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All other trademarks and registered trademarks are the property of their respective owners.

2015 REITWeek: NAREIT’s Investor Forum June 15, 2015

2

Safe Harbor Language

Reconciliation of Non-GAAP Measures:

Throughout this presentation, Iron Mountain will be discussing Adjusted Operating Income Before Depreciation, Amortization and Intangible Impairments (Adjusted OIBDA),Storage Net Operating Income (NOI), 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.

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 statements regarding our operations, economic performance, financial condition, goals, beliefs, future growth strategies, investment objectives, plans and current expectations, 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) 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 to qualify or remain qualified for taxation as a real estate investment trust (“REIT”); (xiv) our ability or inability to complete acquisitions on satisfactory terms and to integrate acquired companies efficiently; (xv) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xvi) 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. 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

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

Investment Highlights

1

2

3

4

4

We Store & Manage Information Assets

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)

$3.1 billion annual revenue

155,000+ customers

Serving 92% of Fortune 1000

68 million square feet of real estate in

~1,100 facilities

Operations in 36 countries across 5

continents

Compelling Customer Value

Proposition

Reduce costs and risks of storing and

protecting information assets

Broadest range of footprint and services

Access to deep network of facilities and talent

to address complex storage & information

needs

Most trusted brand (1) Figures are based on FY2014 Results

(2) Represented as a percentage of revenue, based on FY 2014 results

1

5

36 Countries

5 Continents Solid track record of enhancing

shareholder value

Share buybacks, pursuing REIT

conversion, dividend enhancement

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 and inclusion in SRI

Indexes

Leading Global Presence 1

6

2014

$1,860

Storage Rental ($MM)

-4%

-2%

0%

2%

4%

6%

8%

2007 2008 2009 2010 2011 2012 2013 2014

Same Store Revenue Growth (Historical)

Large & growing

60% of revenues ($1.9B)

4% - 5% constant dollar growth 2012-2014

Inflation hedged

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).

26 Consecutive Years of Storage Rental Growth 1

7

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% -2% -3%

-6%

-3%

0%

3%

6%Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14

New Volume From Existing CustomersNA and WE Paper Demand

2% 1% 2%

-6%-3%0%3%6%9%

12%15%

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

New Volume From Existing Customers

Emerging Markets Paper Demand

Developed Markets Emerging Markets

Source for paper trends data: Resource Information Systems Inc. (RISI). 2014 demand figures are estimates

1

8

Improved Retention and Acquisitions Drive Net Volume Growth

6.3% 6.3% 6.3% 6.2% 6.1% 6.1% 5.9% 5.9%

2.1% 2.2% 2.4% 2.3% 2.5% 2.4% 2.4% 2.4%

0.2% 2.0% 4.2% 5.0% 5.5%

3.4% 1.5% 1.6%

-4.6% -4.6% -4.6% -4.5% -4.7% -4.5% -4.4% -4.4%

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

1.4% 3.2% 5.8% 6.7% 7.6% 5.5% 3.6% 3.5%

Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15

New Volume from Existing Customers New Sales Acquisitions Destructions Outperm/Terms

Net Volume Growth Rate

Solid Improvement in Organic Growth from 1.2% in Q2’13 to 1.9% in Q1’15

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

Note: Chart 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. In addition, customer acquisitions are now included in new sales as the nature of these transactions is similar to new customer wins.

1

9

3%

9%

15%

8%

4%

4% 3%

37%

18%

North America Revenue by Vertical

Other (2)

Insurance

Financial

Healthcare

Federal

Legal

Energy Business

Services

Life Sciences

Strong, Highly Diversified Customer Base

155,000 customers

No single customer represents greater than 2%

of total revenue

Top 20 customers have historically represented

between 6% to 7% of consolidated revenues

Customer retention is consistently high with

annual losses of roughly 2% (on a volume basis)

attributable to customer terminations

50-year history with some tenants

Long average life of a box in storage (15.6 yrs.) (1)

Note: North America Revenue by vertical is based on Q1 2015 Trailing Twelve Months Data

(1) Based on annual volume churn rate of 6.4% as of 1Q15.

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

1

10

“Enterprise Storage” Compares Favorably

Iron Mountain

Actual Self-Storage Industrial

North America annual rental

revenue/SF $27.28 $13.80 $5.50

Tenant Improvements/SF N/A N/A $1.96

Maintenance CapEx(1) 3.8% 5% 12%

Average lease term

Large customers: 3 Yrs.

Small customers: 1 Yr.

Average Box Age : 16 Yrs. Month-to-Month ~4-6 yrs.

Customer retention 98.1% ~85% ~75%

Customer concentration Very low Very Low Low

Customer type Business Consumer Business

Stabilized Occupancy

(building & racking utilization)(2)

Building: 83%

Racking: 91% 90% 93%

Storage Net Operating Margin (3) Storage: 81.0% 68% 70%

Largest Public REITs

1Q’15 NOI Annualized (4) IRM: Storage: $1,494 million PSA: $1,478 million PLD: $1,535 million

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

(1) IRM CapEx represents real estate maintenance CapEx as a percentage of storage NOI. Comps represent recurring CapEx as a percentage of NOI. Excludes leasing commissions.

(2) Building utilization represents total potential building capacity and racking utilization represents installed racking capacity for the Records Management business

(3) Excludes rent expense.

(4) Represents annualized 1Q15 storage net operating income for IRM, self-storage net operating income for PSA, and net operating income for PLD source from the companies’ supplemental disclosure

2

11

Sizable Real Estate Portfolio

68 million total square footage

Owned: 24 million sq. ft. / 264 Buildings

Leased: 44 million sq. ft. / 833 Buildings

Owned/Controlled: 35.9% of real estate by

sq. ft.

Average size: 62k sq. ft

Records Management Utilization rates (1)

Building: 83%

Racking: 91%

Data Protection Utilization Rates (1)

Building: 68%

Racking: 81%

Storage

(1) Building utilization represents total potential building capacity and racking utilization represents installed racking capacity . Rates based on Q1 2015 results

2

12

Major Market Presence Supports Durable Revenues and Value

$5 to $20mm

>$20mm

<$5mm

NY0086JT / 645841_1.wor

Denver- Boulder

San Francisco

Los Angeles

Phoenix-Mesa- Scottsdale

Dallas-Fort Worth- Arlington

Chicago

Washington D.C.

Philadelphia

Boston

New York

$1.4bn

United States

Owned Real Estate

$0.6bn

International

Owned Real Estate

Seattle

San Diego Metro

Book value including leasehold improvements

and racking

Owned SF

40% Leased SF

60%

Owned SF

26%

Leased SF 74%

Owned Gross Assets

Source: Company filings, based on FY 2014.

Source: Company filings., based on FY2014

Top Owned International Markets by Square Feet

Square Feet Total %

City Country (000s) Int'l SF

1. London United Kingdom 779 13.3%

2. Montreal Canada 488 8.3%

3. Buenos Aires Argentina 470 8.0%

4. Toronto Canada 414 7.0%

5. Edinburgh United Kingdom 289 4.9%

6. Mexico City Mexico 286 4.9%

7. Calgary Canada 270 4.6%

8. Lima Peru 260 4.4%

9. Paris France 218 3.7%

10. Vancouver Canada 213 3.6%

11. Santiago Chile 212 3.6%

12. Madrid Spain 187 3.2%

13. Gillingham United Kingdom 174 3.0%

14. Rio de Janiero Brazil 144 2.5%

15. Kings Lynn United Kingdom 121 2.1%

16. Ottawa Canada 118 2.0%

17. Diegem Belgium 104 1.8%

18. Dublin Ireland 103 1.7%

19. Gloucester United Kingdom 103 1.7%

20. Birmingham United Kingdom 100 1.7%

Total 5,054 86.0%

2

13

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%

Attractive, High-Return Storage Rental Business

High storage rental revenue / SF

Most 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

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

2

14

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

3

15

Three-Year Plan Progress

Achieved 2 million cubic feet of net volume growth in North America in 2014, prior to acquisitions and improved customer retention

Organizational realignment to further align customer service and enhance efficiencies

Strengthened core storage with launch of new products in collaboration with technology industry leaders

Developed Markets

Represented 14% of total revenues at the end of 2014 on a C$ basis

Total internal and internal storage rental growth in excess of 10% in 2014

Pipeline of potential acquisition opportunities represents more than four times total needed to achieve goal of 16% of total revenues by the end of 2016

Identified opportunities that leverage our unique platform as a leader in

Enterprise Storage

Invested $35 million in 2014 to expand capacity in the underground facility and deliver our first phase of an above ground data center in Boston

Attracted a number of new data center customers across the financial, healthcare and federal government verticals

Emerging Markets

EBOs

3

C$: Constant Dollar

16

Improved Retention and Acquisitions Drive Net Volume Growth in Developed Markets

5.8% 5.7% 5.7% 5.5% 5.4% 5.4% 5.3% 5.3%

1.8% 1.9% 2.1% 2.1% 2.3% 2.1% 2.2% 2.2%

0.7% 3.2% 3.2% 3.3% 2.5% 0.2% 0.8%

-4.7% -4.7% -4.7% -4.7% -4.8% -4.7% -4.5% -4.6%

-2.5% -2.6% -2.5% -2.2% -1.9% -1.7% -1.7% -1.8%

0.3% 1.1% 3.8% 3.9% 4.3% 3.6% 1.3% 1.8%

Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15

New Volume from Existing Customers New Sales Acquisitions Destructions Outperm/Terms

Net Volume Growth Rate

Solid improvement in organic growth from 0.3% in Q2’13 to 1.1% in Q1’15

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

Note: Chart 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. In addition, customer acquisitions are now included in new sales as the nature of these transactions is similar to new customer wins.

3

17

Emerging markets represented 14% of our total revenues at the end of 2014 on a C$ basis

Continue to see attractive growth potential in both storage and services in 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

Capturing Opportunity in Emerging Markets

Emerging Market Target

10%

14%

16%

2013 2014 2016Target

3

18

Emerging Business Opportunities: Evaluating Data Centers

Illustrative Value Creation and

Estimated Stabilized Returns Post-2015

($ MM)

Revenue $27

Adjusted OIBDA (1) ~$15

NOI ~$16

Capital invested ~$100

Data center cap rate 7.5% - 8.5%

Implied value $185 - $215

Implied value creation $85 - $115

Unlevered ROIC 10% - 14%

(1) Adjusted OIBDA reflects stabilized SG&A expenses.

3

19

C$ Adj. OIBDA Growth Since 2013 Consistent with Strategic Plan

3

932 -2.0% +4.6% +3.8%

2015 Estimate 2014

898

2013

858

2012

876

-3.8%

2011

910

C$

-0.3%

2015 – Guidance Midpoint

925

2014

928

2013

919

2012

912

2011

950 +0.8% -4.0% +1.0%

R$

Constant dollar based on 2015 FX Rates as of May 2015 Adjusted OIBDA for 2013 and 2014 are prior to restructuring charges of $23 million and $3 million respectively

20

High Returns on Investment Offset by Service Margin Decline

3

Core business is growing strongly and providing a 13%+ return on investment Working to address the service margin decline

140

50

110

65

Service Margin Decline

FX Storage Growth

M&A 2011 OIBDA

950

2015E OIBDA Overhead Increases

10 925

$1.3B Total Invested Capital $645M M&A

$655M Growth CapEx

$175M growth

Invested capital includes: M&A, real estate and non-real estate investments

21

Organization Aligned to Strategy

Finance Strategy & Talent

Legal, Risk

& Security

Global Support Services

Commercial / CMO

Records & Information Management

NA

Data Management

Western

Europe

P&L

Emerging Businesses

CEO

Developed

Markets

Other

International

3

Real Estate

Investment

22

Updated Speed and Agility Initiative to Deliver Significant Savings

Evolve from SG&A representing 28% of revenues to mid-twenties

• Expect to realize a minimum of $100 million in savings by the end of 2018, incremental to current strategic plan

Actions underway:

• Accelerate our adoption of shared services/offshore support functions

• Automate payments and billing

• Centralize contracts administration

• Further integrate overhead costs across developed markets

Transformational initiatives combined with continuous improvement

3

23

Service Margin Improvement Initiative Underway

$134

$210

18%

25%

2010* 2013**Adj. OIBDA Adj. OIBDA %

Adj. OIBDA ($MM)

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

**Excludes $3.7 million of restructuring charges

Achieved 3-year profitability goal in the International segment (2011– 2013)

700 bps Adjusted OIBDA margin improvement

3

Track Record of Margin Improvement Decline in Worldwide Service Margins

Service gross margins have declined since 2011, driven by decline in related activity

• North American service margin were impacted the most

• Continental Western Europe service margins were relatively flat

Launching plan to align service business cost structure with activity decline

(2.5%)

(5.4%)

(3.7%) (4.0%)

(6.0%)

(4.0%)

(2.0%)

0.0%

2.0%

2011 2012 2013 2014

To

tal S

erv

ice G

ross

Marg

in

24

Compelling Investment Opportunities

■ Business Acquisitions – typically includes customer contracts, inventory, storage facilities and personnel

11% - 14%+

1 – 3 yrs to stabilize ■ Customer Acquisitions -- includes customer contracts and associated inventory; generally does not include personnel or storage facilities on a permanent basis

■ Consolidation -- Investments in land, buildings, building improvements, leasehold improvements and racking structures that create operational efficiencies

■ Investments in land, buildings, building improvements, etc. that replace a long-term lease obligation

9% - 10%+

Stabilizes immediately

■ Investments outside the core business that leverage our brand and reputation for secure chain of custody (e.g., data center, consistent with performance to date)

10% - 14%+

Project-specific stabilization

Investment Type Strategic Rationale Targeted IRR

Business and

Customer

Acquisitions

Real Estate

Consolidation and

Growth

Lease Conversion

Program

Emerging Businesses

Anticipated 2015 Investment

$75 – $125mm

$40 - $60mm

$20 - $30mm Re

al E

sta

te In

ve

stm

en

ts

M&

A

14% – 16% Total $275 – $365mm

■ Growth -- Investments in land, buildings, building improvements, leasehold improvements and racking structures that expand revenue capacity in existing or new geographies

14% - 19%+

3 – 5 yrs to stabilize

$140 - $150mm

4

25

Cornerstone Acquisition .

Acquisition Overview

Acquired Cornerstone in October 2013

$191 million purchase price

$16.1 million Adj. OIBDA before synergies

36 facilities with 11.8 million cubic feet of storage capacity

10.7 million cubic feet of inventory

Acquisition Highlights

Fourth largest U.S. private records management

business provides opportunity for capacity growth

Increased presence in key markets throughout New

York / NJ, Southern California, Denver and Houston

Complementary product mix overlap

Attractive transportation and G&A cost synergies

Integration Success

2014(1)

(Under IRM) 2013

(Before IRM)

Adj. OIBDA Margin

Adj. OIBDA

$16.1 MM $26.0 MM

29.3% 52.3%

12%+ IRR Since Acquisition

(1) 2014 excludes $6 million in costs related to headcount reduction and consolidation of 10 facilities

4

26

Real Estate: Growth .

Investment in New Building and Racking - Overview

Mexico City, Mexico

Capacity: 4.7M cu. ft. in 6 buildings all fully utilized

Expected annual average growth CF 250K CF

Own additional land that can be used for development

Construct “3 Wall Addition” building and first phase of racking to

accommodate growth

Expansion Highlights

Building size: 63K sq. ft. / 1.2M cu. ft. of capacity

Approximately 19 cu. ft. per sq. ft. due to 46 ft. clear height

Construction cost: $3.0M ($48/sq. ft.) includes underlying land cost

Racking cost: $6.4M ($102/sq. ft.)

$80K annual maintenance capex or approximately 2.6%

Assume ~$0.21 per cu. ft. per month in storage rental revenue as well as full

utilization

17.5% IRR

4

27

Real Estate: Lease Conversion Program .

Leased Facilities

44 million sq. ft. / 839 facilities

Buyout option: ~3.5 million sq. ft.

5.6 years without extension options

Unique International Expertise

13 million sq. ft. / 343 facilities

50k – 200k sq.ft.

>200k sq.ft

<50k sq.ft.

86JT: 646847_1.wor

Seattle

San Francisco

Los Angeles

San Diego

Denver-Boulder

Dallas-Fort Worth Arlington

Chicago Metro

Boston

New York

Philadelphia

Washington D.C.

Miami

Detroit

Overview

Market Chicago, IL

Building size 222K sq. ft.

Type Records Management

Lease expiration 08/31/15

Storage 4M cu. ft.

Height 42 ft. clear height

Rent per sq. ft. IRM: $5

Market: $4

Purchased building for $12.9 M or $58.1/ sq. ft.

Going in cap rate: 8.5%

Market cap rate: 7.0%

9.1% IRR

4

28

$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

Growth projection is on a constant dollar basis based on 2014 C$ budget rate

4

29

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. Growth projection is on a constant dollar basis based on 2014 C$ budget rate

ROIC 9.7% 10% - 11%

Avg. Inv. Capital

~$5.5B ~$6.2B

($MM)

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

+ Potential Upside from

EBOs

+ Potential Upside

from Additional

EBOs

+ $100 MM

+ $100 MM

Updated Speed and Agility Initiative. Minimum of $100 million of savings

to be achieved by 2018

4

30

Plan continues to support

dividend per share growth in

line with operating performance

Ordinary distribution covered by

cash flow

Real Estate investments and

business acquisitions funded by

potential incremental equity

proceeds and/or borrowing

Cash Available for Distributions and Investment ($MM) Normalized

2015(1)

Adjusted OIBDA $925

Add: Other Non-Cash Items & Adjustments ~$45

Less: Interest

Cash Taxes (run rate)

Maintenance CapEx

Non-Real Estate Investment

Customer Acquisition Costs

~$260

~$45

~$80

~$80

~$35

Cash Available for Distributions and Investment $470

Normalized, Growing Cash Flows Support Ongoing Distributions

Ordinary Distributions(2) ~$405

Excess Cash Flow Available for Investment: ~$65

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

(2) Subject to board approval and total for the year reflects annualized first quarter dividend of $0.475 per share and assumes 212 million shares outstanding.

Real Estate (Building, Leasehold

improvements, and Data Centers)

$150 mm

Business Acquisitions

$100 mm

Core Real Estate (Growth Racking)

$70 mm

Estimates

4

31

Updated 2015 Capital Allocation Guidance 4

$MM in USD As of 06.02.15 As of 04.28.15

Estimated Capital Allocation 2015 Guidance 2015 Guidance

Real Estate Investment $200 - $240 $230 - $270

Non-Real Estate Investment $70 - $90 $70 - $90

Real Estate and Non-Real Estate

Maintenance $70 - $90 $70 - $90

Business and Customer Acquisitions $75 - $125 $150 - $250

No changes to 2015 operating performance guidance

Updating Real Estate investment to reflect the integration of the two global platforms

Reducing acquisition spend to reflect the benefit of the Recall transaction

32

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

Investment Highlights

1

2

3

4

33

Appendix

34

Investments

Region Total Expected

Investment Investment in Current Period

Cumulative Investment to Date

Estimated CuFt / DPUs

Historical NOI/CuFt or DPU

Average Stabilization Period

Racking Installations(1)

North America 23,332 4,758 13,524 5,322 $ 2.13

Europe 32,103 3,691 23,128 9,927 $ 2.13

Latin America 17,431 1,283 10,252 4,645 $ 2.19

Asia Pacific 6,773 869 3,774 2,208 $ 2.19

Worldwide 79,639 10,600 50,678 22,102 $ 2.14 8 - 12 months

Region Total Expected

Investment Investment in Current Period

Cumulative Investment to Date

Estimated CuFt / DPUs

Total Square Feet

Historical NOI/CuFt or DPU

Average Stabilization Period

Building Development Projects(2)

North America 11,028 2,551 7,770 1,054 88 $ 2.13

Europe 2,609 361 361 403 22 $ 2.13

Latin America 10,683 884 8,294 2,741 275 $ 2.19

Asia Pacific 1,600 16 16 200 16 $ 2.19

Worldwide 25,921 3,812 16,441 4,398 401 $ 2.14 24 - 36 months

Region Purchase

Price Total

Square Feet Building

CuFt Capacity Building

CuFt Utilization Building

DPU Capacity Building

DPU Utilization Expected IRRs

FY15 Building Acquisitions(3)

North America 15,728 301 244 96% 309 66% 9% - 11%

Worldwide 15,728 301 244 96% 309 66% 9% - 11%

(1) Racking Installations excludes consolidation spend in Total Expected Investment, Investment in Current Period and Cumulative Investment to Date of $34.8 million, $8.1 million and $21.9 million respectively

(2) Building Development Projects excludes consolidation spend in Total Expected Investment, Investment in Current Period and Cumulative Investment to Date of $36.5 million, $0.8 million and $17.4 million respectively

(3) Includes a large building development project with a longer than average stabilization period

(4) Not related to M&A

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Components of Value

Annualized

NOI $

North America

Records Management $ 847,708

Data Protection 205,415

Other 44,819

Europe 239,538

Latin America 116,479

Asia Pacific 40,184

Total Portfolio Storage NOI $ 1,494,143

Service Adjusted OIBDAR(1) $ 212,660

Balance at

3/31/2015

Cash, Cash Equivalents & Other Tangible Assets (2) $ 887,473

Building & Racking Investment 106,399

Business and Customer Acquisition Consideration $ 7,688

Less

Debt, Gross Book Value $ 4,721,842

Non-Controlling Interests 13,647

Annualized Rental Expense(3) 202,417

Estimated Tax Liability $ 34,612

(1) Trailing four quarter prior to rental expense

(2) Includes Cash, Cash Equivalents, Restricted Cash, Accounts Receivable, Other Tangible Current Assets, Deferred Income Taxes and Prepaid Expenses

(3) Includes Storage and Service

Components to calculate Net Asset Value (NAV) – the net “market value” of all company assets, including but not limited to properties, after subtracting all liabilities and obligations

• Market value of income producing real estate is derived by applying market capitalization rates to net operating income (NOI)

• NAV also applies multiples to recurring revenue streams that are not real estate operating income (i.e. fee/service revenues), which is why we provide Service Adjusted OIBDAR

• Storage NOI and Service OIBDA excluding rent expense in order to present storage economics on a consistent basis whether leased or owned

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Strong Corporate Governance Profile

Demonstrated responsiveness to investors

Low potential conflicts of interest

Provision/Statute IRM

Non-staggered, independent Board

No poison pill

No supermajority vote to remove directors (only majority vote)

No supermajority vote to amend certain provisions in the charter

Shareholders can amend bylaws

Directors may be removed without cause

No supermajority vote required to approve extraordinary transactions