Jp morgan hy bond conference 022916 final (1)

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

2. 2
Forward Looking Statements
2
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.

3. 3
Iron Mountain Overview

4. 4
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
1
2
3
4

5. 5
We Store & Manage Information Assets
5
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

6. 6
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

7. 7
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.

8. 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
 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

9. 9
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.

10. 10
The Strategic Plan

11. 11
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
GROWTHandVALUE
PILLARS
ENABLERS

12. 12
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

13. 13
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

14. 14
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

15. 15
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

16. 16
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

17. 17
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

18. 18
Financial Performance Update

19. 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

20. 20
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

21. 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 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

22. 22
Q&A