© 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.

Iron Mountain IncorporatedQ1/2014 Financial Results

May 1, 2014

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Safe Harbor Language and Reconciliation of Non-GAAP MeasuresSafe 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 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 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. 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 Securities and Exchange Commission 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.

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Financial Review – Key Messages

Q1 performance driven by strong C$ storage rental growth of 5.3%

• Core acquisition activity supports growth

• Underlying business fundamentals consistent with recent trends

Q1 Revenue and Adjusted OIBDA results consistent with expectations

• International segment posted strong top-line results and margins in line with the mid-20% target

• Adjusted OIBDA impacted by restructuring costs and insurance deductible charges

Capital Expenditures and Free Cash Flow in line with expectations

• CapEx in line with expectations

• FCF reflects higher cash interest expense, restructuring charges and timing of payables

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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

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Storage Rental Drives Revenue Performance

NOTE: Columns may not foot due to rounding.

Total Enterprise Growth Q1/2014

Total C$ Growth 4.7%

Storage Rental Internal Growth 1.4%

Service Internal Growth (0.7)%

Total Revenue Internal Growth 0.5%

Impact of Acquisitions 4.2%

Impact of FX Rate Changes & Other Adjustments (1.6)%

Total R$ Growth 3.1%

Storage Rental (C$) Growth Q1/2014

NA Record and Information Management 3.0%

NA Data Management 2.8%

International 12.7%

Total Storage Rental (C$) 5.3%

Service (C$) Growth Q1/2014

NA Record and Information Management 2.2%

NA Data Management -8.0%

International 12.8%

Total Service (C$) 3.8%

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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

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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

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Acquisitions Are Key Driver of Business Strategy

Details by Segment Developed Emerging

Number of Acquisitions 2 3

Key Markets Denmark, Australia Turkey, Poland

Purchase Price $18 MM $42 MM

Number of Facilities (Square Feet) 24K 685K

Estimated ROIC ~14% ~12%

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2

3

4

5

6

7

07 08 09 10 11 12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14

Net Total Lease Adjusted Leverage Ratio (NEW)

Consolidated Leverage Ratio (OLD)

Strong Balance Sheet

Debt Maturity Schedule ($MM)

$0

$200

$400

$600

$800

$1,000

$1,200

2014 2016 2018 2020 2022 2024

Senior Credit Facility Subordinated Debt

Consolidated Leverage

4.4x

5.1x

New Covenant Limit <= 6.5x

As of March 31, 2014 ($MM)

Debt, net of cash $4,174

Weighted average interest rate 5.8%

As of March 31, 2014

% fixed with respect to interest rates 74%

Weighted average maturity 6.5 years

© 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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REIT Conversion Costs In Line with Expectations

$MM FY 2012 FY 2013Q1

2013

Q1

2014

Remainder of 2014

OutlookTotal

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

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Consistent Records Management Volume Growth

6.1% 6.1% 6.1% 5.9% 5.6% 5.6% 5.5% 5.4%

0.9% 0.9% 0.9% 1.0% 1.2% 1.3% 1.3% 1.4%

0.1% 0.1% 0.1% 0.2% 0.2% 1.1% 4.0% 3.9%

-7.6% -7.5% -7.3% -7.3% -7.2% -7.3% -7.1% -6.8%

-0.5% -0.4% -0.2% -0.2% -0.2% 0.7% 3.7% 3.9%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

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

Organic New Sales Acquisitions Outperm/Terms & Destructions

North America 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