© 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.

December 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 ordinary dividends to be paid in the last quarter of 2014. 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 cash dividends paid in the last quarter of 2014 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

Based on FY2013 results

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

What You Will Hear Today

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

Our market leadership position supports long-term value

Fundamentals support stable growth in storage rental

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

Attractive business characteristics underscore value creation

6

Global Real Estate Portfolio of More than 1,000 Facilities

67 million total square footage

Owned: 24 million sq. ft.

Leased: 43 million sq. ft.

Buyout option: ~3.4 million sq. ft.

Owned/Controlled: 40% of real estate by sq. ft.

Average size: 61k sq. ft.

Leased facilities

Weighted avg. remaining lease obligation: 5.6 yrs.

Weighted avg. remaining lease obligation with

exercise of all extension options: 12.5 yrs.

Records Management Utilization rates Building: 83%

Racking: 91%

Data Protection Utilization Rates

Building: 69%

Racking: 81%

7

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%

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

High storage rental revenue /SF

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

Storage rental value creation drivers

Racking investment supports ability to drive higher NOI

Low maintenance capex requirements

Network utilization

Portfolio management of multiple tenants

Related services

8

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

Significant global real estate footprint – more than 1,000 facilities in 67MM SF

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

Expanded real estate purchase program; purchased and under contract $40 million year to date or approximately 700k sq. ft.

Expected IRR of 9 – 12%

Supports REIT Asset Test

Enhances real estate residual value

Real Estate Acquisitions to Enhance Returns

Potential $2.5B - $3.0B Purchase Universe

9

2%

9%

16%

8%

4%

3% 3%

37%

18%

North America Revenue by Vertical

Other2

Insurance

Financial

Healthcare

Federal

Legal

Energy

Business

Services

Life Sciences

Top Player in a Diversified, Fragmented Industry

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

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

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

10

-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

11

Large & growing

59% of revenues ($1.8B)

4% - 5% constant dollar growth

GDP correlated & inflation hedged

26 Consecutive Years of Storage Rental Growth

Q3 2014 Annualized

$1,876

Storage Rental ($MM)

12

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)

13

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

14

$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

15

Volume Growth Driven by Both Organic as well as Acquisition-Driven Volume Expansion

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

(1) Net organic growth includes organic growth, destructions, outperm/terms, and new sales.

4.6 %

2.3 %

1.4 % 1.4 % 1.3 % 1.3 % 1.7 %

0.5%

(0.7%)

1.0% 0.2% 0.5%

4.5%

1.6%

FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 YTD 2014

Acquisitions Net Organic Growth(1)

5.1%

1.6% 2.4% 1.6%

1.8%

5.8%

3.3%

16

Improved Retention and Acquisition Drive Net Volume Growth

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

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

1.5% 1.5% 0.3% 2.1%

4.5% 5.2% 5.9% 3.7%

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

-2.7% -2.7% -2.6% -2.6% -2.5% -2.3% -2.0% -1.9%

2.7% 2.6% 1.4% 3.2% 5.8% 6.7% 7.6% 5.5%

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

Organic New Sales Acquisitions Destructions Outperm/Terms

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

Net Volume Growth Rate

17

Capturing Opportunity in Emerging Markets

Investing to drive leadership

Currently 12.2% of total revenue

Goal: increase percentage of total revenue to 16%

~50% of emerging market growth driven by acquisitions

First wave of outsourcing

2013 Adjusted OIBDA excludes restructuring charges

M&A Key Driver of Emerging Market Strategy

$319

$510-$550

$65

$100- $150

2013 Actual 2016 Targets

Revenue Adjusted OIBDA

Emerging Market Targets

($MM)

100-120

Base

90-110

Acquisitions

18

$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 2014 YTD Acquisitions of $12 MM

Emerging markets – investing to build strong leadership positions

Diversified portfolio of targets

Streamlined acquisition process

2014 YTD Acquisitions of $150 MM

M&A Pipeline is Strong and Execution Well Underway

Revenue Pipeline Greater than 4x

Target for 2016

19

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

20

$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 Additional

EBOs

21

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 Additional

EBOs

22

Stockholder Distributions

Receipts and Reporting for 2014

Amounts paid in Jan, April, July, Oct. & Dec. 2014 are included in 2014 taxable income

First REIT distribution of $0.475/share paid on 10/15/14

Reflected 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

Nov ’14 1

(catch-up)

Dec ‘14 ~$52mm ~$52mm ~$0.248

Nov ’14 1 Dec ‘14 ~$100mm ~$100mm $0.477

2014 Special Distribution1

Sept 15, ‘14 Nov 4, ’14 $700mm $140mm $3.61

1 Subject to Board approval and reflects 15.8 million shares issued related to the Special Distribution 2 80% stock / 20% cash , resulted in 15.8 million in additional shares outstanding

23

Drivers of Net Asset Value (NAV)

Corporate Governance

Balance Sheet Risk

Franchise Value

Premium / Discount to NAV

Overhead Structure

24

Significant Franchise Value Supports Enhanced Valuation

Solid track record of enhancing shareholder value

Share buybacks, pursuing REIT conversion, dividend enhancement

Most expansive global platform

Difficult and expensive to replicate

Strong international expansion opportunity

Attractive real estate characteristics

Low turnover costs

Low maintenance capex

High retention, low volatility

Formal corporate responsibility program and inclusion in SRI Indexes

25

Strong Corporate Governance Profile

Demonstrated responsiveness to investors

Non-staggered, independent Board with significant investment

No antitakeover provisions

Rights plan implemented in 2013 to preserve REIT benefit

for shareholders in 2014

Will be rescinded upon stockholder approval of REIT

merger

Low potential conflicts of interest

26

Attractive Balance Sheet / Capital Structure Poised for Improvement as a REIT

Debt-to-total-market cap compares favorably

IRM debt-to-total market cap of 36%1

Minor amount of secured debt

Low percentage of floating rate debt

Low repayment/refinancing risk

Limited development/unfunded development

Intend to de-lever over time as a REIT

Refinancing in international markets to provide natural hedge and get

benefits of interest rate tax shield in taxable jurisdictions (1) Based on 10/30/2013 closing prices of $35.38 and 209.3 million shares outstanding

27

Overhead Structure Reflects Defensible Moat and Operating Business

High-return storage rental business

Average Adjusted OIBDA margins consistent with other

property types

Service business margins ~19% including overhead

Greater allocation to service due to nature of business

Lower capital intensity, so returns in line with storage business

Integrated business model drives new sales and retention,

but overhead will naturally be higher than traditional REITs

Limited additional operating leverage

Low downside risk, but limited upside potential

28

“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) ~3% 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 represents maintenance CapEx as a percentage of Revenues. 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

29

Potential for Broadened Investor Base and Enhanced Valuation

13.2

15.1

15.6

16.5

16.9

18.3

20.5

17.3

20.4

21.0

16.1 x

LPT

DRE

FR

PSB

DCT

EGP

PLD

CUBE

EXR

PSA

IRM

Price-to-2015 Pro Forma FFO

5.5%

3.6%

2.1%

2.4%

3.3%

3.4%

3.2%

2.6%

3.3%

3.1%

5.6%

LPT

DRE

FR

PSB

DCT

EGP

PLD

CUBE

EXR

PSA

IRM

Pro Forma Current Dividend Yield

*Based on a pro forma 2015 dividend of $2.20 per share, and 209MM shares outstanding and a stock price of $35.38 as of 10/30/2014. REIT pricing as of 10/30/2014

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

17.3

19.1

24.9

23.4

24.1

23.8

24.4

18.3

21.3

22.2

12.6 x

LPT

DRE

FR

PSB

DCT

EGP

PLD

CUBE

EXR

PSA

IRM

Price-to-2015 Pro Forma AFFO

SE

LF

-ST

OR

AG

E

IND

US

TR

IAL

30

Key Messages

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

Our market leadership position supports long-term value

Fundamentals support stable growth in storage rental

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

Attractive business characteristics underscore value creation

31

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

33

Ordinary distribution and core

real estate investment covered

by cash flow

Data Center business,

opportunistic Real Estate

purchases and acquisitions

funded by incremental

borrowing at targeted leverage

ratio and/or potential equity

proceeds

Cash Available for Distributions and Investment ($MM) Normalized

2015(1)

Adjusted OIBDA $965

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

Less: Interest

Cash Taxes (run rate)

Maintenance CapEx

Other (non-Real Estate) CapEx

Customer Acquisition Costs

~$265

~$55

~$90

~$50

~$30

Cash Available for Distributions and Investment $515

Normalized, Growing Cash Flows Support Capital Allocation Strategy

Ordinary Distributions() ~$415

Excess Cash Flow Available for Investment: ~$100

(1) Cash interest expense, cash taxes, and customer acquisition costs are not intended to represent specific projections for 2015

(2) Subject to board approval

Real Estate (Building Purchases and Data

Centers)

Core Acquisitions

Core Real Estate (Racking, Building &

Leasehold improvements)

Illustrative example

34

Updated Guidance

$MM

Current 2014

Guidance

Previous 2014

Guidance (If Different)

Preliminary 2015

Guidance C$ YOY Growth

Operating Performance

Revenues $3,100 - $3,150 $3,090 - $3,170 $3,135 - $3,290 1% - 5% 1

Adjusted OIBDA (Operating) 2 $925 - $945 $915 - $945 $945 - $985 2% - 5% 1

Adjusted EPS – Fully Diluted 2 $1.33 - $1.44 3 $1.37 - $1.52 $1.23 - $1.38 4

Cash Flow

FFO (NAREIT) $440 - $480

FFO (NAREIT) per share $2.12 - $2.28 4

FFO (Normalized) $435 - $465 $440 - $480

FFO (Normalized) per share $2.21 - $2.46 3 $2.12 - $2.28 4

AFFO $555 - $595 $570 - $610

Capital Allocation

Ordinary Dividends $400 $400 - $420 $410 - $420

Total Capital (excluding Dividends) $540 $550 - $650

Real Estate Investments $190 - $210 $240 - $280

Maintenance CapEx $80 - $100 $80 - $100

Other Investment $45 - $55 $40 - $60 $40 - $60

Acquisitions $190 - $200 $190 - $210 $150 - $250

$2.25 - $2.51

$435 - $485

$555 - $605

(1) YOY growth compared to 2014 constant dollar (C$) budget rates; includes 1% - 2% internal growth revenue

(2) Includes on-going REIT compliance costs of ~$15 million that we expect to incur in 2014 and future years

(3) Assumes 196 million shares outstanding

(4) Assumes 209 million shares outstanding