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J.P. Morgan High Yield & Leveraged Finance Conference 2016 February 29, 2016

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Forward Looking Statements

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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 statements concerning our operations, economic performance, financial condition, goals, beliefs, future growth strategies, investment objectives, plans and current expectations, such as expected cost savings associated with our Transformation initiative, amounts we expect to incur in connection with our acquisitions and investments in real estate and our data center business and estimated cash available for dividends and discretionary investments in 2016. 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. 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. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) our 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 our customers to storage of data through non-paper based technologies; (iii) changes in customer preferences and demand for our storage and information management services; (iv) the cost to comply with current and future laws, regulations and customer demands relating to privacy issues, as well as fire and safety standards; (v) the impact of litigation or disputes that may arise in connection with incidents in which we fail to protect our customers' information; (vi) changes in the price for our 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 our international subsidiaries operate; (viii) our ability or inability to complete acquisitions on satisfactory terms and to integrate acquired companies efficiently; (ix) changes in the amount of our capital expenditures; (x) changes in the cost of our debt; (xi) the impact of alternative, more attractive investments on dividends; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) the performance of business partners upon whom we depend for technical assistance or management expertise outside the United States; (xiv) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xv) other risks described more fully in our filings with the Securities and Exchange Commission, including under the caption “Risk Factors” in our periodic reports, or incorporated therein. 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. 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.

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Iron Mountain Overview

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Leading enterprise storage rental-driven business with durable fundamentals

Organizational Realignment Supports Significant Cost Reductions

Strategic Plan Drives Solid Constant Dollar Growth and Durable Cash Flow

Global leader in records management and storage with ~1,100 facilities

Company Highlights

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We Store & Manage Information Assets

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75% 17% 8%

Records & Information

Management (2) Data Management(2) Shredding(2)

Storage: 70% Service: 30%

Storage: 60% Service: 40%

Service: 100%

Diversified Global Business (1)

$3 billion annual revenue

177,000+ customers

Serving 94% of Fortune 1000

70 million square feet of real estate in ~1,100 facilities

Compelling Customer Value Proposition

Reduce costs and risks of storing and protecting information assets

Broadest range of footprint and services

Most trusted brand

(1) Figures are based on FY2015 Results

(2) Represented as a percentage of revenue, based on FY 2015 results

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Diversified Global Business

$3B annual revenues

>155,000 customers

Serving 95% of Fortune 1000

67MM SF of real estate in >1,000 facilities

Leading Global Presence

5 CONTINENTS

Most expansive global platform

Strong international expansion opportunity

Attractive real estate characteristics

Low turnover costs

Low maintenance capex

High retention, low volatility

Formal corporate responsibility program

FTSE4Good and Dow Jones Sustainability Index constituent 37 COUNTRIES

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Storage Rental Stream is Key Economic Driver

-4%

-2%

0%

2%

4%

6%

8%

2007 2008 2009 2010 2011 2012 2013 2014

Same Store Revenue Growth (Historical)

7-Year Average

IRM Internal Storage Revenue Growth (1) 4.4%

Self-Storage Average Same Store Revenue(2) 3.3%

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)

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.

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Sizable Real Estate Portfolio

70 million total square footage

Owned: 26 million sq. ft. / 277 Buildings

Leased: 44 million sq. ft. / 860 Buildings

Owned: 37% of real estate by sq. ft.

Average size: 62k sq. ft

Records Management Utilization rates (1)

Building: 84%

Racking: 92%

Data Protection Utilization Rates (1)

Building: 69%

Racking: 81%

Storage

(1) Building utilization represents total potential building capacity and racking utilization represents installed racking capacity . Rates based on Q4 2015 results

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Denver- Boulder

San Francisco

Los Angeles

Phoenix-Mesa- Scottsdale

Dallas-Fort Worth- Arlington

Chicago

Washington

D.C.

Philadelphia

Boston

New York

Seattle

San Diego

Metro

Source: Company filings, based on FY 2015.

58%

42%

Owned SF

Leased SF

Major Market Presence Supports Durable Revenues and Value

Book value including

leasehold improvements

and racking

Owned Facilities

73%

27%

Owned SF

Leased SF

$1.6bn United States Owned Real Estate

$0.6bn International Owned Real Estate

$5 to $20mm

>$20mm

<$5mm

Major MSA

Top Owned International Markets by Square Feet

Square Feet Total %

Country (000s) Int'l SF

1. Canada 1,750 28.3%

2. United Kingdom 1,526 24.6%

3. Argentina 470 7.6%

4. Mexico 419 6.8%

5. Scotland 375 6.1%

6. Peru 260 4.2%

7. Chile 232 3.8%

8. France 218 3.5%

9. Spain 203 3.3%

10. Brazil 202 3.3%

11. Republic of lreland 159 2.6%

12. Belgium 104 1.7%

13. Netherlands 102 1.7%

14. Australia 64 1.0%

15. Germany 58 0.9%

16. Austria 30 0.5%

17. China 21 0.3%

Total 6,193 100.0%

Source: Company Filings, based on FY 2015.

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The Strategic Plan

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Strategic Plan Delivering Expected Results

*Reflects data from Jan 2014 through December 2015

DEVELOPED MARKETS

8M cu. ft. Net RM Volume prior to Acquisitions*

OUR PLAN FOR GROWTH

EMERGING MARKETS

Emerging Markets = 15% of Total

Revenues on a C$ basis

ADJACENT BUSINESSES

New Data Center Customers and Expanded into

Art Storage

TRANSFORMATION, INTEGRATION AND TALENT

Drive process improvements, simplification, efficiencies. develop and enable talent to support business strategy

INCREASING OWNERSHIP OF OPERATING PROPERTIES

Leverage our Real Estate Investment Trust status to create long-term value

GR

OW

TH

and V

ALU

E

PIL

LA

RS

EN

AB

LE

RS

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Strategic Plan has Driven Performance Turnaround Since Year-end 2013

$1.08 $1.91

2013 2015

$2,894 $3,011 $3,078

2013 2014 2015

Worldwide Revenue (C$ in MM) Adjusted OIBDA (C$ in MM) 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$ budget rates

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Dramatic Improvement in Internal Revenue Growth Since 2012

-0.4% -0.3%

1.0%

1.5%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2012 2013 2014 2015

Total Internal Revenue Growth

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Adj. OIBDA Contribution 2015E 2016E 2017E 2018E

Cumulative run-rate impact of

actions taken $50 million $100 million $125 million

Cumulative net in-year benefit post

restructuring costs - $50 million $100 million $125 million

Transformation Program to Deliver $125 Million in Cost Reductions

Align Organization to Strategic Plan

Focus on Important and Necessary

Leverage Offshoring and Technology

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

Acquisition Spend/Yr. $100 MM

Ongoing Topline Growth 10% + Storage Rental

IRR 13% – 14%

Emerging Markets Acquisition Economics

Acquisition Spend/Yr. $50 MM

Ongoing Topline Growth 2 -3% + Storage Rental

IRR 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

Data reflects assumptions for 2016 - 2020

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Capital Invested $78 MM in 2015

Expected Returns 13%

Stabilization 18 months

Capital Invested Per Year $35 MM/Yr.

Expected Returns 12-15%

Stabilization 2-3 years

Adjacent Businesses Offer Potential Further Upside

Data Center Economics

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

Data reflects assumptions for 2016 - 2020

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Real Estate Investment Offers Predictable, Attractive Returns

Investment in Real Estate focused on consolidation and related development

Consolidation drives significant operational improvements

Additional consolidation potential following Recall acquisitions

Some lease conversion opportunities also drive consolidation efficiencies

Investment per Yr. $150MM - $180MM

Average IRR 12% – 16%

Stabilization 3 – 5 Years

Real Estate Investment

Consolidation and Development Focus

Real Estate an Enabler of Growth

Closed Purchases: FY 2015

$50.1M investment

9 properties

~834K SF

Average levered IRR of 12.6%

Average cap rate 8.0%

Annual rent savings: $3.6M

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Financial Performance Update

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2015 Financial Review – Key Messages

Strong financial and operating performance aligns with 2020 strategic plan

– Our results continue to underscore the strength and durability of our storage rental business and the incremental returns we’re generating from our investments

Constant dollar storage rental growth supported by volume gains across all major markets

– C$ total revenue growth of 2.1%, driven by storage rental revenue growth of 4.0%

– On a C$ basis, Adjusted OIBDA increased 13.6% for the quarter and 4.4% for the year

Constant Dollar Results in Line with Full-year Company Expectation

– Total revenues of $3,078M

– Adjusted OIBDA of $940M

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Fortified Balance Sheet

PRO FORMA MATURITY PROFILE

$206

$1,065 $1,000

$144

$600

$1,000

$592

$0

$400

$800

$1,200

Secured Senior Uns Notes Senior Sub Notes

HISTORIC LEASE ADJ LEVERAGE

3.50x

4.00x

4.50x

5.00x

5.50x

6.00x

2010 2011 2012 2013 2014 2015

• As planned, leverage has risen over the past several years to support our REIT conversion and

M&A agenda. We continue to expect higher leverage in 2016 because of Recall integration

costs but then realized synergies will accelerate deleveraging

• We have no significant debt maturities in the short-term

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IRM Cash Available for Dividends and Discretionary Investments

Cash Available for Distribution and Investment ($MM) on R$ basis

Numbers reflect midpoint of guidance 2015A 2016E

IRM Adj. OIBDA $920 $910

Benefit from Transformation - $ 50

PF IRM Adj. OIBDA $920 $960

Add: Stock Compensation/Other 45 45

Adj. OIBDA, Transformation and Other Non Cash Expenses $ 965 $1,005

Less: Cash Interest 264 270

Cash Taxes 49 55

Maintenance Capex 76 80

Non-Real Estate Investment 48 70

Customer Acquisitions (2) 55 35

Cash Available for Dividends and Investments $473 $495

Expected Dividend $405 $411

Racking Investment for on-going growth $65 $60

Cash Available for Discretionary Investments $3 $24

Lease Adjusted Leverage Ratio 5.6X 5.6X

Figures may not tie due to rounding

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Q&A