© 2014 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.

Macquarie Extreme Services Conference

May 13, 2014

2

Safe Harbor Language and Reconciliation of Non-GAAP Measures 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 in 2014 and through 2016 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, our proposed conversion to a REIT

and the anticipated benefits of such conversion, 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 earnings and profits distribution. 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. For example, with regard to our proposed conversion to a REIT, even though we continue to pursue conversion to a REIT, we may not be able to convert to a REIT

effective January 1, 2014 or at all, our expected benefits of being a REIT may not be realized and the estimated range of our remaining earnings and profits distribution may be

incorrect for, among other reasons, the reasons described in Item 1A “Risk Factors - Risks Related to the Proposed REIT Conversion” in our Annual Report on Form 10-K filed

with the Securities and Exchange Commission (the “SEC”) on February 28, 2014 and other documents that we file with the SEC from time to time. In addition, important factors

that could cause actual results to differ from our other expectations include, among others: (i) the cost to comply with current and future laws, regulations and customer demands

relating to privacy issues; (ii) the impact of litigation or disputes that may arise in connection with incidents in which we fail to protect our customers' information; (iii) changes in the

price for our storage and information management services relative to the cost of providing such storage and information management services; (iv) changes in customer

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

non-paper based technologies; (vi) the cost or potential liabilities associated with real estate necessary for our business; (vii) the performance of business partners upon whom we

depend for technical assistance or management expertise outside the U.S.; (viii) changes in the political and economic environments in the countries in which our international

subsidiaries operate; (ix) claims that our technology violates the intellectual property rights of a third party; (x) changes in the cost of our debt; (xi) the impact of alternative, more

attractive investments on dividends; (xii) our ability or inability to complete acquisitions on satisfactory terms and to integrate acquired companies efficiently; (xiii) other trends in

competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xiv) other risks described more fully in our Annual

Report on Form 10-K filed with the SEC on February 28, 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.

Reconciliation of Non-GAAP Measures:

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

Cash Flows Before Acquisitions & Discretionary Investments (FCF) and Adjusted Earnings Per Share from Continuing Operations (Adjusted EPS), 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.

3

Key Messages

Iron Mountain is a durable, high-return business that will generate significant excess free cash flow

Our strategy extends the durability and stability of our business

Successful REIT conversion enhances stockholder payouts

Low-volatility platform supports long-term S&P 500 average total returns with upside from Emerging Business Opportunities

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

Large & growing

59% of revenues

4% constant dollar growth

GDP correlated & inflation hedged

Diversified customer base

No customer >2% of total revenues

Low customer turnover (<2% per annum)

Strong value proposition with related services

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

Storage Rental Stream is Key Economic Driver

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

25 Consecutive Years

of Storage Rental Growth

$1,785

Storage Rental ($MM) 2013

6

Stable Incoming Storage Volume

Consistent 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)

7

Large & Diversified Global Market Opportunity Remains

Substantial un-vended opportunity remains in Developed Markets

~70% un-vended globally

Emerging Markets beginning first-time outsourcing wave

Diversified end-user market segments

Un-Vended

Vended

Un-Vended

Vended

$15B Developed Markets $8B Emerging Markets

Source: Company estimates

8

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

Organization and Culture Organizational Capabilities, Talent and Processes

CO

RE

PIL

LA

RS

E

NA

BL

ER

S

9

Strategic Plan Drives Stable Revenue Growth

$2,694

$2,810 – $2,870

$319

$510 -$550 $13

$40 - $50

$3,026

$200-$265

$135-$175 $3,360 - 3,470

$(10,000)

$(8,000)

$(6,000)

$(4,000)

$(2,000)

$-

$2,000

$4,000

$6,000

2200

2400

2600

2800

3000

3200

3400

3600

2013 Base Incremental M&A 2016 E

Emerging Businesses - Data Centers Emerging Markets Developed Markets

51.3%

18.4%

1.8%

($MM) CAGR

10

Low-volatility, Moderate Growth with Attractive Yield

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

$919

$50-$75

$20-$45 $20-$30 $1,010 - $1,070

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

2013 excludes restructuring charges

ROIC 9.7% 9% - 10%

Avg. Inv. Capital

~$5.5B ~$6.3B

($MM)

11

10%-15% 10% - 20% 20% - 30%+

Incremental Racking

New Facility

Acquisitions

EBOs

Strategic Investments Yield Attractive Returns

Average After-tax Returns for Key Value-Driving Activities

12

Committed to returning excess FCF to shareholders

$1.9B of cash returned to shareholders since 2009 through 2013

Plan drives high dividend payout

Growth CapEx generates high, predictable returns

Robust pipeline of attractive investment opportunities – acquisitions & real estate

2016 Potential Cash Available for

Investment $MM

Adjusted OIBDA ~$1,040

Add: Other Non-Cash Items & Adjustments

Borrowings to Maintain Leverage at 5.0X

~$40

~100

Less: Interest

Cash Taxes

Maintenance CapEx

~$285

~$165

~$90

$640

Core Growth & Other CapEx / CAC ~$190

Cash Available for Discretionary Investments $450

Strong Cash Flow Supports Capital Allocation Strategy

Real Estate

~$20MM

Core Acquisitions

~$150MM

Shareholder Payouts*

Current Dividends

~$250 MM

Figures represent midpoint of estimated range

*Assumes 196 MM shares outstanding, 10.5x enterprise multiple and ~4% yield

13

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 Aligns with Operating Strategy

14

“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 and growth CapEx; excludes RE and REIT costs as a percentage of total revenue. Self-Storage and Industrial recurring CapEx

as a percentage of NOI. Excludes leasing commissions.

(2) Non-Real Estate % for IRM is as a % of Adj. OIBDA. Self-Storage and Industrial are as a % of Assets.

(3) Operating margin for IRM is storage gross margin

Source: Company estimates. Benchmark data provided by Green Street Advisors

15

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

2007 2008 2009 2010 2011 2012 2013

Same Store NOI Growth (Historical and Estimated)

Industrial average

Self-storage average

IRM storage rental internal growth

Storage Rental Revenue is Stable Throughout Cycles

Source: Benchmark data provided by Green Street Advisors

16

$MM (except per share data) 2014

FFO $435 - $485

FFO/share(2) $2.27 - $2.53

AFFO $565 - $615

AFFO/share(2) $2.94 - $3.20

Dividends(3) $400 - $430

Dividends/share(2) $2.08 - $2.24

Pro Forma REIT Metrics(1)

(For illustrative purposes only)

Three Key Value Drivers

Higher dividends over time supported by:

US federal and state income tax savings

Higher distributable income due to lower tax vs. book D&A

Both US and international storage rental (QRS) income

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

Potential to expand investor base through higher yield and attractive business characteristics

REIT Will Provide Significant Stockholder Benefits

(1) Excludes $150MM cash portion of the E&P distribution

(2) Based on 192MM shares outstanding

(3) Includes ~$70MM benefit from book / tax difference for depreciation associated with racking

17

2.0

3.0

4.0

5.0

6.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Excluding Payouts &

Conv Costs

Target Range

Stockholder Payouts, REIT Costs & Distributions Have Temporarily Increased Leverage

$MM 2010 - 11 2012 2013 2014 E Total

Share Repurchases $1,097 $38 --- --- $1,135

Quarterly Dividends $211 $179 $207

$400 - $430

$997 - $1,027

E&P Dist. --- $140 --- $120 - $150 $260 - $290

Total Cash $1,308 $357 $207 $520 - $580 $2,392-$2,452

E&P Stock Dist. --- $560 --- $480 - $600 $1,040-$1,160

Total Value

Distributed to

Shareholders

$1,308 $917 $207 $1,000-$1,180 $3,432-$3,612

Other Expenditures (1) --- $127 $159 $109-$139

2010 - 2014 Estimated Distributions ($MM)

Assuming REIT Conversion

(1) Represents REIT costs

(2) As defined under company’s senior credit facility, assumes no equity issuances

Net Lease Adjusted Leverage Ratio(2)

Assuming REIT Conversion

18

Summary

Iron Mountain is a durable, high-return business that will generate significant excess free cash flow

Our strategy extends the durability and stability of our business

Successful REIT conversion enhances stockholder payouts

Low-volatility platform supports long-term S&P 500 average total returns with upside from Emerging Business Opportunities

© 2014 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

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% Growth

($MM, except per share data) Q1/2013 Q1/2014 R$ C$ Internal

Enterprise Revenue $ 747 $ 770 3.1% 4.7% 0.5%

NA Records and Information Management $440 $446 1.4% 2.7% (0.6)%

NA Data Management $99 $97 (2.1)% (1.5)% (2.0)%

International $205 $224 9.7% 12.8% 4.7%

Corporate & Other $4 $3 (21.9)% (21.9)% (21.9)%

Gross Profit(1) $ 426 $ 435 2.1% 3.2%

Gross Profit % 57.0% 56.5%

Adjusted OIBDA(2) $ 227 $ 229 0.5% 1.7%

Adjusted OIBDA(2) Margin % 30.5% 29.7%

Adj. EPS(2) Continuing Ops – FD $ 0.27 $ 0.26 (3.7)%

Solid Q1 Operating Results

(1) Excluding depreciation and amortization

(2) Excludes certain costs and expenditures associated with the Special Committee and the Company’s proposed conversion to a REIT

21

Consistent Records Management Volume Growth

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

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

1.4% 1.5% 1.5% 1.5% 0.3% 2.1% 4.5% 5.2%

-7.6% -7.4% -7.4% -7.4% -7.2% -7.2% -7.1% -6.8%

2.4% 2.7% 2.7% 2.6% 1.4% 3.2% 5.8% 6.7%

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

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

Organic New Sales Acquisitions Outperm/Terms & Destructions

Year-Over-Year Net Volume Growth Rates(1):

(1) 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

Net Change

22

Q1 Results(1) % Growth

($MM) 2013 2014 R$ C$ Internal

NA Records and Information

Management

Revenue $ 440 $ 446 1.4% 2.7% (0.6)%

Adjusted OIBDA $ 163 $ 167 2.8% 4.2%

Adjusted OIBDA Margin % 37.0% 37.5%

CAPEX (ex RE) %(2) 4.8% 3.8%

NA Data Management

Revenue $ 99 $ 97 (2.1)% (1.5)% (2.0)%

Adjusted OIBDA $ 59 $ 54 (8.7)% (8.0)%

Adjusted OIBDA Margin % 60.1% 56.1%

CAPEX (ex RE) %(2) 2.8% 4.1%

International

Revenue $ 205 $ 224 9.7% 12.8% 4.7%

Adjusted OIBDA $ 48 $ 59 22.7% 23.8%

Adjusted OIBDA Margin % 23.4% 26.2%

CAPEX (ex RE) %(2) 8.1% 8.5%

Corporate and Other(3)

Revenue $ 4 $ 3 (21.9)% (21.9)% (21.9)%

Adjusted OIBDA $ (43) $ (52) (21.7)% (21.7)%

CAPEX (ex RE) %(2) of total revenues 0.6% 0.9%

Solid Operating Performance Across Portfolio

(1) Excludes certain costs and expenditures associated with the Special Committee and the Company’s proposed conversion to a REIT

(2) Based on incurred versus cash paid basis

(3) Includes revenue and Adj. EBITDA from Emerging Businesses – Data Centers

23

REIT Supported By Strong Cash Flow

FFO 2014 Pro forma Estimate*

Net income attributable to Iron Mountain (pro forma) $ 250

Real estate depreciation 180

(Gain) Loss on disposal/write-down of PP&E ----

FFO (NAREIT) $ 430

REIT Costs 30

Normalized FFO (Iron Mountain) $ 460

AFFO 2014 Pro forma Estimate*

Normalized FFO (Iron Mountain) $ 460

Non-real estate depreciation 120

Amortization expense (including deferred financing costs) 65

Rent normalization 5

Stock option compensation expense 30

Business support CapEx (maintenance) (90)

AFFO $ 590

*Metrics represent approximate midpoint of the estimated range

($MM)

24

REIT Conversion Costs In Line with Expectations

$MM FY 2012 FY 2013 Q1

2013

Q1

2014

Remainder of 2014

Outlook Total

Operating Expense $34 $83 $25 $8 $20 -- $30 $145 - $155

Capital Expense $13 $23 $6 $2 $2 -- $7 $40 - $45

Total $47 $106 $31 $10 $22 -- $37 $185 - $200

Tax Payment Related

to D&A Recapture $80 $53 -- -- $77 -- $92 $210 - $225

Annual on-going REIT compliance expenses would be $10-$15 million