large data sets to the cloud, while providing security and
chain-of-custody throughout the entire process
Cloud Archive Solution highly secure and cost-effective off site
storage, available on demand and accessible by dedicated, secure
network bandwidth. Scalable and resilient storage infrastructure offers
full spectrum of backup, replication, archive and disaster recovery
solutions to protect, preserve, and manage data for compliance, legal or
value-creation purposes
• New offerings in data management drive both
storage and service revenue
• Diversification of service revenues to offset
decline in activity based services
• Early days, however, gaining traction among
customers in North America
Highlights

24. Improved SG&A Efficiencies –
Transformation
24
• Improvement driven by offshoring, outsourcing,
automation, procurement effectiveness, and reducing
complexity
• Target levels of SG&A consistent with median level
benchmarks for companies of similar scale
• Actions taken in July 2015 generating run-rate savings of
$50M for 2016
• Year-to-date, through July 30, executed on over $28M of
$50M of run-rate savings in 2017
Estimated SG&A(1) as % of Revenue
$50
$100
$125
2016 2017 2018
Estimated Cumulative SG&A Savings ($ in M)
20.0%
22.0%
24.0%
26.0%
28.0%
30.0%
2013 2014 2015 2016E 2017E 2018E 2019E 2020E
IRM Trend
Transformation
(1) Excludes REIT Costs and Recall Costs

25. Capital
Allocation and
Real Estate
Strategy

26. Attractive Discretionary Investment
Opportunities
26
DEVELOPED AND
EMERGING MARKETS
BUSINESS ACQUISITIONS
ADJACENT BUSINESSES REAL ESTATE
DISCRETIONARY
INVESTMENTS
Strong Stabilized Returns

27. 27
Acquisition Spend/Yr. $100M
Ongoing Topline Growth 10% + Storage Rental
Expected Returns 13% – 14%
Emerging Markets Acquisition Economics*
Acquisition Spend/Yr. $50M
Ongoing Topline Growth 2 -3% + Storage Rental
Expected Returns 11% – 13%
Developed Markets Acquisition Economics*
Tuck-in deals offer
predictable return and
quickly synergize
Strong returns,
supports progress to
increase exposure to
higher growth markets
M&A Delivers Solid Growth and Returns
* Reflects assumptions for 2016 - 2020

28. Adjacent Businesses Offer Potential
Further Upside
28
Capital Invested $78M in 2015
Expected Returns 13%
Stabilization 18 months
Capital Invested Per Year $35M/Yr.
Expected Returns 12-15%
Stabilization 2-3 years
Data Center Economics(1)
• 2020 Target = 5% of total Revenue
• 10% long-term organic growth
• Data center continued organic growth offering good returns
• Art storage through Crozier acquisition
Art Storage Economics
(1) Data reflects assumptions for 2016 – 2020 Data center economics represent invested capital in existing facilities and business and exclude large
specific development projects and acquisitions

29. Formalizing Art Business with
Acquisition of Premier Brand
29
• $1 billion industry with solid growth(1)
• Global and Fragmented
• Consolidation opportunity
• Durable REIT-friendly storage
• High per-square foot rates (~$60/SF)
• Durable storage (90% renewal rate)
• Leading brand in North America
• Driver of global industry standards
• Strong storage (58%) and storage related
services (34%) mix(2)
• ~$30M annual revenue(2), 30%+ expected
stabilized Adjusted OIBDA margins
• Year 1 accretive
Crozier AcquisitionFine Art Attractive Space for IRM
(1) Source: Proprietary industry research
• Secure storage expertise
• Legacy of trust
• Chain of custody and logistics
• Global footprint
• Roll-up experience
• Marquee clients in entertainment and government
And Bring Some Critical AdvantagesWe Complement Crozier

30. Northern Virginia Site Supports
Scale and Long-Term Growth
30
Site Opportunity
• 83 acre site allows for 640,000 square feet in four
buildings using a single-story design
• Power capacity utilizing multiple underground
feeds from a nearby substation, with additional
capacity available
• Abundant fiber on site and low latency to the major
exchange points in nearby Ashburn, VA
• Flexibility to support custom government
requirements with high security standards
• Each building is designed for 10.5 MW of critical IT
load using a Tier III certified N+1 concurrently
maintainable design
• Building 4 will be constructed first with Buildings 1,
2 and 3 planned for future development
• Leasing velocity will determine ultimate timing of
capital spend
11650 Hayden Road,
Manassas, VA
Proposed Site Plan

31. Northern Virginia Data Center
Financial Projections & Assumptions
31
• Capital Partners
• Engaged with development partner to finance Phase I
development, July 2017 expected completion
• Purchase option 3 years following completion
• Development costs in line with industry and market
• $700 - $800 per rentable square foot
• $10M - $11M per MW
• Ranges based on final density of the building; opportunity
to out-perform
• Conservative lease-up assumptions
• Reflect new entrant status in a well-established market
• Rental rates consistent with major providers; $135 -
$145/kW/month; stable for last 2-3 years
• Forecast returns meet or exceed adjacent business targets
• Mid-teens projected IRR
• Stabilized NOI Yield of 10 - 12%
Estimated Stabilized Returns on Full
Development Project
($ in M)
Storage Revenue $71
Storage Adjusted OIBDA $47
Storage NOI $53
Estimated Total Investment (IRM
and Partners)
$441
Assuming full build-out and
100% ownership of all 4 buildings

32. Sizable Real Estate Portfolio
32
Storage
(1) Building utilization represents total potential building capacity and racking utilization represents installed racking capacity. Rates and data based on Q2 2016 results.
(2) Reflects data for IRM only. Recall’s unit of measurement for tapes is not consistent with IRM’s methodology. IRM is in the process of converting Recall’s data to be
able to report DPUs.
88M total square footage (1)
• Owned: 27M sq. ft. / 303 Buildings
• Leased: 61M sq. ft. / 1,178 Buildings
• Owned: 31% of real estate by sq. ft.
• Average size: 60K sq. ft
Records Management Utilization rates (1)
• Building: 85%
• Racking: 91%
Data Protection Utilization Rates (1),(2)
• Building: 67%
• Racking: 80%

33. Real Estate Value Creation
Opportunities
33
Lease
Consolidation
• Scope: 5 –10 markets in NA, $80 – 90M investment over 3-5 years
• Stabilized Return Range: 10 – 15 %
• Example: Philadelphia, PA
Development
• Scope: Control land, development JVs
• Stabilized Return Range: Competitive BTS rents, low teens IRR
• Example: Manassas, VA / Ezeiza II, Argentina
• Scope: enhance active management of former Recall portfolio
• Potential improvement in facility costsProperty Mgt.
Conversion
• Scope: Initial analysis ~ 50 assets w/o LT renewal options (3-3.5MSF)
• Stabilized Return Range: 8 – 10 %
• Example: Church St, Morrisville, NC
Higher better use
• Scope: Maximizing value of existing asset base through sale or conversion (~ 10 potential conversion assets)
• Stabilized Return Range: 15 – 20 % +
• Example: Sale for redevelopment, convert for consumer or art storage
Racking
• Scope: Growth racking
• Stabilized Return Range: 25 % +
• Example: Harris Tech Blvd, Charlotte, NC

34. Lease Consolidation Opportunity
Post-Recall
34
Scope and Return
Market characteristics
for consolidations
• Initial Analysis
• Chicago, Cleveland, Detroit, Houston, Dallas,
Jacksonville, Portland
• France, Spain, the United Kingdom and Australia
• Total Potential Investment of $80M - $90M
over 3 – 5 years
• Projected IRRs: 10% - 15%
1. Strategic, long-term market
2. Multiple leased facilities with
low density and/or utilization
3. Significant capital expenditure
requirements for facility
upgrades/rack remediation
4. Leases with significant risk of
rent inflation

35. Recall
Acquisition and
Transformation

36. Successfully Integrating the
Recall Business
36
Leadership teams engaged; strong collaboration across legacy companies
Retained legacy Recall talent to lead key areas such as SMB sales
Completed conversions to support REIT structure
Completed disposition of 13 markets in the U.S.
Evaluating bids on other required dispositions
Reviewed service offerings to determine optimal platforms
Conducted real estate reviews to identify initial consolidation opportunities

37. Strong Integration Progress and
Pulling Forward of Synergies (as of 08/04/16)
37
$40 $55
Total Expected Run-Rate Gross Synergies from Actions Taken in 2016
Actioned - YTD July 30 2016 To be Actioned - August - December 2016
$95
$20
$115
$35
$95
$80
Expected Net
Synergies
Total Full Year
Divestitures
Total Expected
Gross Synergies
for 2017
In Year Benefit
of Actions to be
Taken in 2017
Expect Run-
Rate Gross
Synergies from
2016 Actions
>80% of 2017 Gross
Synergies Planned for 2016 2017 Expected Synergies
$ in M

38. Estimated Recall Synergies and
Costs to Achieve
38
$135
$240 $270 $220
$80
$300
2016 2017 2018 Fully Synergized
Operating Expense Capital Expense
$18
$80
$100 $105
2016 2017 2018 Fully
Synergized
Overhead Cost of Sales Tax Real Estate
(1) Synergies are net of divestitures but do not reflect impact of costs to achieve synergies and integrate businesses. Synergy estimates are preliminary and may change as ongoing analysis and integration
planning progresses.
(2) Cost to achieve synergies and integrate businesses includes moving, racking, severance costs, Facilities Upgrade Program, REIT conversion costs, system integration costs and costs to complete the
divestitures and any transitional services required to support the divested business during a transition period. This is in line with previous guidance but excludes one-off deal close and divestments costs
of approximately $80M.
(3) 2016 incudes approximately $20M of incurred in 2015 to prepare for integration
Estimated Total Net Synergies(1)
Anticipated at Full Integration
Estimated Cumulative One-time Costs to Achieve and Integrate(2)
Includes Operating and Capital Expenditures and In Line with
Prior Guidance
Debt financed as incurred
(3)
Estimates are as of 08/04/16

39. Transformation Program on Track
39
• Developing and acquiring talent
and capabilities to execute on plans
• Instilling a continuous improvement
and owner / entrepreneurial
mindset into culture
• Executed over $28M of targeted
$50M 2016 SGA Savings
• Approximately half of 2016 savings
are non-comp related
$50M, targeted 2016 Run-Rate
$25M
$75M
Line of Sight for 2016
Executed in 2015 and 2016
$100M
$125M
Validating Opportunity

40. Guidance and
Summary

41. Recall Expected to Significantly Enhance
Estimated Financial Performance (as of 08/04/16)
41
$1,140 –
$1,180
$1,600 –
$1,700
2016E - Normalized to
Reflect REC FY Benefit
2020E
$1.91 $1.94
$2.20 $2.35
$2.54
2015 2016 2017 2018 2020
$3,680 –
$3,780
$4,365 –
$4,465
2016E - Normalized to
Reflect REC FY
Benefit
2020E
Worldwide Revenue (2016 C$ in M)
(1) Assumes 263M shares outstanding at closing of Recall transaction. 2020 dividend per share reflects midpoint guidance as presented on Page 45.
(2) 2016E reflects midpoint of 2016 Guidance.
77%
70%
2016E 2020E
Lease Adjusted Leverage Ratio(2)
Dividend as % of AFFO(2)
Adjusted OIBDA (2016 C$ in M)
Projected Minimum Dividend per Share (1)
5.7x
5.0x
2016E 2020E

42. 2016 Guidance Reflects Expected
Recall Benefit
42
($ in millions, except per share data) 2016 Guidance (as of 8/04/16)
Revenue $3,450 – $3,550
Adj. OIBDA $1,075 – $1,110
Adj. EPS $1.10 – $1.20(1)
Normalized FFO/Sh. $2.15 – $2.25(1)
AFFO $610 – $650
Capital Expenses and Investments 2016 Guidance (as of 8/04/16)
Maintenance $90
Non-RE Investment $80
Total Capital Expenses $170
Real Estate Investments $320
Business and Customer Acquisitions $140 – $180
Total Capital Investments $460 – $500
(1) Assumes weighted average shares of 246 million shares for full year 2016 (263 million shares outstanding at closing). Adj. EPS and FFO/share includes purchase price
accounting adjustments

43. Estimated Cash Available for Dividends
and Discretionary Investment
43
Cash Available for Distribution and Investment ($M) on 2016C$ Basis
Numbers reflect midpoint of guidance
2016E
As of 08/04/16
2020E
As of 08/04/16
IRM + REC Pro Forma Adj. OIBDA $1,040 $1,525
Benefit from Transformation $50 $125
PF IRM Adj. OIBDA $1,090 $1,650
Add: Stock Compensation/Other 45 50
Adj. OIBDA, Transformation and Other Non Cash Expenses $1,135 $1,700
Less: Cash Interest 300 400
Cash Taxes 30 130
Real Estate and Non-Real Estate Maintenance Capex 90 100
Non-Real Estate Investment 80 85
Customer Acquisition Costs(1) 35 40
Cash Available for Dividends and Investments $600 $945
Expected Total Regular Dividend $490 $685
Racking Investment for on-going growth $70 $105
Cash Available for Discretionary Investments $40 $155
Lease Adjusted Leverage Ratio 5.7X 5.0X
(1) Includes costs associated with the acquisition of customer relationships and customer inducements such as move costs and permanent withdrawal fees.

44. Business Services Spreads Across
Various Ratings (5yr+ Maturities)
44
Source: Bank of America Merrill Lynch - Bloomberg, FactSet. Market data as of May 24, 2016.
(1) Where a company has mixed ratings, the lower of Moody’s or S&P ratings is depicted.
(2) Excludes IRM. IRM Debt to LTM EBITDA is 5.0X
Recent debt pricing reflects
favorable view of
predictable cash flow from
business
IRM 5-year unsecured debt
priced at spreads similar to
business services issuers
rated two notches higher
and at top of spread range
for investment grade
issuers

45. Driving Durable Cash Flow to Support
Business and Dividend Growth
45
Durable cash flow and Strong Dividend Growth
Durable business generates significant cash, supports dividend growth and investments
Strategic Plan: 2020 Vision
On track and delivering per guidance; 2020 Vision to accelerate growth
Leading Global Presence
Large, global and diversified business underpinned by more than 85M sq. ft. of real estate

46. Appendix

47. Q2 and YTD 2016 Financial Highlights
47
(1) In Q4 2015, we revised the reconciliation of FFO (NAREIT), FFO (Normalized) and AFFO to reconcile these Non-GAAP measures to consolidated net income, rather than net income attributable to Iron Mountain. We have revised the Q2
2015 reconciliation of FFO (NAREIT), FFO (Normalized) and AFFO to conform to current year presentation.
(2) See slide 26 for Storage Net Operating Income reconciliation.

48. Q2 and YTD 2016 Revenue Growth
48

49. 49
Q2 2016 Revenue Growth

50. 50
Q2 2016 Adj. OIBDA

51. 51
Q2 2016 Adj. EPS

52. 52
Q2 2016 FFO per Share

53. Definitions
53
Non-GAAP Measures: 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 accounting principles generally accepted in the Unites
States of America (“GAAP”), such as operating or net income (loss) or cash flows from operating activities from continuing operations (as determined in
accordance with GAAP).
Adjusted Earnings Per Share, or Adj. EPS: Adjusted EPS is defined as reported earnings per share from continuing operations excluding: (1) (gain) loss
on disposal/write-down of property, plant and equipment (excluding real estate), net; (2) gain on sale of real estate, net of tax; (3) intangible impairments; (4)
other expense (income), net; (5) Recall Costs; (6) REIT Costs; (6) other expense (income), net; and (7) the tax impact of reconciling items and discrete tax
items. We do not believe these excluded items to be indicative of our ongoing operating results, and they are not considered when we are forecasting our
future results. We believe Adjusted EPS is of value to our current and potential investors when comparing our results from past, present and future periods.
Adjusted Funds From Operations, or AFFO: AFFO is defined as FFO (Normalized) excluding non-cash rent expense or income, plus depreciation on
non-real estate assets, amortization expense (including amortization of deferred financing costs) and non-cash equity compensation expense, less
maintenance and Recall integration capital expenditures and non-real estate investments. We believe AFFO is a useful measure in determining our ability
to generate excess cash that may be used for reinvestment in the business, discretionary deployment in investments such as real estate or acquisition
opportunities, returning of capital to our stockholders and voluntary prepayments of indebtedness. Additionally AFFO is reconciled to cash flow from
operations to adjust for real estate and REIT tax adjustments, REIT costs, Recall costs, working capital adjustments and other non-cash expenses.
Adjusted Operating Income Before Depreciation, Amortization, Intangible Impairments, and REIT Costs, or Adjusted OIBDA and Adjusted OIBDA
Margin: Adjusted OIBDA is defined as operating income before depreciation, amortization, intangible impairments, (gain) loss on disposal/write-down of
property, plant and equipment (excluding real estate), net, Recall Costs and REIT Costs. Adjusted OIBDA Margin is calculated by dividing Adjusted OIBDA
by total revenues. We use multiples of current or projected Adjusted OIBDA in conjunction with our discounted cash flow models to determine our estimated
overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted OIBDA and Adjusted OIBDA Margin provide our current and potential
investors with relevant and useful information regarding our ability to generate cash flow to support business investment. These measures are an integral
part of the internal reporting system we use to assess and evaluate the operating performance of our business.

54. Definitions
54
Adjusted Operating Income Before Depreciation, Amortization, Intangible Impairments, and REIT Costs, or Adjusted OIBDA (continued)
Adjusted OIBDA does not include certain items that we believe are not indicative of our core operating results, specifically: (1) (gain) loss on
disposal/write-down of property, plant and equipment (excluding real estate), net; (2) gain on sale of real estate, net of tax; (3) intangible impairments; (4)
Recall Costs; (5) other expense (income), net; (6) income (loss) from discontinued operations, net of tax; (7) gain (loss) on sale of discontinued
operations, net of tax; and (8) net income (loss) attributable to noncontrolling interests.
Adjusted OIBDA also does not include interest expense, net and the provision (benefit) for income taxes. These expenses are associated with our
capitalization and tax structures, which we do not consider when evaluating the operating profitability of our core operations. Finally, Adjusted OIBDA does
not include depreciation and amortization expenses, in order to eliminate the impact of capital investments, which we evaluate by comparing capital
expenditures to incremental revenue generated and as a percentage of total revenues. Adjusted OIBDA and Adjusted OIBDA Margin should be
considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with accounting principles generally
accepted in the United States of America (“GAAP”), such as operating or net income (loss) or cash flows from operating activities (as determined in
accordance with GAAP).
Funds From Operations, or FFO (NAREIT), and FFO (Normalized) : Funds from operations (“FFO”) is defined by the National Association of Real
Estate Investment Trusts ("NAREIT") and us as net income excluding depreciation on real estate assets and gain on sale of real estate, net of tax (“FFO
(NAREIT)”). FFO (NAREIT) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a
property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market
conditions, we believe that FFO (NAREIT) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP
measure to FFO (NAREIT) is net income. Although NAREIT has published a definition of FFO, modifications to FFO (NAREIT) are common among REITs
as companies seek to provide financial measures that most meaningfully reflect their particular business. Our definition of FFO (Normalized) excludes
certain items included in FFO (NAREIT) that we believe are not indicative of our core operating results, specifically: (1) (gain) loss on disposal/write-down
of property, plant and equipment (excluding real estate), net; (2) intangible impairments; (3) Recall Costs; (4) REIT Costs; (5) other expense (income), net;
(6) deferred income taxes and REIT tax adjustments; (7) income (loss) from discontinued operations, net of tax; and (8) gain (loss) on sale of discontinued
operations, net of tax.

55. Definitions
55
Recall Costs: Operating expenditures associated with our acquisition of Recall, including operating expenditures to complete the Recall Transaction,
including advisory and professional fees and costs to complete the Divestments required in connection with receipt of regulatory approval and to provide
transitional services required to support divested businesses during a transition period, as well as operating expenditures to integrate Recall with our
existing operations, including moving, severance, facility upgrade, REIT conversion and system upgrade costs.
REIT Costs: Includes costs associated with our conversion to a REIT, excluding REIT compliance costs beginning January 1, 2014 which we expect to
recur in future periods.
Stabilized Returns: Represents return on investment following complete funding of the related investment and achieving expected levels of occupancy
or utilization.
For additional definitions and for a reconciliation of these Non-GAAP measures to the appropriate GAAP measure, as required by Regulation G under the
Securities Exchange Act of 1934, as amended, please see the company’s supplemental reporting package under Investor RelationsFinancial
InformationQuarterly Reporting at www.ironmountain.com.