Iron Mountain Earning Presentation

Q1/2009 Financial Results

April 30, 2009

©2007 Iron Mountain Incorporated. All rights reserved. Iron Mountain and the design of the mountain are registered trademarks of Iron Mountain Incorporated.

CONFIDENTIAL AND PROPRIETARY INFORMATION OF IRON MOUNTAIN 2

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 federal securities laws, and is subject to the safe-harbor created by such Act. Forward-looking statements include our 2009 financial performance outlook and statements regarding our goals, beliefs, future growth strategies, investments, objectives, plans and current expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those contemplated in the forward-looking statements. Such factors include, but are not limited to: (i) the cost to comply with current and future legislation, regulations and customer demands relating to privacy issues; (ii) the impact of litigation that may arise in connection with incidents in which the Company fails to protect the Company’s customers’ information; (iii) changes in the price for the Company’s services relative to the cost of providing such services; (iv) changes in customer preferences and demand for the Company’s services; (v) in the various digital businesses in which the Company is engaged, the cost of capital and technical requirements, demand for the Company’s services or competition for customers; (vi) the Company’s ability or inability to complete acquisitions on satisfactory terms and to integrate acquired companies efficiently; (vii) the cost or potential liabilities associated with real estate necessary for the Company’s business; (viii) the performance of business partners upon whom the Company depends for technical assistance or management and acquisition expertise outside the United States; (ix) changes in the political and economic environments in the countries in which the Company’s international subsidiaries operate; (x) claims that the Company’s technology violates the intellectual property rights of a third party; (xi) other trends in competitive or economic conditions affecting Iron Mountain’s financial condition or results of operations not presently contemplated; and (xii) other risks described more fully in the Company’s most recently filed Annual Report on Form 10-K under “Item 1A. Risk Factors”. Except as required by law, Iron Mountain undertakes 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 Operating Income Before Depreciation & Amortization (OIBDA), and Free Cash Flow Before Acquisitions & Investments (FCF), which do not conform to accounting principles generally accepted in the United States (GAAP). For additional information and the reconciliation of OIBDA and FCF to the appropriate GAAP measure, asrequired by Securities and Exchange Commission Regulation G, please access the “Non-GAAP Measures” link on the Investor Relations page of the Company’s website at www.ironmountain.com.

Safe Harbor Language and Reconciliation of Non-GAAP Measures


• Q1/2009 Results

• Capex, Cash Flow & Debt

• Q2 & FY/2009 Guidance

Agenda


Key Messages

• Solid core revenue internal growth across all segments

– FX and complementary service weakness pressure overall reported revenue growth, as expected

• Disciplined approach delivering strong profit gains and improved cash flows

• Raising 2009 OIBDA guidance on Q1 performance– Lowering capex forecast to ~$380MM


Internal Growth by Revenue Type Q1/2009FY 2009 Forecast Low High

Storage 7% 8% 9%

Core Services 7% 8% 10%

Total Core Revenue 7% 8% 9%

Complementary Services (15)% (10)% (20)%

Total Internal Growth 4% 5% 7%

Impact of Acquisitions --% --%

Impact of FX Fluctuations (7)% ~(7)%

Total Revenue Growth (3)% (3)% (0)%

Total Service Revenue 0%

Components of Revenue Growth

NOTE: Columns may not foot due to rounding.


Q1/2009 Revenue to Operating Income ($MM)

% GrowthQ1/2008 Q1/2009 Reported Internal

Revenue $ 749 $ 723 (3)% 4%NA Physical $504 $512 1% 4%Int’l Physical $191 $157 (18)% 3%

Worldwide Digital $54 $ 55 3% 6%

Gross Profit(1) $ 402 $ 406 1%Gross Profit % 53.6% 56.2%

OIBDA $ 176 $ 197 12%OIBDA % 23.5% 27.3%

D&A $ 70 $ 76 10%

Operating Income $ 106 $ 121 14%(1) Excluding depreciation and amortization.


Q1/2009 Operating Income to Net Income Attributable to Iron Mountain ($MM except per share data)

Q1/2008 Q1/2009 %Operating Income $ 106 $ 121 14%

Interest Expense, net $ 60 $ 56 (7)%

Other Income (Expense), net $ 6 $ (7)

Net Income Attributable to Iron Mountain $ 33 $ 29 (14)%EPS – Fully Diluted $ 0.16 $ 0.14

Effective Tax Rate 34.9% 54.0%

Major component of Other Income (Expense), net:

FX exchange rate fluctuations $ 6 $ (7)


Capital Spending & Investments ($MM)

YTD/2009 2009(F) 2008(A)

Capital SpendingStorage Systems $ 31 $ 219IT 11 74Other 8 36

Subtotal $ 49 ~$325 $ 329As a % of revenues 6.8% 10.8% 10.8%

Discretionary Investments:

Real Estate acquisitions, net of dispositions

2 ~55 44

Total Capital Spending $ 51 ~$380 $ 373

(1) 2009(F) capex as a % of revenues is based on the midpoint of our full year revenue guidance.(2) Based on incurred versus cash paid basis

(2)

(1)


YTD/2008 YTD/2009

Income from Continuing Operations $ 33 $ 29

Non-cash Reconciling Items 84 118117 147

Changes in Assets & Liabilities (45) (19)

Cash Flows From Operating Activities 73 127

Less: Capital Expenditures (excluding real estate), net 90 68

Additions to Customer Acquisition Costs 3 2

Free Cash Flow Before Acquisitions & Discretionary Investments, net $ (20) $57

Cash Paid for Real Estate, net $ (4) $ (2)

Cash Paid for Acquisitions & Investments, net $ (4) $ (2)

Free Cash Flow Before Acquisitions & Discretionary Investments, Net ($MM)

(1)

(1) Columns may not foot due to rounding.


Key Debt Statistics ($MM)

As of 3/31/2009:

Debt, net of cash $2,889 % Fixed (1) 81%Wtd. Avg. Interest Rate 6.9% Wtd. Avg. Maturity 6.9 years

Consolidated Leverage

3.0

4.0

5.0

6.0

2001

2002

2003

2004

2005

2006

2007

2008

YTD/2009

Debt Maturity Schedule

$0

$100

$200

$300

$400

$500

$600

$700

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

(1) Fixed with respect to interest rates.

(2)

(2) Per our bank agreements.

3.6x


2009 Guidance

Note: 2009 figures exclude projections for potential acquisitions, including expenses that will be required to be recorded under SFAS 141(R)

% Growth vs. 2008

$MM 2009 FX Neutral As Reported Q2/2009

Revenue $2,975-$3,050 5%-7% (3)%-0% $730-$750

Operating Income $505-$545 $132-$142

D&A ~$315 ~78

OIBDA $820-$860 11%-16% 4%-9% $210-$220

Capex ~$380


2009 OIBDA to Net Income ($MM, except per share)

OIBDA $ 820 – 860

Depreciation & amortization ~315

Interest 220 – 225

Other (income) expense 7

PTI 278 – 313

Income tax expense 115 – 130

Noncontrolling interest (2)

Net income attributable to Iron Mountain $ 165 – 185

EPS diluted $0.81 – $0.91

NOTE: The above assumes 39% tax rate excluding FX changes and other discrete items and 204MM shares outstanding.

Questions & Answers