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JPMorgan 2013 Ultimate Services Conference November 13, 2013

Bill Meaney President & CEO

2

Key Messages

• Global market leader with sustainable business drivers

• Strategy extends durability of high-return business

• Business generates significant free cash flow to support long-term dividend growth

• Successful REIT conversion enhances strategy

3

Global Market Leader

Diversified global business

• $3B revenues

• >155,000 customers

• Serving 94% of Fortune 1000

• 65MM ft2 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

Majority of revenue from storage rental and related services

• Records management 73% • Data protection 18%

• Shredding 9%

36 Countries

5

Continents

4

Durable, Expanding Storage Rental Stream

2012

$1,733 24 Consecutive Years of Storage Rental Growth

Storage Rental ($MM) C$ Storage Rental ($MM)

$0

$400

$800

$1,200

$1,600

$2,000

2009 2010 2011 2012 2013F

NA Intl

Expanding Global Platform

Int’l CAGR 8.5%

NA

CAGR 2.2%

5

Storage Rental is Sticky and Durable

• Storage rental is key economic driver

• Large & growing

- 58% of revenues ($1.7B)

- Trending at ~4% - 5% constant dollar growth

• GDP correlated & inflation hedged

• Diversified customer base – No customer >2% of total revenues

• Low customer turnover (~2% annually)

- Strong value proposition with related services

- High switching costs

• Long average life of a box in storage (~15 years)

• Highly measurable with modular capacity additions

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Predictable Storage Revenue has Weathered All Storms

Source: Benchmark data provided by Green Street Advisors

*Composite of apartment, industrial, mall, office and strip center REITs

-6%

-4%

-2%

0%

2%

4%

6%

8%

2007 2008 2009 2010 2011 2012 2013

IRM Storage Rental Internal Growth vs. REIT Same Store NOI Growth

(Historical and Estimated)

Industrial average Self-storage average

IRM storage rental internal growth Big 5 composite*

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Substantial un-vended opportunity remains in mature markets

Emerging markets beginning first-time outsourcing wave

Diversified end-user market segments

Large, Diversified Global Market Opportunity Remains

$23B Global Market North America Revenue Mix by Vertical Market Segment

Financial Services

Healthcare

Government

Legal & Business Services

Other Private Sector

Source: Company estimates

Un-Vended

Records Management

Shredding

DP

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Strategy Designed to Provide Platform for Long-Term Revenue and Profit Growth

• Sustaining the durability of our high-return businesses in mature markets

• Building leadership positions in high-quality emerging markets through acquisitions and strong internal growth

• Identifying, incubating and scaling new business opportunities

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Acquisitions Are Key Driver of Business Strategy

Details by Segment Mature Emerging

Number of Acquisitions 3 3

Key Markets USA, France Colombia,

Brazil, Peru

Purchase Price $220MM $100MM

Number of Facilities (Square Feet) 47 (2.2MM) 22 (0.7MM)

Storage Rental Revenue (current run-rate) ~$37MM ~$27MM

Impact on Financial Performance 2013 2014

Total Revenues $30MM – $35MM $105MM – $115MM

Adjusted OIBDA $3MM – $5MM $20MM – $25MM

Capex ~$4MM ~$37MM

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• Emerging markets represent significant opportunity for growth

- Include Lat Am, Asia Pac, Eastern and Central Europe and BRIC

- Annual revenues of ~$300MM

• Strong double-digit storage rental growth augments annuity

• Acquisitions are a key component of strategy to accelerate growth into leadership positions

- 2012: Brazil, Turkey, Switzerland, Hungary

- 2013: Brazil, Colombia (new market), Peru

Emerging Markets Drive Enhanced Performance

Emerging

10%

Developed

90%

2%

20%

3%

Developed Emerging Enterprise

C$ Storage Rental Growth Rates YTD/2013 vs. YTD/2012

% of Global Revenues

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• A growth opportunity that fits well with our business

- Recurring revenues tied to long-term leases

- REIT-compatible

• $10B North American market growing at ~10% per year

• Offering a portfolio of services for organizations seeking a secure, compliant data center environment

• Exploring construction of additional locations in key markets on company-owned land

• Majority of future capital investment will be success based

• 200,000 ft2 of potential development over next 10 years

Leveraging Core Competencies and Customers to Expand Existing Rental Business

IRON MOUNTAIN DATA CENTERSTM

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2014 - 2016 Storage Rental Build (Average Annual Contribution to Growth)

C$

Growth

Rates

2011 -

2013 2014-2016

Revenue

Growth 1% - 3% 1% - 3%+

Storage

Rental 3% - 4% 2% - 5%

Services (2)% - 1% (1)% - 2%

Solid Storage Rental Growth Outlook

$0

$30

$60

$90

$120

NA (Base) Int'l (Base) New Business Total

Low Range High Range

$MM

1.0%-3.0%

5.0%-9.0%

$5MM –

$20MM 2.0%-5.0%

2014 – 2016 Outlook

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Investment Opportunities Yield Attractive ROIC

Increase Network

Utilization

Expand Storage Network

New Sales &

Penetration Acquisitions

Average ROIC for Key Value-Driving Activities

Incremental

Pre-Tax

ROIC 30%+ 10% - 20%

Investments

Sales,

Marketing &

Account

Management

Racking

Building

Acquisition

Capital

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• Committed to returning excess FCF to shareholders

- $1.8B of cash returned to shareholders since 2009

• Current dividend payout is nearly 60% of normalized FCF

• Growth capex generates high, predictable returns

• Robust pipeline of attractive investment opportunities – tuck-in acquisitions & real estate

Strong Cash Flow Supports Capital Allocation Strategy

2014 Potential Cash Available for Investment $MM

Adjusted OIBDA $930 - $960

Add: Other Non-Cash Items & Adjustments $30 - $40

Less: Interest

Cash Taxes

Maintenance Capex

~$260

~$130

~$85

$485 - $525

Acquisition Integration & RE Consolidation $50

Core Growth & Other Capex / CAC ~$135

FCF Before Discretionary Investments $300 - $340

Real Estate(1)

~$50MM Core Acquisitions

Avg $50MM - $150MM

Shareholder Payouts

Current Dividends

$207MM (~60% of FCF) (1) Including data centers

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Successful REIT Conversion Enhances Strategy

• Iron Mountain possesses characteristics of a strong REIT

- Aligned with business & capital allocation strategies

- Iron Mountain is effectively “Enterprise Storage”

• We can fund our business strategy effectively within this structure

• Significant opportunity to drive total returns to shareholders, optimize WACC and create value

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• Committed to returning excess capital to shareholders

• Significant shareholder benefits

- Single level of US tax

- Efficient structure to repatriate foreign storage rental income

- Disciplined mechanism for capital allocation

• The right tool for maximizing total returns to shareholders

- REIT structure drives higher dividends

- Higher distributable income due to lower tax vs. book D&A (~$70MM)

• Strong cash flows support dividend coverage

REIT Approach Aligns with Business & Capital Allocation Strategies

$MM (except per

share data) 2013

FFO $510

FFO/share(2) $2.68

AFFO $625

AFFO/share(2) $3.29

Dividends(3) $400 - $435

Dividends/share(2) $2.08 -

$2.27

Pro Forma REIT Metrics(1)

(For illustrative purposes only)

(1) Excludes $140MM cash portion of the 2012 E&P distribution

(2) Based on 192M shares outstanding

(3) Includes ~$70MM benefit from book / tax difference for D&A

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IRM = Enterprise

Self-storage = Consumer

Similarities:

• High storage Net Operating Income/SF is primary value

driver

• Multiple customers in each facility

• Multimarket presence and quality brands support repeat business

• Low maintenance capex, customer acquisition costs and tenant improvements

• Low economic obsolescence of physical structures

IRM is Effectively “Enterprise Storage”

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Summary

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

• Significant opportunities exist to continue to grow cash flow to sustain our business for a very long time

• Successful REIT conversion will enhance returns