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

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

2 Forward Looking Statements 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 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. 2 2

3 Iron Mountain Overview 3

Company Highlights 1 2 3 4 Leading enterprise

Realignment Supports Significant Cost Reductions

4 Company Highlights Leading enterprise storage rental-driven business with durable fundamentals Global leader in records management and storage with ~1,100 facilities Organizational Realignment Supports Significant Cost Reductions Strategic Plan Drives Solid Constant Dollar Growth and Durable Cash Flow 4

We Store & Manage Information Assets Diversified Global Business (1) $3 billion annual revenue 177,000+

& Information Management (2) Data Management (2) Shredding (2) 75% 17% 8% Storage: 70% Service: 30%

5 We Store & Manage Information Assets Diversified Global Business (1) $3 billion annual revenue 177,000+ customers Serving 94% of Fortune million square feet of real estate in ~1,100 facilities Records & Information Management (2) Data Management (2) Shredding (2) 75% 17% 8% Storage: 70% Service: 30% Storage: 60% Service: 40% Service: 100% 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 5 5

corporate Global responsibility Business program $3B annual revenues FTSE4Good >155,000 and customers Dow Jones

6 Leading Global Presence Most expansive global platform Strong international expansion opportunity Attractive real estate characteristics Low turnover costs Low maintenance capex High retention, low volatility Formal Diversified corporate Global responsibility Business program $3B annual revenues FTSE4Good >155,000 and customers Dow Jones Sustainability Serving 95% Index of constituent Fortune MM SF of real estate in >1,000 facilities 37 COUNTRIES 5 CONTINENTS 6

7 Storage Rental Stream is Key Economic Driver 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. 8% 6% 4% 2% 0% -2% -4% Same Store Revenue Growth (Historical) 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). 7

Sizable Real Estate Portfolio 70 million total square footage

ft. / 860 Buildings Owned: 37% of real estate by sq. ft.

ft Storage Records Management Utilization rates (1) Building:

69% Racking: 81% (1) Building utilization represents total

8 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 Storage Records Management Utilization rates (1) Building: 84% Racking: 92% Data Protection Utilization Rates (1) Building: 69% Racking: 81% (1) Building utilization represents total potential building capacity and racking utilization represents installed racking capacity. Rates based on Q results 8

Major Market Presence Supports Durable Revenues and Value San Francisco Los Angeles Seattle San Diego Metro Phoenix-Mesa- Scottsdale Source: Company filings, based on FY 2015.

9 Major Market Presence Supports Durable Revenues and Value San Francisco Los Angeles Seattle San Diego Metro Phoenix-Mesa- Scottsdale Source: Company filings, based on FY Leased SF 58% Owned SF 42% Owned Facilities Denver- Boulder $1.6bn United States Owned Real Estate Chicago Dallas-Fort Worth- Arlington Owned SF 27% Leased SF 73% $0.6bn International Owned Real Estate Boston New York Philadelphia Washington D.C. Book value including leasehold improvements and racking <$5mm $5 to $20mm >$20mm Major MSA Top Owned International Markets by Square Feet Square Feet Total % Country (000s) Int'l SF 1. Canada 1, % 2. United Kingdom 1, % 3. Argentina % 4. Mexico % 5. Scotland % 6. Peru % 7. Chile % 8. France % 9. Spain % 10. Brazil % 11. Republic of lreland % 12. Belgium % 13. Netherlands % 14. Australia % 15. Germany % 16. Austria % 17. China % Total 6, % Source: Company Filings, based on FY

10 The Strategic Plan 10

11 Strategic Plan Delivering Expected Results OUR PLAN FOR GROWTH DEVELOPED MARKETS 8M cu. ft. Net RM Volume prior to Acquisitions* EMERGING MARKETS Emerging Markets = 15% of Total Revenues on a C$ basis ADJACENT BUSINESSES New Data Center Customers and Expanded into Art Storage GROWTH and VALUE PILLARS 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 ENABLERS *Reflects data from Jan 2014 through December

Worldwide Revenue (C$ in MM) Adjusted OIBDA (C$ in MM) Regular Dividend per Share $2,894

12 Strategic Plan has Driven Performance Turnaround Since Year-end 2013 DEVELOPED MARKETS STRATEGIC PLAN EMERGING MARKETS ADJACENT BUSINESSES Revenue C$ CAGR 1% 33% 20% Worldwide Revenue (C$ in MM) Adjusted OIBDA (C$ in MM) Regular Dividend per Share $2,894 $3,011 $3, $940 $898 $ $1.08 $ Based on 2015 C$ budget rates 12

13 Dramatic Improvement in Internal Revenue Growth Since % Total Internal Revenue Growth 1.5% 1.5% 1.0% 1.0% 0.5% 0.0% -0.5% -0.4% -0.3%

14 Transformation Program to Deliver $125 Million in Cost Reductions Align Organization to Strategic Plan Focus on Important and Necessary Leverage Offshoring and Technology Adj. OIBDA Contribution 2015E 2016E 2017E 2018E Cumulative run-rate impact of actions taken Cumulative net in-year benefit post restructuring costs $50 million $100 million $125 million - $50 million $100 million $125 million 14

15 M&A in Emerging and Developed Markets Deliver Solid Growth and Returns Emerging Markets Acquisition Economics Acquisition Spend/Yr. Ongoing Topline Growth $100 MM 10% + Storage Rental IRR 13% 14% Strong returns, supports progress to increase exposure to higher growth markets Developed Markets Acquisition Economics Acquisition Spend/Yr. $50 MM Ongoing Topline Growth 2-3% + Storage Rental IRR 11% 13% Tuck-in deals offer predictable return and quickly synergize Data reflects assumptions for

16 Adjacent Businesses Offer Potential Further Upside 2020 Target = 5% of total Revenue 10% long-term organic growth Data center continued organic growth offering good returns Art storage through Crozier acquisition Data Center Economics Capital Invested Per Year $35 MM/Yr. Expected Returns 12-15% Stabilization 2-3 years Art Storage Economics Capital Invested $78 MM in 2015 Expected Returns 13% Stabilization 18 months Data reflects assumptions for

Real Estate Investment Offers Predictable, Attractive Returns Real Estate an Enabler of Growth Investment in Real Estate focused on consolidation and related development Consolidation drives

17 Real Estate Investment Offers Predictable, Attractive Returns Real Estate an Enabler of Growth Investment in Real Estate focused on consolidation and related development Consolidation drives significant operational improvements Additional consolidation potential following Recall acquisitions 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 Some lease conversion opportunities also drive consolidation efficiencies Investment per Yr. $150MM - $180MM Average IRR 12% 16% Stabilization Real Estate Investment Consolidation and Development Focus 3 5 Years 17

18 Financial Performance Update 18

19 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 19

20 Fortified Balance Sheet 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 HISTORIC LEASE ADJ LEVERAGE PRO FORMA MATURITY PROFILE 6.00x $1, x 5.00x $ x $400 $1,065 $1,000 $592 $600 $1, x $0 $206 $ x Secured Senior Uns Notes Senior Sub Notes 20

21 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 Adj. OIBDA, Transformation and Other Non Cash Expenses $ 965 $1,005 Less: Cash Interest Cash Taxes Maintenance Capex Non-Real Estate Investment Customer Acquisitions (2) 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 21

22 Q&A 22

Durable Business Drives Cash Flow and Supports Dividend Growth April 2016

Durable Business Drives Cash Flow and Supports Dividend Growth April 2016 Safe Harbor Language and Reconciliation of Non-GAAP Measures Safe Harbor Statement Under the Private Securities Litigation Reform