© 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.

September 2014

Durable Fundamentals and Differentiated Business Model Deliver Enhanced Returns

2

Safe Harbor Language

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 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 and the

anticipated benefits of our conversion to a real estate investment trust for federal income tax purposes, 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 special distribution and our ordinary dividends.

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 actual 2014 special distribution and our expected ordinary dividends may

be materially different from our estimates (ii) the cost to comply with current and future laws, regulations and customer demands relating to privacy issues; (iii) the

impact of litigation or disputes that may arise in connection with incidents in which we fail to protect our customers' information; (iv) changes in the price for our

storage and information management services relative to the cost of providing such storage and information management services; (v) changes in customer

preferences and demand for our storage and information management services; (vi) the adoption of alternative technologies and shifts by our customers to storage of

data through non-paper based technologies; (vii) the cost or potential liabilities associated with real estate necessary for our business; (viii) the performance of

business partners upon whom we depend for technical assistance or management expertise outside the U.S.; (ix) changes in the political and economic environments

in the countries in which our international subsidiaries operate; (x) claims that our technology violates the intellectual property rights of a third party; (xi) changes in

the cost of our debt; (xii) the impact of alternative, more attractive investments on dividends; (xiii) our ability or inability to complete acquisitions on satisfactory terms

and to integrate acquired companies efficiently; (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 Annual Report on Form 10-K filed on February 28, 2014 under “Item 1A. Risk Factors”, our

Quarterly Report on Form 10-Q filed on July 31, 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.

3

We Store & Manage Information Assets

73% 17% 10%

Records Management Data Management Shredding

4

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

5

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 Supports Value Creation

6

What You Will Hear Today

We are uniquely positioned to create value through our operating model and real estate strategy

We have a defensible moat that protects long-term value

Fundamentals support stable growth in storage rental

Leading storage rental-driven business, supported by defensible market leadership and stable fundamentals, drives attractive shareholder returns

7

Global Real Estate Portfolio of More than 1,000 Facilities

8

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

Occupancy costs incurred by the square foot; revenue earned by the cubic foot

Storage rental value creation drivers

Facility design expertise

Low maintenance capex requirements

Network utilization

Portfolio management of multiple tenants

Related services

Attractive, High-Return Storage Rental Businesses

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

9

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

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

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

Solid investment return potential

Supports REIT Asset Test

Higher real estate residual value

Real Estate Acquisitions to Enhance Returns

Potential $2.5B - $3.0B Purchase Universe

10

Global Market $23B Unvended

IRM

Recall

Cintas (DocumentManagement)

Shred-it

Other

Defensible Moat Protects Long-term Value

Global platform and industry-leading scale provide competitive advantage

Global network difficult to replicate

High degree of operating leverage

Unparalleled presence and brand support further penetration of unvended opportunity

Relationships at high levels within customer organizations

Demonstrated ability to help customers reduce overall cost of records management

11

2%

11%

16%

8%

3%

3% 3%

37%

19%

North America Revenue by Vertical

Other2

Insurance

Financial

Healthcare

Federal

Legal

Energy

Business

Services

Life Sciences

High-quality, Diversified Customer Base

155,000 customers

Serving 950 of Fortune 1000

No single customer represents greater than 2%

Top 20 customers have historically represented between 6% to 7% of consolidated revenues

Customer retention is consistently high with annual losses of less than 3% (on a volume basis) attributable to customer terminations

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

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

(2) No single vertical within ‘Other’ comprises more than 1% of North America Revenue

12

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

2007 2008 2009 2010 2011 2012 2013

Same Store NOI Growth (Historical)

Industrial average Self-storage average

Storage Rental Revenue is Stable Throughout Cycles

Source: Benchmark data provided by Green Street Advisors

IRM average internal storage rental revenue growth

13

Large & growing

59% of revenues ($1.8B)

4% - 5% constant dollar growth

GDP correlated & inflation hedged

25 Consecutive Years of Storage Rental Growth

2013

$1,785

Storage Rental ($MM)

14

Consistent Incoming Storage Volume

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)

15

Secular Trends Impact Lower Margin Service Business

Main impact of technology is on service activity

Archival data – Documentation or Proof

Active File – Business process or Query

“Query”

2013 NA RM Storage and

Handling Transport Services

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

File (Active)

Box(Archival)

Storage Service$MM

“Proof”

75%

32% $-

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

Storage Service

Gross Margin

$1.8 B

$1.2 B

2013 Storage and Service Revenue % Represents Gross Margin

16

Global Footprint and Growth in Emerging Markets

88%

12%

Developed Emerging

% of Global Revenues Global presence in 36 markets

Growing in 31 markets

Strong leadership positions in key emerging markets

Represents 12% of total revenue

Organic growth of 11%

Figures above are as of Q2 2014

17

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

(Data Center)

Organization and Culture Organizational Capabilities, Talent and Processes

CO

RE

PIL

LA

RS

E

NA

BL

ER

S

18

$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

19

Improved Retention and Acquisition Drive Net Volume Growth

6.7% 6.8% 6.6% 6.3% 6.3% 6.3% 6.2% 6.1%

1.9% 1.9% 1.9% 1.9% 2.0% 2.1% 2.1% 2.2%

1.5% 1.5% 1.5% 0.3% 2.1% 4.5% 5.2% 5.9%

-4.7% -4.7% -4.7% -4.6% -4.6% -4.6% -4.5% -4.7%

-2.8% -2.7% -2.7% -2.6% -2.6% -2.5% -2.3% -2.0%

2.7% 2.7% 2.6% 1.4% 3.2% 5.8% 6.7% 7.6%

Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14

Organic New Sales Acquisitions Destructions Outperm/Terms

Year-over-Year Global Net Volume Growth Rates (Records Management Only)

Net Volume Growth Rate

20

Capturing Opportunity in Emerging Markets

Investing to drive leadership in key emerging markets

~50% of emerging market growth driven by acquisitions

First wave of outsourcing

Enterprise customers demand global service

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

2013 Adjusted OIBDA excludes restructuring charges

Expand and Leverage Emerging Markets Presence

$319

$510-$550

$65

$100- $150

2013 Actual 2016 Targets

Revenue Adjusted OIBDA

Emerging Market Targets

($MM)

100-120

Base

M&A Key Driver of Emerging Market Leadership Strategy

90-110

Acquisitions

21

$160

$50

$145

$55

$85

$30

IMLA EMEA Asia

New Territories Current Territories

Acquisition opportunities in both emerging and developed markets

Developed markets – strategy to enhance storage growth while maintaining attractive returns

Emerging markets – investing to build strong leadership positions

$500 MM+ revenue pipeline > 4X target for 2016

Diversified portfolio of targets

Streamlined acquisition process

M&A Pipeline is Strong and Execution Well Underway

Projected Annualized Revenues from

Emerging Market M&A Pipeline

22

Evaluating Data Center Potential for Emerging Business Opportunities

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 value creation $85 - $115

ROIC 10% - 14%

Adjusted OIBDA reflects stabilized SG&A expenses

23

$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

Strategic Plan Drives Solid Revenue Growth

($MM)

$200 - $265

$135 - $175 + Potential

Upside from EBOs

+ Potential Upside

from EBOs

24

Low-volatility, Moderate Growth with Attractive Yield

$919

$35-$60

$20-$45 $20-$30 $995 - $1,055

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

*Assumes a 4% dividend yield

2013 excludes restructuring charges

ROIC 9.7% 10% - 11%

Avg. Inv. Capital

~$5.5B ~$6.3B

($MM)

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

+ Potential Upside from

EBOs

+ Potential Upside

from EBOs

25

Ordinary distribution and core

real estate investment covered by

Free Cash Flow

Data Center business,

opportunistic Real Estate

purchases and acquisitions

funded by incremental borrowing

at targeted leverage ratio and/or

potential equity proceeds

Growth in OIBDA and Free Cash

Flow may allow for some de-

levering

Cash Available for Distributions and Investment ($MM) Normalized

2014(1)

Normalized

2015(2)

Adjusted OIBDA $930 $965

Add: Other Non-Cash Items & Adjustments ~$40 ~$40

Less: Interest

Cash Taxes (run rate)

Maintenance CapEx

Other (non-Real Estate) CapEx

Customer Acquisition Costs

~$260

~$60

~$90

~$50

~$30

~$260

~$65

~$90

~$45

~$30

Cash Available for Distributions and Investment $480 $515

Normalized, Growing Cash Flows Support Capital Allocation Strategy

Ordinary Distributions(3) ~$400 ~$416

Excess Cash Flow Available for Investment: ~$ 80 ~$ 99

(1) Normalized amounts exclude REIT conversion costs , restructuring costs and cash portion of special distribution

(2) Not intended to represent specific projections for 2015. Adjusted OIBDA and dividends in line with 4% CAGR growth implied by Strategic Plan as shown on page 24

Real Estate (Building Purchases and Data

Centers)

Core Acquisitions

Core Real Estate (Racking, Building &

Leasehold improvements)

26

Stockholder Distributions

Receipts and Reporting for 2014

Distributions paid in Jan, April, July, Oct. & Dec. 2014 should be reported as ordinary distributions in 2014

$400mm expected to be paid in 2014

First REIT distribution declared on 09/15/14 at $0.475 per share

Also reflects the quarterly rate expected in December following issuance of shares associated with Special Distribution

For 2014, IRM stockholders should report:

$400mm quarterly distributions PLUS Special Distribution

Under IRS rules, historical C-Corp earnings and profits need to be distributed prior to any REIT distributions

Character of each distribution to stockholders (including qualified vs non-qualified ordinary distributions) will vary, depending upon each stockholder’s specific situation, final amounts distributed, and the final characterization of such distributions at year-end, among other factors

Mid-year Conversion Results in Catch-up Distribution

Declaration

Date Paid Date

Distribution

Amount

Cash

Amount

Distribution

Per Share

Dec 16, ‘13 Jan 15, ‘14 $52mm $52mm $0.27

Mar 14, ‘14 Apr 15, ‘14 $52mm $52mm $0.27

May 28, ‘14 Jul 15, ‘14 $52mm $52mm $0.27

Sept 15, ‘14 Oct 15, ‘14 $92mm $92mm $0.475

2014 Special

Distribution1 Nov 4, ’14 $700mm $140mm $3.62

Nov ’14 2

(catch-up)

Dec ‘14 ~$52mm ~$52mm ~$0.2475

Nov ’14 2 Dec ‘14 ~$100mm ~$100mm $0.475

1 80% stock / 20% cash 2 Subject to Board approval

27

Key Messages

We are uniquely positioned to create value through our operating model and real estate strategy

We have a defensible moat that protects long-term value

Fundamentals support stable growth in storage rental

Leading storage rental-driven business, supported by defensible market leadership and stable fundamentals, drives attractive shareholder returns

28

Questions?

© 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.

Appendix

30

“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

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 CapEx includes maintenance, racking and leasehold improvements as a percentage of revenue; excludes real estate purchases, IT investment and REIT conversion costs. Comps represent recurring CapEx as a percentage of NOI. Excludes leasing commissions.

(2) Non-Real Estate % for IRM is as a % of Total Adj. OIBDA. Comps are as a % of Assets. (3) Operating margin for IRM is storage gross margin.

Source: Company estimates and filings. Benchmark data provided by Green Street Advisors and J.P. Morgan

31

Potential for Broadened Investor Base and Enhanced Valuation

14.2

15.6

16.5

17.1

18.3

18.6

22.1

18.3

21.3

22.2

14.6 x

LPT

DRE

DCT

PSB

EGP

FR

PLD

CUBE

EXR

PSA

IRM

Price-to-2014 Pro Forma FFO

5.5%

3.7%

3.5%

2.4%

3.4%

2.2%

3.2%

2.7%

3.5%

3.2%

6.1%

LRY

DRE

DCT

PSB

EGP

FR

PLD

CUBE

EXR

PSA

IRM

Pro Forma Current Dividend Yield

*Based on a pro forma 2014 dividend of $2.12 per share, and 193MM shares outstanding and a stock price of $34.75 as of 08/14/2014. REIT pricing as of 08/14/2014

Source: Company estimates and FactSet mean FFO and AFFO estimates.

19.0

18.7

24.8

24.7

24.0

22.5

27.8

19.2

22.8

23.5

11.6 x

LRY

DRE

DCT

PSB

EGP

FR

PLD

CUBE

EXR

PSA

IRM

Price-to-2014 Pro Forma AFFO

SE

LF

-ST

OR

AG

E

IND

US

TR

IAL