2014 i day final master 03.25.14 website version

© 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.

March 26, 2014

Durable Platform and Deliberate Growth

Deliver Opportunity

2014 Investor Day



March 26, 2014

Welcome Melissa Marsden, SVP Investor Relations

2014 Investor Day

2

3

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 performance outlook and shareholder returns in 2014 and through 2016 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, our proposed conversion to a REIT

and the anticipated benefits of such conversion, 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 remaining earnings and profits distribution. 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. For example, with regard to our proposed conversion to a REIT, even though we continue to pursue conversion to a REIT, we may not be able to convert to a REIT

effective January 1, 2014 or at all, our expected benefits of being a REIT may not be realized and the estimated range of our remaining earnings and profits distribution may be

incorrect for, among other reasons, the reasons described in Item 1A “Risk Factors - Risks Related to the Proposed REIT Conversion” in our Annual Report on Form 10-K filed

with the Securities and Exchange Commission (the “SEC”) on February 28, 2014 and other documents that we file with the SEC from time to time. In addition, 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 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.

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.

4

Today’s Agenda

9:05 Investment Strategy to Deliver Enhanced Returns William Meaney, President and CEO

9:45 Emerging Markets Marc Duale, President International

10:00 Developed Markets – International Patrick Keddy, SVP Western Europe

10:15 Developed Markets – North America John “JT” Tomovcsik, EVP and General Manager,

Records and Information Management

10:35 Data Management and Emerging Businesses Harry Ebbighausen, EVP Data Management

and Emerging Businesses

10:50 Data Centers Mark Kidd, SVP and General Manager, Data Centers

11:10 Corporate Governance and Risk Management Ernie Cloutier, EVP and General Counsel

11:20 REIT Conversion, Value Creation and Financial Outlook Rod Day, EVP and Chief Financial Officer

Jeff Lawrence, SVP and Treasurer

Q&A

5

We Store & Manage Information Assets

74% 18% 8%

Records Management Data Management Shredding

6

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

7

Large & growing

59% of revenues ($1.8B)

4% constant dollar growth

GDP correlated & inflation hedged

Diversified customer base

No customer >2% of total revenues

Low customer turnover (<2% per annum)

Strong value proposition with related services

Long average life of a box in storage (~15 yrs)1

Storage Rental Stream is Key Economic Driver

(1) Based on annual volume churn rate of ~7%

8

Durable, Growing Storage Rental Revenue

2013

$1,785

Storage Rental ($MM)

25 Consecutive Years of Storage Rental Growth



March 26, 2014

Leveraging The Brand To Extend Our Platform and Deliver Enhanced Returns Bill Meaney, President and CEO

2014 Investor Day

10

Leveraging the Brand

Deliver Opportunity

11

What You Will Hear Today

Iron Mountain is a durable, high-return business that will generate significant excess free cash flow

Our strategy extends the durability and stability of our business

Successful REIT conversion will enhance stockholder payouts

Low-risk platform supports long-term S&P 500 average total returns with upside from Emerging Business Opportunities

12

Stable Incoming Storage Volume

Consistent 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

Developed Markets Emerging Markets

Source for paper trends data: Resource Information Systems Inc. (RISI)

13

Increased Use of Technology Driving Secular Trends

Main impact of technology is on service activity

Archival data – Documentation or Proof

Active File – Business process or Query

1.0% 2.8%

-5.0% -4.3%

$0

$50

$100

$150

$200

$250

$300

$350

2011 2012 2013

Storage Service

Healthcare Vertical Storage & Service YoY Growth

“Query”

2013 NA RM Storage and

Handling Transport Services

$0 $500 $1,000 $1,500

File (Active)

Box(Archival)

Storage Service$MM

“Proof”

14

Overall business trends similar to healthcare vertical trend

Storage rental larger portion of total revenue

Storage rental margins are 2x service margins

Various initiatives to offset declines in service revenue

Mix Shift Toward Higher Margin Storage Rental

56% 58% 59%

44% 42% 41%

$-

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

2011 2012 2013

Storage Service

Storage and Service Revenue % of total Revenue

15

Large & Diversified Global Market Opportunity Remains

Substantial un-vended opportunity remains in Developed Markets

~70% un-vended globally

Emerging Markets beginning first-time outsourcing wave

Diversified end-user market segments

Un-Vended

Vended

Un-Vended

Vended

$15B Developed Markets $8B Emerging Markets

Source: Company estimates

16

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

Organization and Culture Organizational Capabilities, Talent and Processes

CO

RE

PIL

LA

RS

E

NA

BL

ER

S

17

Getting More out of Developed Markets

Sales force excellence

Revenue management

Speed & agility

Acquisitions

Stable Base Supports Moderate Growth with Low Risk

$2,694

$2,810-$2,870

$1,047 $1,100- $1,150

2013 Actual 2016 Targets

Developed Market Targets

($MM)

Revenue Adjusted OIBDA

2013 Adjusted OIBDA excludes restructuring charges

18

Capturing Opportunity in Emerging Markets

Investing to drive leadership in key emerging markets

Key drivers of emerging market growth

First wave of outsourcing

Enterprise customers demand global service

Benefits to having consistent standards and records management programs across the globe

Significant Opportunity for Enhanced Growth and Returns

$319

$510-$550

$65

$100- $150

2013 Actual 2016 TargetsRevenue Adjusted OIBDA

2013 Adjusted OIBDA excludes restructuring charges

Emerging Market Targets

($MM)

19

Developed Markets

Optimize storage growth opportunities while maintaining attractive returns

Emerging Markets

Invest to build a strong leadership position

Market leadership drives superior returns as markets develop

Strategic Focus: Investing for Profitable Growth

Average Performance

Net cube growth 7%

Adj. OIBDA 30%-35%

ROIC ~12%

Net cube growth 0%

Adj. OIBDA 38%-42%

ROIC ~14%

Net cube growth 5%

Adj. OIBDA 24%- 26%

ROIC ~9%

Higher Growth Lower Growth

Market Maturity L

ow

er

Hig

her

Ma

rke

t L

ea

ders

hip

Net cube growth 12%

Adj. OIBDA 6%- 8%

ROIC ~1%

ROIC Excludes Corporate and International head office

20

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Emerging Businesess Opportunities

Data Management - Storage

Records Management - Storage

Emerging Business Opportunities

Demonstrated ability to leverage customer relationships and platform

EBOs are adjacent to the core but sufficiently different – large enough to be a meaningful contributor to growth

Identifying and scaling new businesses – each potentially representing 3% - 5% of total revenues and exceeding hurdle rates

Leveraging Brand and Core Capabilities in New Ways

History of Sustainable Growth

Emerging Business Opportunities

21

Aligning the Organization for Success

Organizing for profitable growth informed by markets and customers in core business

Enabling emerging businesses to thrive

Simplifying the organization

Leveraging global scale where practical

Enhancing operating infrastructure

22

New Organization Structure

Finance Strategy & Talent

Legal, Risk

& Security

Global Support Services

Commercial / CMO

Records & Information Management

NA

Data Management

NA International

P&L

Emerging Businesses

CEO

23

Strategic Plan Drives Solid Revenue Growth

$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

($MM)

$200 - $265

$135 - $175

24

Low-risk, Moderate Growth with Attractive Yield

Driving Total Shareholder Returns - projected to be between 8% to 9%

$919

$50-$75

$20-$45 $20-$30 $1,010 - $1,070

Adj. OIBDA 2013 Base Incremental M&A Speed and Agility Adj. OIBDA 2016 E

2013 excludes restructuring charges

ROIC 9.7% 9% - 10%

Avg. Inv. Capital

~$5.5B ~$6.3B

($MM)

25

Generating Consistent Returns with Upside Potential

Deliver Opportunity



March 26, 2014

Emerging Markets Marc Duale, President International

2014 Investor Day

27

Attractive, growing International business

$846MM in revenues for 2013

$474MM in storage rental for 2013

10% C$ storage rental growth for 2013

Storage margin ~70%

Service margin ~25%

Network supports North American-based global accounts

~60 of Top 100 US customers are active International customers

Large, Growing International Portfolio

28% of Consolidated

Revenues

Countries: 34 Facilities: 354 Customers: ~30,000

28

Achieved 3-year profitability and ROIC goals

700 bps Adjusted OIBDA margin improvement

400 bps ROIC improvement

All Developed Market returns above hurdle rate

Strong exit trajectory to support transition to profitable growth

Team with proven execution culture in place

Core business focus driving strong performance

International Strategic Plan: “Mission Accomplished”

$725

$846

2010* 2013

$134

$210

18%

25%

5% 9%

2010* 2013**Adj. OIBDA

Adj. OIBDA %

ROIC %

Adj. OIBDA ($MM)

Revenue ($MM)

*Reflect figures prior to the disposition of our operations in Italy and New Zealand

**Excludes $3.7 million of restructuring charges

+5% CAGR

29

Growing International Portfolio with Attractive Returns

72%

18%

7%

3%

NA Europe Latin America Asia Pac

7%

10%

International EmergingMarkets

International DevelopedMarkets

Total International Portfolio = 9% ROIC (after-tax)

% of Global Revenues 2013 Consolidated After-Tax ROIC*

*Excludes International head office, except for total International

30

Build high performance leadership teams

Drive organic growth

Continued strong storage growth

Enhanced retention and account management

Pricing discipline and leadership

Invest in real estate and infrastructure

Continue to improve facility quality

Innovative capacity solutions

Rapid execution of rich M&A pipeline

Build relative market share

Drive a quick and routine integration process

Investing for Profitable Growth: Emerging Markets

Central Europe

Poland

Mexico

Peru

Chile

Colombia

Turkey

Brazil

Argentina

India

Russia

China

Higher Growth Lower Growth

Market Maturity L

ow

er

Hig

her

Ma

rke

t L

ea

ders

hip

31

M&A Key Driver of Emerging Market Leadership Strategy

10%

16%

2013 2016 E

$319

2013 2016 E

Base Acquisitions

$100-$120

$410-$430

$510-$550

Emerging Market Revenue Emerging Market % Global Revenues

32

$500 MM+ revenue pipeline

Diversified portfolio of targets

Streamlined acquisition process

M&A Pipeline is Strong and Execution Well Underway

$160

$50

$145

$55

$85

$30

IMLA EMEA Asia

New Territories Current Territories

Projected Annualized Revenues from

Emerging Market M&A Pipeline

33

$1

$13

2011 2014 E

1%

15%

$51

$87

2011 2014 E

• 2 acquisitions in last 18 months

• Revenue nearly doubled

• 3,000 new customers

• No business disruption

• No major customer loss

• 12 legal entities integrated

• On IRM systems within 8 months

• 20% reduction in headcount

• Synergies 2.5x deal model

• Significant portfolio consolidation

benefit in FY16/17

Strong Integration Process and Solid Track Record

Standard integration strategy and

process leveraging global know-how

Protect what we buy and deliver

accelerated value quickly and fully

Robust deal model and review

process

Brazil Snapshot

Revenue ($MM)

Adj. OIBDA %



March 26, 2014

Developed Markets – International Patrick Keddy, SVP Western Europe

2014 Investor Day

34

35

Similar Business Fundamentals Globally

81%

10%

6%

3%

NA UKI Continental Western Europe AUS

10%

13%

International DevelopedMarkets

North America

% of Developed Market Revenues 2013 Consolidated After-Tax ROIC*

*Excludes International head office and corporate overhead

36

Sustained growth in storage volumes

Revenue management

Sales productivity efficiency and effectiveness

Customer segmentation and value differentiation

Proactive customer retention and experience

Strategy to Sustain Storage Revenue Growth

$293 $313

0

50

100

150

200

250

300

350

2013 2016E

Storage Revenues ($MM)

All figures at C$ rate. 2016 assumes no acquisition activity beyond 2013

37

Adj. OIBDA ($MM) Continuous improvement in operational efficiency

Storage network consolidation and utilization

Warehouse and transport optimization

Productivity and process improvement

Continuous improvement in support-cost efficiency

Flat structures, effective/efficient use of resources

Opportunities to outsource/ off-shore and variablize costs

Working capital efficiency

Strategy to Maintain Attractive Returns

$153 $170

28% 30%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50

70

90

110

130

150

170

190

2013 2016E

Adj. OIBDA Adj. OIBDA %

All figures at C$ rate. 2013 excludes restructuring charges. 2016 assumes no acquisition activity beyond 2013



March 26, 2014

Developed Markets – North America John “JT” Tomovcsik, EVP and General Manager, Records and Information Management

2014 Investor Day

39

$2.2B in annual revenues

$1.3B in annual storage rental

Unparalleled secure logistics platform

Secure chain of custody

51 MM SF real estate network

Continual optimization through strong execution

Investments in business process re-engineering to continue to optimize work streams

High-return business

Delivers high profits and strong cash flows

North America Overview

North America

Markets: 85 Facilities: 687 Customers: ~125,000

40

C$ Storage Rental Growth Invest to sustain high-return platform

Grow storage rental as a priority

Drive strong cash flow

Maintain margins and capital efficiency

North America Delivers Sustained Growth

0%

1%

2%

3%

4%

Q111

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113

Q213

Q313

Q413

Sustain 1.5% to 2.5% Storage Rental Growth

41

Records and Information Management (RIM)

$1.8B in total NA RIM revenues

$1.4B in Records Management (RM)

$1B in storage rental revenue

$400MM in service revenue

RIM is Largest Business Segment

Records Management

Secure Shredding

Document Management Solutions

Fulfillment Services

Intellectual Property Management

Consulting

RIM – Revenue by Product Line

42

Consistent Records Management Volume Growth

6.0% 6.1% 6.1% 6.1% 5.9% 5.6% 5.6% 5.5%

1.0% 0.9% 0.9% 0.9% 1.0% 1.2% 1.3% 1.3%

0.2% 0.1% 0.1% 0.1% 0.2% 0.2% 1.1% 4.0%

-7.4% -7.6% -7.5% -7.3% -7.3% -7.2% -7.3% -7.1%

-0.2% -0.5% -0.4% -0.2% -0.2% -0.2% 0.7% 3.7%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13

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

43

RIM Market

~$8 B

Opportunity within our Customer Base

Addressable and targeted

Commercial segments: 303MM CF

National and vertical segments: 205MM CF

Large Market Opportunity Remains

Un-vended Private Sector

Government

Vended

Source: Company commissioned study conducted by Bain Consulting

Source: Company estimates for records management, data protection and shredding

44

RIM Business Unit

Eastern US Region

Western US Region

Canada Other Sales Business

Office Operations

Support Corporate Functions

Territories (8)

Territories (8)

Territories (3)

P&L

General Manager

Records & Information Management

45

2012 2013

RM Bookings Total Pipeline

2012 2013


Focus on top tier customers in each vertical

Solutions based offering for top 100-200 customers

Industry expertise sales and account management resources

Knowledge shared with territory sales force serving remaining customers

2012 2013


Healthcare Legal Government

Vertical Focus Allows More Targeted Solutions and Drives Growth

46

Sales Force Excellence Initiative

Five Major Objectives

Bottom-Up Market Database Accountability and Best Practices

Transition to

“Hunter” model

Institutionalize

account strategy

and planning

Improve sales

representative

efficiency and

effectiveness

Improve

solutions

sales training

Market

intelligence

capability

1 2 3 4 5

47

Long-term real estate commitment

Broaden service capability and establish operations in markets offering strong long-term growth prospects

Synergized returns: 11%+

Recent Example:

Purchase price: $2.6MM

Revenue: $930K

Synergized Adj. OIBDA: $330K

Integration/CapEx: $300K

Acquisition

Fragmented Market with Further Consolidation Potential

Focus on capacity utilization; no new real estate

Small, profitable acquisition of inventory and customers

Adj. OIBDA margins > 60% yr. 2

Synergized returns: ~17%

Recent Example:

Purchase price: $850K

Revenue: $290K

Synergized Adj. OIBDA: $190K

Integration/CapEx: $250K

Customer Acquisition

Opportunistic

Integration proceeding on course:

Revenue just below plan but Adj. OIBDA ahead of plan

Deal details

Purchase Price: $190MM

Revenue: $50-$55MM

Synergized Adj. OIBDA: $30MM

Integration/CapEx: $35MM

Synergized returns:10%+

Cornerstone

48

Transportation Efficiency

Co-sourcing specific routine operational functions

Consolidation - Imaging Center Footprint

Optimizing Cost of Sales and Overhead

49

$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



March 26, 2014

Data Management Harry Ebbighausen, EVP Data Management and Emerging Businesses

2014 Investor Day

51

Tape Vaulting Other*

Sizable North American Data Management Business

(1) Note: Insert note text

~$400MM in revenue

18% of Consolidated North America Revenues

75 Markets

90+ Facilities

~30,000 Customers

*Other includes Entertainment Services, Digital Records Center Medical Imaging and Tech Services

59MM tapes stored (DPUs)

3MM transportation stops in 2013

1.2MM DPUs volume growth in 2013

52

The Role of Tape is Changing

Backup of Last Resort

Data Archiving (Cold Storage)

Long-term Retention for Compliance and Discovery

Hybrid Disk-Tape-Cloud Solution

Backup Archive

Mainstream

Innovators

Primary Backup

53

Tape in Data Center

What role will tape play in enterprise

data protection strategies?

85% Used as part of a hybrid backup strategy

that includes other storage technologies

(e.g. cloud and disk)

22% Used for long-term retention to meet

regulatory requirements

10% Used for cold storage of inactive data

10% Other

What characteristics will most

contribute to tape’s continued use in

enterprise data protection?

33% Low total cost of ownership

24% High capacity

14% Reliability

14% Long-term retention capabilities

12% New tape technologies (LTO, LTFS, Etc.)

3% Other

Source: Company End-User Research

54

Tape Continues to be Key Element of Data Storage

2-4 Orders of magnitude more reliable than disk drives

NERSC

15 Tape storage 15x less expensive than alternatives

Clipper Group

78 Percentage of enterprises that use tape for backup

Gartner

55

Our Solutions Support Ongoing Need

Problems Addressed

Products

Solutions

- Backup

- Recovery

- Server backup

- PC backup

- Business continuity

- Resiliency

Tape services

Long-term storage

- Tape services

- Archive Tape

Management

- Restoration

services

- Medical image

archive

- M&E archive

- Compliance

- Cost

- Colocation

- Managed services

- Compliance

- Green initiatives

- Asset disposition

- Media destruction

Backup Disaster Recovery

Archive Datacenter Destruction

56

Helps companies manage data from legacy systems

Optimal data protection and cost savings

Data is off-line to protect from virus attacks and data corruption

Allows data to be archived and restored without the additional cost of maintaining legacy systems software and tape backup subsystems

Provides encryption of legacy data for compliance purposes and protects it from inadvertent disclosures

Frees up valuable data center space

Archival Tape Solutions Targeted to Existing Customers

57

Securely Manage End-of-Life IT Assets

Destroy, recycle or repurpose various IT equipment

All types of IT assets

Tapes

Laptops

Office equipment

Hard drives

Mobile devices

Reliable

Environmentally friendly

Secure

Customer Relationships Support Adjacent Businesses



March 26, 2014

Harry Ebbighausen, EVP Data Management and Emerging Businesses

2014 Investor Day

Emerging Businesses

59

EBO team incubates and pilots ideas and manages handoff to business

EBOs

Large enough to move the dial in 3 to 5 years – scalable to $100 MM+

Have significant long-term growth and market leadership potential

Are sufficiently different from the core business

Core Incremental Opportunities

“Value enhancers” for selling more of the core – packaging existing solutions, product extensions or products from partners

Potential to significantly augment sales productivity

Ensuring Promising Opportunities Are Supported

60

How We Think About Emerging Businesses

Markets to be

Created

Current IRM

Markets

Existing

Markets but

New to IRM

MA

RK

ET

S

CAPABILITIES

Existing Stretched New

1. Core

Incremental

Innovation

2. EBO

Development

Avoiding for

now as too risky

“Traditional” product and

service stage-gate

development process

Corporate business

development process

that leverages innovation

thinking and lean start

-up methodology

61

Meaningful physical storage component for low-velocity assets

Strong need to manage meta-data about the physical asset

Benefits from IRM brand’s tenets such as security and trust

Existing market with acquisitions gets meaningful scale in 3-5 years

In a trend-favored industry

Our Criteria: Emerging Business Opportunities

62

One We Scrapped

Co-developed solution with Crossroads’ StrongBox solution for lower-cost data storage

Technology was on-premise solution vs. services solution

Could become enabling technology, but customer adoption still in early stages

Not meeting return hurdle, so halted development

One We Will Scale

Focused on solutions where there is greater near-term market opportunity

Data center experience dates back to 1986 in underground

Closer fit with EBO objectives, customer-driven with sales force synergies

Attractive returns

Not All EBOs Are Created Equal

Willing to “Fail Fast” and Redeploy Resources as Warranted



March 26, 2014

Data Centers

Mark Kidd, SVP and General Manager, Data Centers

64

We know more about our customers’ data centers than anyone

Customers seek our help due to long relationship of trust, compliance and security

We’ve been in the industry for more than 15 years

Well Positioned to Succeed in Data Center Market

We Service Over 30,000 Data Center Locations in North America

65

The Opportunity is Big

Mu

lti –T

en

an

t C

olo

cati

on

Capturing 5% Market Share of New Market Growth Adds ~1% to IRM Growth

$8.4

$9.7

$11.2

$12.9

$14.8

2012 2013 2014 2015 2016

15.4% 2012-2016 CAGR

Source: 451 Research

North American MTDC Market Revenue Projections ($B)

Wholesale

Retail

Cloud

Managed Services

$10B+

$5B+

$5B+

66

Hiring team with deep experience

Minimizing capital at risk

Avoiding markets where there is supply / demand imbalance

Walking Before we Run in 2013-2014

>100 years of data center experience in a 15-year old industry

67

2014 Capital Deployment Focused in Current Footprint

Location Phase Timeframe KW SF

Current Planned

Investment

Boyers, PA

(Underground)

Pre - 2013 2008-2013 4,100 85,000

2013 Dec. 2013 500 6,000

2014 Oct. 2014 1,500 20,000 ~$15 - $20MM

Kansas City Legacy 1,400 15,000

Boston Phase 1 May 2014 1,200 21,000 ~$15MM

68

Cost to Build and Fill Inventory In-line with Competition

Slightly higher construction costs

Lower selling costs

Lower financing/ carry costs

$/SF $/KW

Benchmark(1) IRM(2) Benchmark(1) IRM(2)

Land & enabled shell $158 $240 $2,827 $4,065

Mechanical, electrical

& other 407 450 7,310 7,130

Construction Subtotal $565 $690 $10,137 $11,195

Capitalized interest(3) 26 20 468 371

Capitalized sales

expense(4) 53 17 945 270

Total costs $644 $727 $11,550 $11,836

(1) Benchmark includes publically available construction cost information plus land assumed at $200k / acre (2) IRM costs are average current projects underway in Northeast corridor (3) Capitalized interest includes cost of each module and shell investments until stabilized (4) Capitalized sales expense includes commissions at ~15% of annual revenue and 4% contract value for benchmark Fill rate = 1MW/Yr.

69

Stabilized investments through 2014 will drive $100MM in value creation

Delivers pre-tax un-levered returns of 15%+

ROIC 10% - 14%

Compelling Returns from Capital Investment

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 Adjusted OIBDA multiple ~13x

Implied value creation $85 - $115

Adjusted OIBDA reflects stabilized SG&A expenses

70

Big opportunity through sales channel to accelerate growth – existing and new markets in NA

Capacity investment decisions a function of returns, cost and speed to market

Compelling international growth markets where we have strong customer base

Future Acceleration

Well positioned to pursue large opportunity with disciplined approach



March 26, 2014

Corporate Governance and Risk Management Ernie Cloutier, EVP and General Counsel

2014 Investor Day

71

72

A Disciplined Approach

A brand built upon Security and Compliance

A strong employee culture committed to:

Earning customer trust and protecting customer assets

Helping customers manage information risks and meet regulatory requirements

Utilizing our scale to implement industry leading standards

Applying a continuous improvement philosophy to risk management and corporate governance

73

Comprehensive Risk Management for Emerging Markets

We assess and manage a range of potential risks, including those unique to each country

We partner with third parties to study and develop

industry-leading risk management strategies

A strong compliance program

Built around the company’s core values

Supported by a strong ethical culture and tone at the top

Acquisitions and joint ventures

Building relationships to know the businesses before we acquire

Execute due diligence best practices

Integration, training and education, and on-going monitoring

74

Track Record of Good Corporate Governance

Governance best practices

Majority voting standard for director elections

Anti-hedging policy for officers and directors

Pay for performance philosophy; ROIC measurement criteria

Officer and director stock ownership guidelines

Close oversight of enterprise risk management

Board composition and related policies reflect good governance

11 independent directors with core business, international and REIT experience

All directors stand for election annually

Separation of Board Chair (Independent) and CEO roles

Board committees consist exclusively of independent directors

Policies ensure low potential for conflicts of interest

75

Additional REIT Governance Controls and Practices

Board and management oversight of REIT requirements

Intend to implement REIT charter with customary provisions through merger to ensure compliance

5 individuals under 50% ownership limitation

Affiliated income rule

REIT charter provisions will replace the stockholder rights plan implemented to protect 2014 tax benefit for stockholders

If successful in converting to a REIT, additional governance measures will be adopted



March 26, 2014

REIT Value Creation and Financial Outlook Rod Day, EVP and Chief Financial Officer Jeff Lawrence, SVP and Treasurer

2014 Investor Day

76

77

How a Successful REIT Conversion Will Enhance Value Creation

How Our Investment Strategy Flows into Value Creation

78

REIT Conversion

Began operating in manner consistent with REIT effective 1/1/2014

REIT structure aligns with operating strategy

Consistent with capital allocation approach

Significant benefits from REIT structure

Refined dividend and E&P estimates

79

Able to execute strategy within REIT framework

Significant global real estate footprint – over 1,000 facilities in 67MM square feet worldwide

Successfully structured the business to deliver services and aligned international businesses within structure

REIT Structure Aligns with Operating Strategy

80

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%

High storage rental revenues per square foot

Storage rental value creation drivers

Facility design expertise

Network utilization

Portfolio management of multiple tenants

Related services

Strategic Plan Supports Growth in High-Return Storage Rental Businesses

(1) Reflects average portfolio pricing and assumes an owned facility (2) Includes maintenance CapEx, assumed at 2% of revenue

81

“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

Recurring Capex(1) ~7% 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 non-growth CapEx as a percentage of total revenue. Self-Storage and Industrial recurring CapEx as a percentage of NOI. Excludes leasing commissions.

(2) Non-Real Estate % for IRM is as a % of Adj. OIBDA. Self-Storage and Industrial are as a % of Assets.

(3) Operating margin for IRM is storage gross margin

Source: Company estimates. Benchmark data provided by Green Street Advisors

82

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Same Store NOI Growth (Historical and Estimated)

Industrial average

Self-storage average

IRM storage rental internal growth

Compared with industrial and self-storage REITs, storage rental has:

Lower volatility – predictable storage rental growth has weathered all storms

Strong recurring earnings

Excellent dividend coverage

Storage Rental Revenue is Stable Throughout Cycles

Source: Benchmark data provided by Green Street Advisors

Midpoint of expected 2014-2016 range

83

REIT Aligns with Capital Allocation Strategy

Committed to returning excess capital to shareholders

Significant stockholder benefits

Single level of US tax

Efficient structure to repatriate foreign storage rental income

Disciplined mechanism for capital allocation

The right tool for maximizing total returns to stockholders

REIT structure drives higher dividends

Strong cash flows support dividend coverage

84

$MM (except per share data) 2014

FFO $435 - $485

FFO/share(2) $2.27 - $2.53

AFFO $565 - $615

AFFO/share(2) $2.94 - $3.20

Dividends(3) $400 - $430

Dividends/share(2) $2.08 - $2.24

Pro Forma REIT Metrics(1)

(For illustrative purposes only) Higher dividends over time supported by:

US federal and state income tax savings

Higher distributable income due to lower tax vs. book D&A

Both US and international storage rental (QRS) income

Potential to create value and reduce financing cost through acquisition of select leased facilities

Potential to expand investor base through higher yield and attractive business characteristics

REIT Will Provide Significant Stockholder Benefits

(1) Excludes $150MM cash portion of the E&P distribution

(2) Based on 192MM shares outstanding

(3) Includes ~$70MM benefit from book / tax difference for depreciation associated with racking

85

NA Leased (47%) Owned (36%) INTL Leased (17%)

Acquisition opportunity of $700MM to $1B over 10-year timeframe

Solid investment return potential

Reduces borrowing costs over time

Supports REIT Asset Test

Higher real estate residual value

Opportunity to Create Value by Acquiring Leased Space

Potential $2.5B - $3.0B Purchase Universe

86

REIT Supported By Strong Cash Flow

FFO 2014 Pro forma Estimate*

Net income attributable to Iron Mountain (pro forma) $ 250

Real estate depreciation 180

(Gain) Loss on disposal/write-down of PP&E ----

FFO (NAREIT) $ 430

REIT Costs 30

Normalized FFO (Iron Mountain) $ 460

AFFO 2014 Pro forma Estimate*

Normalized FFO (Iron Mountain) $ 460

Non-real estate depreciation 120

Amortization expense (including deferred financing costs) 65

Rent normalization 5

Stock option compensation expense 30

Business support CapEx (maintenance) (90)

AFFO $ 590

*Metrics represent approximate midpoint of the estimated range

($MM)

87

Potential for Broadened Investor Base and Enhanced Valuation

13.0

14.7

15.0

15.4

16.2

17.6

21.4

16.2

18.6

19.8

11.7x

LRY

DCT

FR

PSB

DRE

EGP

PLD

EXR

PSA

CUBE

IRM

Price-to-2014 Pro Forma FFO

5.8%

3.8%

2.0%

4.5%

3.6%

3.0%

3.8%

3.3%

2.5%

7.7%

LRY

DCT

FR

PSB

DRE

EGP

PLD

EXR

PSA

CUBE

IRM*

Pro Forma Current Dividend Yield

*Based on a pro forma 2014 dividend of $2.16 per share, and 192MM shares outstanding and a stock price of $27.77 as of12/2/2013. REIT pricing as of 12/2/2013

Source: Company estimates. Benchmark data provided by Green Street Advisors

16.2

20.4

19.9

22.4

18.8

22.0

27.6

20.3

21.2

18.5

9.1x

LRY

DCT

FR

PSB

DRE

EGP

PLD

EXR

PSA

CUBE

IRM

Price-to-2014 Pro Forma AFFO

SE

LF

-ST

OR

AG

E

IND

US

TR

IAL

88

REIT Conversion Costs In Line with Expectations

$MM 2012 2013 2014

Outlook Total

Operating Expense $34 $83 $27 -- $37 $145 - $155

Capital Expense $13 $23 $5 -- $10 $40 - $45

Total $47 $106 $32 -- $47 $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

89

Cash Stock Total

Regular

Dividend $415 -- $415

E&P $135 $540 $675

Total $550 $540 $1,090

Increase regular dividend and distribute remaining E&P purge by year end, assuming 2014 REIT conversion

Regular dividend: $400MM - $430MM

E&P purge:

$600MM - $750MM

20% cash / 80% stock likely

Refined Dividend and E&P Estimates

2014 Expected Payouts (midpoints of ranges)

90

Plan to reduce consolidated leverage and cost of financing over time

No tax advantages related to deductibility of interest expense in US QRS

Naturally leads to shift toward more equity financing to support real estate investment and lower leverage over time

Several options available to affect this shift:

At-The-Market (ATM) equity drawdown programs

Opportunistic follow-on equity offerings

Dividend Reinvestment Program (DRIP)

Expected Shift in Debt/Equity as a REIT Over Time

91

How a Successful REIT Conversion Will Enhance Value Creation

How Our Investment Strategy Flows into Value Creation



March 26, 2014

2014–2016 Outlook

2014 Investor Day

93

2014 – 2016 Outlook: Key Messages

Maintaining consistent Adjusted OIBDA margins

Well Positioned to Continue Significant Distributions to

Shareholders

94

Strategic Plan Drives Stable Revenue Growth

$2,694

$2,810 – $2,870

$319

$510 -$550 $13

$40 - $50

$3,026

$200-$265

$135-$175 $3,360 - 3,470

$(10,000)

$(8,000)

$(6,000)

$(4,000)

$(2,000)

$-

$2,000

$4,000

$6,000

2200

2400

2600

2800

3000

3200

3400

3600

2013 Base Incremental M&A 2016 E

Emerging Businesses - Data Centers Emerging Markets Developed Markets

51.3%

18.4%

1.8%

($MM) CAGR

95

Continued Solid Growth Outlook

Enterprise

C$ Growth Rates 2014-2016 Outlook

Total Revenue 2% - 5%

Storage Rental 3% - 5%

Services 1% - 3%

Developed Markets




Services (1)% - 1%

Emerging Markets




Services 10% - 15%

96

$919

$50-$75

$20-$45

$20-$30

$1,010 - $1,070

2013 Base Incremental M&A Speed and Agility 2016 E

Plan Supports Similar Growth in Adjusted OIBDA

Excludes restructuring charges

($MM)

97

10%-15% 10% - 20% 20% - 30%+

Incremental Racking

New Facility

Acquisitions

EBOs

Strategic Investments Yield Attractive Returns

Average After-tax Returns for Key Value-Driving Activities

98

Improvement in capital efficiency from 2008 – 2012 driven by enhanced controls, lower business investment levels and M&A activity

Capital investment to drive future Adj. OIBDA growth

Expect capital expenditures for 2014 – 2016 to be consistent with 2013 levels

Capital Spending to Support Strategic Plan

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

Business Growth Business Support

Operational Efficiency & Other

Capital Expenditures (ex RE and REIT

CapEx) as a % of Revenues

*Excludes capital expenditures related to headquarter move

6%-8%

99

2.0

3.0

4.0

5.0

6.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Excluding Payouts &

Conv Costs

Target Range

Stockholder Payouts, REIT Costs & Distributions Have Temporarily Increased Leverage

$MM 2010 - 11 2012 2013 2014 E Total

Share Repurchases $1,097 $38 --- --- $1,135

Quarterly Dividends $211 $179 $207

$400 - $430

$997 - $1,027

E&P Dist. --- $140 --- $120 - $150 $260 - $290

Total Cash $1,308 $357 $207 $520 - $580 $2,392-$2,452

E&P Stock Dist. --- $560 --- $480 - $600 $1,040-$1,160

Total Value

Distributed to

Shareholders

$1,308 $917 $207 $1,000-$1,180 $3,432-$3,612

Other Expenditures (1) --- $127 $159 $109-$139

2010 - 2014 Estimated Distributions ($MM)

Assuming REIT Conversion

(1) Represents REIT costs

(2) As defined under company’s senior credit facility, assumes no equity issuances

Net Lease Adjusted Leverage Ratio(2)

Assuming REIT Conversion

100

Committed to returning excess FCF to shareholders

$1.9B of cash returned to shareholders since 2009 through 2013

Plan drives high dividend payout

Growth CapEx generates high, predictable returns

Robust pipeline of attractive investment opportunities – acquisitions & real estate

2016 Potential Cash Available for

Investment $MM

Adjusted OIBDA ~$1,040

Add: Other Non-Cash Items & Adjustments

Borrowings to Maintain Leverage at 5.0X

~$40

~100

Less: Interest

Cash Taxes

Maintenance CapEx

~$285

~$165

~$90

$640

Core Growth & Other CapEx / CAC ~$190

Cash Available for Discretionary Investments $450

Strong Cash Flow Supports Capital Allocation Strategy

Real Estate

~$20MM

Core Acquisitions

~$150MM

Shareholder Payouts*

Current Dividends

~$250 MM

Figures represent midpoint of estimated range

*Assumes 196 MM shares outstanding, 10.5x enterprise multiple and ~4% yield

101

Summary

Maintaining consistent Adjusted OIBDA margins

Well Positioned to Continue Significant Distributions to

Shareholders

102

Questions?

2014 Investor Day



March 26, 2014

Appendix

2014 Investor Day

104

Definitions

Funds From Operations, or FFO (NAREIT) and FFO (Normalized)

FFO is a non-GAAP measure commonly used in the real estate industry. Although the National Association of Real Estate Investment Trusts (“NAREIT”) has published a definition of FFO, modifications to the NAREIT calculation of FFO are common among REITs as companies seek to provide financial measures that meaningfully reflect their business. Our most directly comparable GAAP measure to FFO is net income attributable to Iron Mountain. Net income assumes that the value of real estate assets diminishes predictably over time as reflected through depreciation and amortization expense. The value of real estate assets fluctuates due to market conditions, and the company believes FFO more accurately reflects the value of its real estate assets. FFO is defined by NAREIT as net income excluding gains and losses on the sale or write-down of real estate assets and depreciation on real estate assets. FFO (Normalized) excludes other non-recurring or unusual items that the company believes do not accurately reflect its underlying operations. FFO (Normalized) is defined as FFO (NAREIT) excluding intangible impairment charges, other income and expense (including foreign exchange gains and losses), income and losses from discontinued operations, provision or benefit from deferred taxes and REIT costs.

Adjusted Funds From Operations, or AFFO: defined as FFO as adjusted excluding non-cash rent expense or income plus depreciation on non-real estate assets, amortization expense (including amortization of deferred financing costs) and stock option compensation expense less maintenance capital expenditures. 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 shareholders and voluntary prepayments of indebtedness.

105

Definitions

Adjusted OIBDA: defined as operating income before depreciation, amortization, intangible impairments, (gain) loss on disposal/write-down of property, plant and equipment, net, and REIT Costs

Free Cash Flow (FCF): FCF is defined as Cash Flows from Operating Activities from continuing operations less capital expenditures (excluding real estate and capital expenditures associated with the REIT conversion), net of proceeds from the sales of property and equipment and other, net, and additions to customer relationships and acquisition costs. REIT costs are also excluded from FCF.

ROIC: defined as net operating profit after tax (NOPAT) plus depreciation & amortization less non-growth CapEx divided by Average Invested Capital. NOPAT is defined as Adjusted OIBDA less depreciation & amortization, at the structural tax rate of approximately 40% for Enterprise, but varies by region. Average Invested Capital is defined as the average of interest bearing debt plus equity less cash plus accumulated depreciation on racking.

Total Shareholder Return (TSR): TSR – Total Shareholder Return is calculated by taking the total dividend yield plus stock appreciation of a three year period (assuming dividends are reinvested at the current year TSR rate using a mid-year convention) divided by the Base Share Price and annualized for the three year period. Base Share Price is approximately $29 and assumes constant multiple of 10.5x.

Synergized Returns: Synergized returns are calculated on an un-levered, pre-tax basis by taking synergized Adjusted OIBDA and dividing it by purchase price as well as capital and operational integration costs.

106

Global Real Estate Portfolio

Buildings Sq. Ft. Buildings Sq. Ft. Buildings Sq. Ft.

North America 182 19,448 505 31,214 687 50,662

Europe 53 2,676 195 6,820 248 9,496

Latin America 33 1,912 56 2,768 89 4,680

Asia Pacif ic 1 31 48 2,058 49 2,089

International 87 4,619 299 11,646 386 16,265

Total 269 24,067 804 42,860 1,073 66,927

TotalLeased Facilities

As of 12/31/2013

Owned Facilities