Iron Mountain reported its financial results for Q1 2014 with total revenue growing 3.1% year-over-year to $770 million driven by 5.3% growth in storage rental revenue. Adjusted OIBDA was $229 million, a slight increase of 0.5% compared to last year. International segment revenue grew 9.7% while maintaining adjusted OIBDA margins in line with targets. Capital expenditures were in line with expectations.

1. © 2014 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.
Iron Mountain Incorporated
Q1/2014 Financial Results
May 1, 2014

2. 2
Safe Harbor Language and Reconciliation
of Non-GAAP Measures
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 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 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 cost to comply with current and future laws, regulations and customer demands relating to privacy issues; (ii) the impact of litigation or
disputes that may arise in connection with incidents in which we fail to protect our customers' information; (iii) changes in the price for our storage and
information management services relative to the cost of providing such storage and information management services; (iv) changes in customer preferences
and demand for our storage and information management services; (v) the adoption of alternative technologies and shifts by our customers to storage of
data through non-paper based technologies; (vi) the cost or potential liabilities associated with real estate necessary for our business; (vii) the performance
of business partners upon whom we depend for technical assistance or management expertise outside the U.S.; (viii) changes in the political and economic
environments in the countries in which our international subsidiaries operate; (ix) claims that our technology violates the intellectual property rights of a third
party; (x) changes in the cost of our debt; (xi) the impact of alternative, more attractive investments on dividends; (xii) our ability or inability to complete
acquisitions on satisfactory terms and to integrate acquired companies efficiently; (xiii) other trends in competitive or economic conditions affecting our
financial condition or results of operations not presently contemplated; and (xiv) other risks described more fully in our Annual Report on Form 10-K filed
with the SEC on February 28, 2014 under “Item 1A. Risk Factors” and other documents that we file with the Securities and Exchange Commission 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.
Reconciliation of Non-GAAP Measures:
Throughout this presentation, Iron Mountain will be discussing Adjusted Operating Income Before Depreciation, Amortization and Intangible Impairments
(Adjusted OIBDA), Free Cash Flows Before Acquisitions & Discretionary Investments (FCF) and Adjusted Earnings Per Share from Continuing Operations
(Adjusted EPS), which do not conform to accounting principles generally accepted in the United States (GAAP). For additional information and the
reconciliation of these measures to the appropriate GAAP measure, as required by Securities and Exchange Commission Regulation G, please access the
Supplemental Data link on the Investor Relations page of the Company’s website at www.ironmountain.com.

3. 3
Financial Review – Key Messages
Q1 performance driven by strong C$ storage rental growth of 5.3%
• Core acquisition activity supports growth
• Underlying business fundamentals consistent with recent trends
Q1 Revenue and Adjusted OIBDA results consistent with expectations
• International segment posted strong top-line results and margins in line with the mid-20% target
• Adjusted OIBDA impacted by restructuring costs and insurance deductible charges
Capital Expenditures and Free Cash Flow in line with expectations
• CapEx in line with expectations
• FCF reflects higher cash interest expense, restructuring charges and timing of payables

4. 4
% Growth
($MM, except per share data) Q1/2013 Q1/2014 R$ C$ Internal
Enterprise Revenue $ 747 $ 770 3.1% 4.7% 0.5%
NA Records and Information Management $440 $446 1.4% 2.7% (0.6)%
NA Data Management $99 $97 (2.1)% (1.5)% (2.0)%
International $205 $224 9.7% 12.8% 4.7%
Corporate & Other $4 $3 (21.9)% (21.9)% (21.9)%
Gross Profit(1) $ 426 $ 435 2.1% 3.2%
Gross Profit % 57.0% 56.5%
Adjusted OIBDA(2) $ 227 $ 229 0.5% 1.7%
Adjusted OIBDA(2) Margin % 30.5% 29.7%
Adj. EPS(2) Continuing Ops – FD $ 0.27 $ 0.26 (3.7)%
Solid Q1 Operating Results
(1) Excluding depreciation and amortization
(2) Excludes certain costs and expenditures associated with the Special Committee and the Company’s proposed conversion to a REIT

5. 5
Storage Rental Drives Revenue Performance
NOTE: Columns may not foot due to rounding.
Total Enterprise Growth Q1/2014
Total C$ Growth 4.7%
Storage Rental Internal Growth 1.4%
Service Internal Growth (0.7)%
Total Revenue Internal Growth 0.5%
Impact of Acquisitions 4.2%
Impact of FX Rate Changes & Other Adjustments (1.6)%
Total R$ Growth 3.1%
Storage Rental (C$) Growth Q1/2014
NA Record and Information Management 3.0%
NA Data Management 2.8%
International 12.7%
Total Storage Rental (C$) 5.3%
Service (C$) Growth Q1/2014
NA Record and Information Management 2.2%
NA Data Management -8.0%
International 12.8%
Total Service (C$) 3.8%

6. 6
Consistent Records Management Volume Growth
6.7% 6.7% 6.8% 6.6% 6.3% 6.3% 6.3% 6.2%
1.9% 1.9% 1.9% 1.9% 1.9% 2.0% 2.1% 2.1%
1.4% 1.5% 1.5% 1.5% 0.3% 2.1%
4.5% 5.2%
-7.6% -7.4% -7.4% -7.4% -7.2% -7.2% -7.1% -6.8%
2.4% 2.7% 2.7% 2.6% 1.4% 3.2% 5.8% 6.7%
Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
Organic New Sales Acquisitions Outperm/Terms & Destructions
Year-Over-Year Net Volume Growth Rates(1):
(1) Represents year-over-year change in volume as of the end of each period presented. The quarterly percentages are calculated by dividing the trailing four
quarters’ total activity by the ending balance of the same prior year period. Includes acquisitions of customers and businesses
Net Change

7. 7
Q1 Results(1) % Growth
($MM) 2013 2014 R$ C$ Internal
NA Records and
Information
Management
Revenue $ 440 $ 446 1.4% 2.7% (0.6)%
Adjusted OIBDA $ 163 $ 167 2.8% 4.2%
Adjusted OIBDA Margin % 37.0% 37.5%
CAPEX (ex RE) %(2)
4.8% 3.8%
NA Data Management
Revenue $ 99 $ 97 (2.1)% (1.5)% (2.0)%
Adjusted OIBDA $ 59 $ 54 (8.7)% (8.0)%
Adjusted OIBDA Margin % 60.1% 56.1%
CAPEX (ex RE) %(2)
2.8% 4.1%
International
Revenue $ 205 $ 224 9.7% 12.8% 4.7%
Adjusted OIBDA $ 48 $ 59 22.7% 23.8%
Adjusted OIBDA Margin % 23.4% 26.2%
CAPEX (ex RE) %(2)
8.1% 8.5%
Corporate and Other(3)
Revenue $ 4 $ 3 (21.9)% (21.9)% (21.9)%
Adjusted OIBDA $ (43) $ (52) (21.7)% (21.7)%
CAPEX (ex RE) %(2) of total revenues 0.6% 0.9%
Solid Operating Performance Across Portfolio
(1) Excludes certain costs and expenditures associated with the Special Committee and the Company’s proposed conversion to a REIT
(2) Based on incurred versus cash paid basis
(3) Includes revenue and Adj. EBITDA from Emerging Businesses – Data Centers

8. 8
Acquisitions Are Key Driver of Business Strategy
Details by Segment Developed Emerging
Number of Acquisitions 2 3
Key Markets Denmark, Australia Turkey, Poland
Purchase Price $18 MM $42 MM
Number of Facilities (Square Feet) 24K 685K
Estimated ROIC ~14% ~12%

9. 9
2
3
4
5
6
7
07 08 09 10 11 12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14
Net Total Lease Adjusted Leverage Ratio (NEW)
Consolidated Leverage Ratio (OLD)
Strong Balance Sheet
Debt Maturity Schedule ($MM)
$0
$200
$400
$600
$800
$1,000
$1,200
2014 2016 2018 2020 2022 2024
Senior Credit Facility Subordinated Debt
Consolidated Leverage
4.4x
5.1x
New Covenant Limit <= 6.5x
As of March 31, 2014 ($MM)
Debt, net of cash $4,174
Weighted average interest rate 5.8%
As of March 31, 2014
% fixed with respect to interest rates 74%
Weighted average maturity 6.5 years

10. © 2014 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

11. 11
REIT Conversion Costs In Line with Expectations
$MM FY 2012 FY 2013
Q1
2013
Q1
2014
Remainder of 2014
Outlook
Total
Operating Expense $34 $83 $25 $8 $20 -- $30 $145 - $155
Capital Expense $13 $23 $6 $2 $2 -- $7 $40 - $45
Total $47 $106 $31 $10 $22 -- $37 $185 - $200
Tax Payment Related
to D&A Recapture
$80 $53 -- -- $77 -- $92 $210 - $225
Annual on-going REIT compliance expenses would be $10-$15 million

12. 12
Consistent Records Management Volume Growth
6.1% 6.1% 6.1% 5.9% 5.6% 5.6% 5.5% 5.4%
0.9% 0.9% 0.9% 1.0% 1.2% 1.3% 1.3% 1.4%
0.1% 0.1% 0.1% 0.2% 0.2% 1.1% 4.0% 3.9%
-7.6% -7.5% -7.3% -7.3% -7.2% -7.3% -7.1% -6.8%
-0.5% -0.4% -0.2% -0.2% -0.2% 0.7% 3.7% 3.9%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14
Organic New Sales Acquisitions Outperm/Terms & Destructions
North America Year-Over-Year Net Volume Growth Rates(1):
(1) Represents year-over-year change in volume as of the end of each period presented. The quarterly percentages are calculated by dividing the trailing four
quarters’ total activity by the ending balance of the same prior year period. Includes acquisitions of customers and businesses
Net Change