Supplemental Financial Information Third Quarter 2018 Unaudited www.ironmountain.com

Safe Harbor Statement 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, but are not limited to, 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 2018 guidance, expected impact of the adoption of the revenue recognition standards, expectations for 2019, 2020 plan, trends in business and expected shifts in customer behavior, and statements about our investment and other goals. 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 ("REIT"); (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 data security and 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 or our internal records or IT systems and the impact of such incidents on our reputation and ability to compete; (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 and changes in the global political climate; (viii) our ability or inability to manage growth, expand internationally, complete acquisitions on satisfactory terms, to close pending acquisitions and to integrate acquired companies efficiently; (ix) changes in the amount of our growth and maintenance capital expenditures and our ability to invest according to plan; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments or to obtain additional financing to meet our working capital needs; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) changes in the cost of our debt; (xiii) the impact of alternative, more attractive investments on dividends; (xiv) the cost or potential liabilities associated with real estate necessary for our business; (xv) the performance of business partners upon whom we depend for technical assistance or management expertise outside the United States; (xvi) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xvii) 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. You should read these cautionary statements as being applicable to all forward-looking statements wherever they appear. 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 discuss (1) Adjusted EBITDA, (2) Adjusted Earnings per Share (“Adjusted EPS”), (3) Funds from Operations (“FFO Nareit”), (4) FFO (Normalized) and (5) Adjusted Funds from Operations (“AFFO”). These measures do not conform to accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, income (loss) from continuing operations, net income (loss) or cash flows from operating activities from continuing operations (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, and the definitions are included later in this document (see Table of Contents). Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition property, plant and equipment (including of real estate) and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful. www.ironmountain.com Selected metric definitions are available in the Appendix 2

Table of Contents Section I - Company Profile 4 Section II - Financial Highlights and Guidance 5 - 6 Section III - Operating Metrics 7 - 11 Section IV - Balance Sheets, Statements of Operations and Reconciliations 12 - 17 Section V - Storage Net Operating Income and EBITDA, and Service Business EBITDA 18 - 20 Section VI - Real Estate Metrics 21 - 26 Section VII - Data Center Customer and Portfolio Metrics 27 Section VIII - Debt Schedule and Capitalization 28 - 29 Section IX - Capital Expenditures and Investments 30 - 33 Section X - Components of Value 34 Section XI - Appendix and Definitions 35 - 47 All figures except per share, Megawatts (MW) and facility counts in 000s unless noted All figures in reported dollars unless noted Figures may not foot due to rounding Investor Relations Contacts: Greer Aviv, 617-535-2887 Anjaneya Singh, 617-535-8577 Senior Vice President, Investor Relations Director, Investor Relations greer.aviv@ironmountain.com anjaneya.singh@ironmountain.com www.ironmountain.com Selected metric definitions are available in the Appendix 3

Company Profile Iron Mountain is a global leader in enterprise storage with a high-return, Countries Served real estate-based business model, yielding annualized revenue of approximately $4.2 billion. The company provides storage and I information management services to a high-quality, diversified customer Section base across numerous industries and government organizations. As of 9/30/18, Iron Mountain served more than 225,000 customers, including II approximately 95% of the Fortune 1000, and no single customer Section accounted for more than 1% of revenues, or 2% of Records Management volume. Iron Mountain provides storage and information management services in 54 countries on six continents, storing III approximately 690 million cubic feet of records in a portfolio of more Section than 1,400 facilities totaling more than 85 million square feet of space. The company employs more than 24,000 people. IV Section Iron Mountain is organized as a REIT, and its financial model is based on the recurring nature of its storage rental revenues and resulting storage net operating income (NOI). Supported by consistent storage V Section rental revenues, the company generates predictable, low-volatility growth in key metrics such as storage NOI and AFFO. This fundamental Diversification of Total Revenues financial characteristic provides stability through economic cycles. (As of 9/30/2018) VI Section Iron Mountain has the opportunity to invest capital at attractive returns both domestically and internationally. The company believes that there Region Mix Product VII remains a large un-vended opportunity that can support storage Section volumes in developed markets such as North America and high growth opportunities in emerging markets where customers are in early stages 19% 12% of outsourcing their storage of physical documents. 38% 10% VIII 7% Section 5% Strong Track Record of Storage Rental Revenue Growth 7% $2,378M 67% 62% 62% 10% IX 28-year Compound Section Annual Growth Rate North America Storage Records Mgmt 16.3% (1) Europe Service Data Protection X Latin America Shredding Section Asia Data Center Other (2) (1) Includes South Africa and United Arab Emirates. XI (2) Includes Fulfillment Services, Information Governance and Digital Solutions, Technology Section Escrow Services, Consulting, Entertainment Services, Fine Art Storage, Consumer Storage ’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 and other ancillary services. www.ironmountain.com Selected metric definitions are available in the Appendix 4

Financial Highlights Q3 2017 Q3 2018 % Change YTD 2017 YTD 2018 % Change I Storage Rental $601,091 $656,973 9.3% $1,763,609 $1,963,561 11.3% Service 364,570 404,018 10.8% 1,090,734 1,200,711 10.1% Section Total Revenues $965,661 $1,060,991 9.9% $2,854,343 $3,164,272 10.9% II Gross Profit $547,334 $612,973 12.0% $1,595,025 $1,816,069 13.9% Section Gross Margin 56.7% 57.8% 110 bps 55.9% 57.4% 150 bps Gross Profit $547,334 $612,973 12.0% $1,595,025 $1,816,069 13.9% III Less: Significant Acquisition Costs included in Cost of Sales 3,059 2,892 (5.5%) 16,019 5,015 (68.7%) Section Adjusted Gross Profit $550,393 $615,865 11.9% $1,611,044 $1,821,084 13.0% Adjusted Gross Profit Margin 57.0% 58.0% 100 bps 56.4% 57.6% 120 bps IV Section Adjusted Storage and Service Profit and Margin Adjusted Storage Gross Profit $448,254 $489,881 9.3% $1,319,973 $1,461,767 10.7% Adjusted Storage Gross Margin 74.6% 74.6% 0 bps 74.8% 74.4% -40 bps V Adjusted Service Gross Profit $102,139 $125,984 23.3% $291,071 $359,317 23.4% Section Adjusted Service Gross Margin 28.0% 31.2% 320 bps 26.7% 29.9% 320 bps Storage Net Operating Income (NOI)(1) $500,218 $531,723 6.3% $1,461,440 $1,591,394 8.9% VI Section SG&A Costs $242,357 $258,470 6.6% $719,968 $778,526 8.1% Less: Significant Acquisition Costs Included in SG&A $14,988 $6,394 (57.3%) $42,576 $33,700 (20.8%) VII Adjusted SG&A Costs $227,369 $252,076 10.9% $677,392 $744,826 10.0% Section Adjusted SG&A as a % of Revenue 23.5% 23.8% 30 bps 23.7% 23.5% -20 bps VIII Income (Loss) from Continuing Operations $25,382 $78,628 n/a $167,374 $218,145 30.3% Section Adjusted EBITDA $323,024 $363,789 12.6% $933,652 $1,076,258 15.3% Adjusted EBITDA Margin 33.5% 34.3% 80 bps 32.7% 34.0% 130 bps IX Section Reported EPS - Fully Diluted from Continuing Operations $0.10 $0.27 n/a $0.62 $0.76 22.6% Adjusted EPS $0.31 $0.28 (9.7%) $0.85 $0.83 (2.4%) X Net Income (Loss) $24,324 $67,023 n/a $163,953 $205,718 25.5% Section AFFO $210,108 $228,653 8.8% $598,126 $679,929 13.7% Ordinary Dividends per Share $0.5500 $0.5875 6.8% $1.6500 $1.7625 6.8% XI Section Weighted Average Fully-diluted Shares Outstanding 266,139 286,982 7.8% 265,293 286,515 8.0% (1) Please see slide 19 for Storage Net Operating Income reconciliation. www.ironmountain.com Selected metric definitions are available in the Appendix 5

2018 Guidance Summary(1) Financial Performance Outlook $MM (except per share items) I R$ 2018 C$ 2018 Section C$ Change YOY Guidance Guidance (2) II Revenue $4,200 - $4,260 $4,270 - $4,330 9% - 11% Section Adjusted EBITDA $1,425 - $1,455 $1,445 - $1,475 13% - 15% Adjusted EPS $1.05 - $1.15 $1.05 - $1.15 (11%) - (2%) III (2) AFFO $850 - $875 $865 - $890 13% - 16% Section IV Section V Section Note: VI 2018 Guidance assumes: Section • Expected internal storage rental revenue growth of 2.5% - 2.75% and total internal revenue growth of 3.5% - 3.75% • Revenue recognition standards: expect to benefit Revenue by $7mm and Adjusted EBITDA by approximately $20 to $25mm. No benefit is expected for Adjusted EPS or AFFO. VII • Depreciation and amortization expenses are expected to be $640mm to $650mm; Interest expense is expected to be $405mm to $415mm and cash Section taxes to be $50mm to $60mm • Expect structural tax rate in the range of 18% - 20% • Full-year weighted average shares outstanding of 287mm • Real Estate and Non-Real Estate Maintenance CapEx and Non-Real Estate Investments expected to be $145mm to $155mm VIII • Real Estate Investment, Net of Sales, and Innovation of ~$70mm Section • Base business acquisitions (~$110mm) plus acquisitions of customer relationships and inducements (~$60mm), excluding data center acquisitions • Data Center growth investment expected to be ~$200mm, excluding prior and future acquisitions as well as closed acquisitions of EvoSwitch data center (May 25, 2018), Credit Suisse data centers (March 8, 2018), and IO data centers (January 10, 2018) IX Section X Section XI (1) Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such Section reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful. (2) AFFO 2018 Guidance excludes capital expenditures associated with the integration of Recall. www.ironmountain.com Selected metric definitions are available in the Appendix 6

Year-over-Year Revenue Growth Q3 2018 YTD 2018 Storage Rental Service Total Storage Rental Service Total I Revenue Growth Rates Revenue Revenue Revenue Revenue Revenue Revenue Section Reported 9.3% 10.8% 9.9% 11.3% 10.1% 10.9% (1) Less: Impact of FX Rate Changes and Adjustments (3.2)% (0.7)% (2.2)% (0.3)% 2.4% 0.8% II Section Adjusted Constant Currency 12.5% 11.5% 12.1% 11.6% 7.7% 10.1% Less: Impact of Acquisitions and Dispositions 10.2% 4.4% 8.0% 9.0% 2.5% 6.5% III Internal Revenue Growth Rate 2.3% 7.1% 4.1% 2.6% 5.2% 3.6% Section IV Section Q3 2018 Revenue Q3 2018 Gross Profit Storage Rental Storage Rental V Section Service Service 20.5% 38.1% VI Section 61.9% VII 79.5% Section VIII Section Section IX Section X Section XI Section (1) Includes adjustments for adoption of Revenue Recognition standards. www.ironmountain.com Selected metric definitions are available in the Appendix 7

Records Management Volume Growth Total Iron Mountain (689 CuFt MM) Internal Volume Growth % Percentage of Total Cubic Volume at 9/30/18 1.7% 1.9% 1.4% 1.3% 1.1% 0.6% 0.2% (0.1)% North America Other International I 26.3% Western Europe Section 25.0% 24.6% 23.1% 13.8% II 2.4% Section 1.4% 1.7% 1.5% 1.3% 2.8% 3.0% 1.0% 1.1% 0.1% 0.6% 0.5% 1.3% 1.4% 2.4% 2.3% 2.2% 1.9% 1.8% 1.8% III 6.3% 6.4% 26.4% Section 5.2% 5.0% 4.9% 4.7% 4.7% 4.6% 59.8% IV -3.9% -5.0% -5.0% -4.1% -4.0% -4.0% -4.3% -4.5% Section -2.1% -2.1% -2.1% -2.0% -1.9% -2.0% -2.3% -2.4% V Q4-16 Q1-17 Q2-17 (1) Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Section North America (412 CuFt MM) VI 10.6% 11.0% Section 10.7% 10.5% 0.3% 0.1% 0.0% 13.8% VII 1.6% 1.9% 0.3% 0.3% 0.3% -0.8% -1.2% -1.6% Section 1.6% 1.6% 1.6% 0.1% 0.1% 0.1% 1.3% 1.2% 1.1% 5.0% 5.0% 4.2% 4.0% 3.9% 3.7% 3.7% 3.6% VIII 26.4% Section 59.8% -5.1% -5.0% -4.4% -4.3% -4.3% -4.4% -4.7% -5.0% IX Section -1.5% -1.5% -1.5% -1.4% -1.5% -1.6% -1.4% -1.5% 0.0% -0.8% X -1.2% -1.6% (1) Section Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Business Acquisitions / Dispositions(2) New Sales (3) New Volume from Existing Customers Destructions Outperm/Terms XI (1) Q2-17 cube growth has been adjusted to reflect required regulatory divestments of IRM’s legacy Australian business. Section (2) Represents CuFt acquired at close. CuFt activity post close flows through new sales, new volume from existing customers, destructions, outperms / terms as appropriate. Acquisitions/ dispositions reflects business acquisition volume net of divestments required by Recall transaction and sale of Russia / Ukraine business. (3) Acquisitions of customer relationships are included in new sales as the nature of these transactions is similar to new customer wins. www.ironmountain.com Selected metric definitions are available in the Appendix 8

Records Management Volume Growth Percentage of Total Cubic Volume Western Europe (95 CuFt MM) at 9/30/18 49.2% I 48.4% Section 11.7% 45.5% 45.7% II 13.8% 9.2% 3.6% Section 5.7% 2.0% 1.7% 4.9% 1.1% 0.5% 0.4% III 4.3% 4.0% 3.9% 3.5% 3.1% 3.2% Section 6.3% 6.9% 26.4% 5.1% 4.7% 4.6% 4.4% 4.3% 4.1% 59.8% IV -4.0% -3.9% -4.4% -4.2% Section -5.8% -6.2% -4.8% -4.5% -2.1% -2.3% -2.7% -2.8% -2.6% -2.4% -2.7% -2.6% (1) V Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Section Other International (182 CuFt MM) 75.1% VI Section 13.8% VII 67.5% 61.7% Section 54.6% 9.0% 9.0% 5.9% VIII 5.4% 6.0% 5.8% Section 3.0% 4.3% 5.2% 5.4% 26.4% 1.8% 1.8% 59.8% 3.3% 3.0% 2.6% 2.4% 2.4% 2.5% 11.4% 11.2% 7.6% 7.8% 7.6% 7.3% 7.4% 7.2% IX -0.2% Section -1.4% -2.8% -2.9% -3.1% -3.1% -4.4% -4.2% -2.8% -2.7% -3.5% -3.2% -3.0% -2.9% -3.0% -5.3% -5.3% -3.6% X (1) Section Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Business Acquisitions/ Dispositions(2) New Sales (3) New Volume from Existing Customers Destructions Outperm/Terms XI (1) Q2-17 cube growth has been adjusted to reflect required regulatory divestments of IRM’s legacy Australian business. Section (2) Represents CuFt acquired at close. CuFt activity post close flows through new sales, new volume from existing customers, destructions, outperms / terms as appropriate. Acquisitions/ dispositions reflects business acquisition volume net of divestments required by Recall transaction and sale of Russia / Ukraine business. (3) Acquisitions of customer relationships are included in new sales as the nature of these transactions is similar to new customer wins. www.ironmountain.com Selected metric definitions are available in the Appendix 9

Quarterly Operating Performance(1) Q3 Results % Growth Impact of FX Rate Impact of I Constant Internal Q3 2017 Q3 2018 Reported Changes and = Acquisitions and = Section - Currency - Growth By Reporting Segment Adjustments (1) Dispositions II NA Records and Information Management Business Section Storage Rental $308,822 $306,633 (0.7)% (2.0)% 1.3% 0.1% 1.2% Service 204,745 232,970 13.8% 2.6% 11.2% 0.2% 10.9% Total Revenues $513,567 $539,603 5.1% (0.2)% 5.2% 0.2% 5.1% Adjusted EBITDA & Margin 224,882 43.8% 248,600 46.1% III Section NA Data Management Business Storage Rental $70,075 $67,779 (3.3)% (1.2)% (2.1)% 0.0% (2.1)% Service 31,155 29,698 (4.7)% 1.6% (6.3)% 0.0% (6.3)% IV Total Revenues $101,230 $97,477 (3.7)% (0.3)% (3.4)% 0.0% (3.4)% Section Adjusted EBITDA & Margin 56,433 55.7% 53,484 54.9% Western European Business Storage Rental $78,012 $79,492 1.9% 0.4% 1.4% 0.0% 1.4% V Service 50,070 49,236 (1.7)% (1.8)% 0.2% 0.0% 0.2% Section Total Revenues $128,082 $128,728 0.5% (0.4)% 0.9% 0.0% 0.9% Adjusted EBITDA & Margin 43,464 33.9% 40,770 31.7% Other International Business VI Storage Rental $125,903 $124,920 (0.8)% (9.7)% 8.9% 3.0% 5.9% Section Service 73,795 73,345 (0.6)% (10.0)% 9.4% 2.8% 6.6% Total Revenues $199,698 $198,265 (0.7)% (9.8)% 9.1% 2.9% 6.2% Adjusted EBITDA & Margin 59,082 29.6% 60,153 30.3% VII Global Data Center Business Section Storage Rental $7,761 $60,039 673.6% (5.4)% 679.0% 652.3% 26.7% Service 488 3,341 584.6% (2.2)% 586.8% 555.3% 31.5% Total Revenues $8,249 $63,380 668.3% (5.2)% 673.5% 646.6% 27.0% VIII Adjusted EBITDA & Margin 1,077 13.1% 27,299 43.1% Section Corporate and Other Business Storage Rental $10,518 $18,110 72.2% (0.3)% 72.5% 64.5% 8.0% Service 4,317 15,428 257.4% (1.2)% 258.5% 244.2% 14.3% IX Section Total Revenues $14,835 $33,538 126.1% (1.2)% 127.2% 117.4% 9.9% Adjusted EBITDA (61,914) (66,517) Total X Storage Rental $601,091 $656,973 9.3% (3.2)% 12.5% 10.2% 2.3% Section Service 364,570 404,018 10.8% (0.7)% 11.5% 4.4% 7.1% Total Revenues $965,661 $1,060,991 9.9% (2.2)% 12.1% 8.0% 4.1% Adjusted EBITDA & Margin 323,024 33.5% 363,789 34.3% XI Section (1) Includes adjustments for adoption of Revenue Recognition standards. www.ironmountain.com Selected metric definitions are available in the Appendix 10

Year-to-Date Operating Performance(1) Year-to-Date Results % Growth Impact of FX Rate Impact of I Constant Internal YTD 2017 YTD 2018 Reported Changes and = Acquisitions and = Section - Currency - Growth By Reporting Segment Adjustments Dispositions NA Records and Information Management Business II Storage Rental $912,173 $917,347 0.6% (1.5)% 2.1% 0.1% 2.0% Section Service 618,588 688,179 11.2% 3.4% 7.9% 0.2% 7.6% Total Revenues $1,530,761 $1,605,526 4.9% 0.5% 4.4% 0.2% 4.3% Adjusted EBITDA & Margin 655,180 42.8% 719,199 44.8% III Section NA Data Management Business Storage Rental $207,634 $205,833 (0.9)% (0.8)% (0.1)% 0.0% (0.1)% Service 94,107 91,639 (2.6)% 2.0% (4.6)% 0.0% (4.6)% IV Total Revenues $301,741 $297,472 (1.4)% 0.1% (1.5)% 0.0% (1.5)% Section Adjusted EBITDA & Margin 167,151 55.4% 162,616 54.7% Western European Business Storage Rental $224,114 $245,883 9.7% 8.0% 1.7% 0.0% 1.7% V Service 145,906 155,932 6.9% 5.5% 1.4% 0.0% 1.4% Section Total Revenues $370,020 $401,815 8.6% 7.0% 1.6% 0.0% 1.6% Adjusted EBITDA & Margin 114,134 30.8% 131,265 32.7% Other International Business VI Storage Rental $364,835 $386,278 5.9% (2.2)% 8.1% 2.2% 5.8% Section Service 216,509 224,709 3.8% (2.9)% 6.7% 1.8% 4.8% Total Revenues $581,344 $610,987 5.1% (2.4)% 7.5% 2.1% 5.5% Adjusted EBITDA & Margin 170,595 29.3% 181,417 29.7% VII Global Data Center Business Section Storage Rental $23,550 $157,479 568.7% (2.0)% 570.7% 564.6% 6.0% Service 1,282 7,399 477.1% (0.5)% 477.7% 442.4% 35.3% Total Revenues $24,832 $164,878 564.0% (1.9)% 565.9% 558.3% 7.5% VIII Adjusted EBITDA & Margin 8,574 34.5% 72,990 44.3% Section Corporate and Other Business Storage Rental $31,303 $50,741 62.1% 0.0% 62.1% 56.5% 5.5% Service 14,342 32,853 129.1% 3.3% 125.8% 117.7% 8.1% IX Total Revenues $45,645 $83,594 83.1% 0.7% 82.5% 76.1% 6.4% Section Adjusted EBITDA (181,982) (191,229) Total Storage Rental $1,763,609 $1,963,561 11.3% (0.2)% 11.6% 8.9% 2.6% X Service 1,090,734 1,200,711 10.1% 2.3% 7.7% 2.6% 5.2% Section Total Revenues $2,854,343 $3,164,272 10.9% 0.8% 10.1% 6.5% 3.6% Adjusted EBITDA & Margin 933,652 32.7% 1,076,258 34.0% XI Section (1) Includes adjustments for adoption of Revenue Recognition standards. www.ironmountain.com Selected metric definitions are available in the Appendix 11

Consolidated Balance Sheets ASSETS 12/31/2017 9/30/2018 Current Assets: I Cash and Cash Equivalents $925,699 $197,676 Section Accounts Receivable, Net 835,742 847,452 Other Current Assets 188,874 170,847 Total Current Assets 1,950,315 1,215,975 II Section Property, Plant and Equipment: Property, Plant and Equipment 6,251,100 7,469,651 Less: Accumulated Depreciation (2,833,421) (3,044,958) III Property, Plant and Equipment, Net 3,417,679 4,424,693 Section Other Assets, Net: Goodw ill 4,070,267 4,478,757 Other Non-current Assets, Net: 1,534,141 1,686,544 IV Section Total Other Assets, Net 5,604,408 6,165,301 Total Assets $10,972,402 $11,805,969 V LIABILITIES AND EQUITY Section Current Liabilities: Current Portion of Long-term Debt $146,300 $121,695 VI Other Current Liabilities 1,183,873 1,125,657 Section Total Current Liabilities 1,330,173 1,247,352 Long-term Debt, Net of Current Portion 6,896,971 8,109,179 (1) Other Long-term Liabilities 446,416 510,562 VII Total Long-term Liabilities 7,343,387 8,619,741 Section Total Liabilities $8,673,560 $9,867,093 Equity VIII Total Stockholders' Equity $2,297,438 $1,937,386 Section Noncontrolling Interests 1,404 1,490 Total Equity 2,298,842 1,938,876 IX Total Liabilities and Equity $10,972,402 $11,805,969 Section X Section XI Section (1) Includes redeemable noncontrolling interests of $91mm and $95mm as of December 31, 2017 and September 30, 2018, respectively. www.ironmountain.com Selected metric definitions are available in the Appendix 12

Consolidated Statements of Operations Q3 2017 Q3 2018 % Change YTD 2017 YTD 2018 % Change Revenues: Storage Rental $601,091 $656,973 9.3% $1,763,609 $1,963,561 11.3% I Service 364,570 404,018 10.8% 1,090,734 1,200,711 10.1% Section Total Revenues $965,661 $1,060,991 9.9% $2,854,343 $3,164,272 10.9% Operating Expenses: II (1) Cost of Sales (excluding Depreciation and Amortization) 418,327 448,018 7.1% 1,259,318 1,348,203 7.1% Section Selling, General and Administrative(2) 242,357 258,470 6.6% 719,968 778,526 8.1% Depreciation and Amortization 128,513 157,797 22.8% 381,319 474,595 24.5% (Gain) Loss on Disposal/Write-Dow n of PP&E (excluding Real Estate), Net (292) 960 n/a (967) (716) 26.0% III Total Operating Expenses 788,905 865,245 9.7% 2,359,638 2,600,608 10.2% Section Operating Income (Loss) 176,756 195,746 10.7% 494,705 563,664 13.9% Interest Expense, Net 88,989 103,841 16.7% 265,010 303,574 14.6% Foreign Currency Transaction (Gain) / Loss 11,865 664 (94.4)% 27,900 3,825 (86.3)% IV Section Debt Extinguishment Expense 48,298 - n/a 48,298 - n/a Other (Income) Expense, Net (684) (339) 50.4% (42,449) (2,405) 94.3% Income (Loss) before Provision (Benefit) for Income Taxes and Gain on Sale of Real Estate 28,288 91,580 n/a 195,946 258,670 32.0% Provision (Benefit) for Income Taxes 2,268 14,300 n/a 29,497 41,873 42.0% V (Gain) on Sale of Real Estate, Net of Tax 638 (1,348) n/a (925) (1,348) (45.7%) Section Income (Loss) from Continuing Operations 25,382 78,628 n/a 167,374 218,145 30.3% (Loss) Income from Discontinued Operations, Net of Tax (1,058) (11,605) n/a (3,421) (12,427) n/a Net Income (Loss) 24,324 67,023 n/a 163,953 205,718 25.5% VI Less: Net Income (Loss) Attributable to Noncontrolling Interests (21) (125) n/a 2,853 485 (83.0)% Section Net Income (Loss) Attributable to Iron Mountain Incorporated $24,345 $67,148 n/a $161,100 $205,233 27.4% Earnings (Losses) per Share - Basic: VII Income (Loss) from Continuing Operations $0.10 $0.28 n/a $0.62 $0.76 22.6% Section Total (Loss) Income from Discontinued Operations $0.00 ($0.04) n/a ($0.01) ($0.04) n/a Net Income (Loss) Attributable to Iron Mountain Incorporated $0.09 $0.23 n/a $0.61 $0.72 18.0% VIII Earnings (Losses) per Share - Diluted: Section Income (Loss) from Continuing Operations $0.10 $0.27 n/a $0.62 $0.76 22.6% Total Income (Loss) from Discontinued Operations $0.00 ($0.04) n/a ($0.01) ($0.04) n/a Net Income (Loss) Attributable to Iron Mountain Incorporated $0.09 $0.23 n/a $0.61 $0.72 18.0% IX Section Weighted Average Common Shares Outstanding - Basic 265,198 286,159 7.9% 264,423 285,801 8.1% Weighted Average Common Shares Outstanding - Diluted 266,139 286,982 7.8% 265,293 286,515 8.0% X Section XI Section (1) Includes $3.1mm and $2.9mm of Significant Acquisition Costs in Q3 2017 and Q3 2018, respectively, and $16.0mm and $5.0mm of Significant Acquisition Costs in YTD 2017 and YTD 2018, respectively. (2) Includes $15.0mm and $6.4mm of Significant Acquisition Costs in Q3 2017 and Q3 2018, respectively, and $42.6mm and $33.7mm of Significant Acquisition Costs in YTD 2017 and YTD 2018, respectively. www.ironmountain.com Selected metric definitions are available in the Appendix 13

Reconciliation of Income from Continuing Operations to Adjusted EBITDA Q3 2017 Q3 2018 % Change YTD 2017 YTD 2018 % Change I Income from Continuing Operations $25,382 $78,628 n/a $167,374 $218,145 30.3% Section Add / (Deduct): Interest Expense, Net 88,989 103,841 16.7% 265,010 303,574 14.6% Provision (Benefit) for Income Taxes 2,268 14,300 n/a 29,497 41,873 42.0% II (Gain) on Sale of Real Estate, Net of Tax 638 (1,348) n/a (925) (1,348) 45.7% Section Debt Extinguishment Expense 48,298 - n/a 48,298 - n/a Foreign Currency Transaction Losses (Gains)(1) 11,865 664 (94.4)% 27,900 3,825 (86.3)% Other (Income) Expense, Net(2) (684) (339) 50.4% (42,449) (2,405) 94.3% III Section RecallSignificant Costs Acquisition Costs 18,047 9,286 (48.5)% 58,595 38,715 (33.9)% (Gain) Loss on Disposal/Write-Dow n of PP&E (excluding Real Estate), Net (292) 960 n/a (967) (716) 26.0% Depreciation and Amortization 128,513 157,797 22.8% 381,319 474,595 24.5% IV 12.6% 15.3% Adjusted EBITDA $323,024 $363,789 $933,652 $1,076,258 Section V Section VI Section VII Section VIII Section Section IX Section X Section XI Section (1) Includes realized and unrealized FX (gains) losses. (2) Other (Income) Expense, Net for the nine months ended September 30, 2017 includes a gain of approximately $38.9mm associated with the sale of our business in Russia and Ukraine. www.ironmountain.com Selected metric definitions are available in the Appendix 14

Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share Q3 2017 Q3 2018 % Change YTD 2017 YTD 2018 % Change I Reported EPS - Fully Diluted from Continuing Operations $ 0.10 $ 0.27 n/a $ 0.62 $ 0.76 22.6% Section Add (Deduct): Income (Loss) Attributable to Noncontrolling Interests - - 0.01 - Debt Extinguishment Expense 0.18 - 0.18 - II Foreign Currency Transaction Losses (Gains) 0.04 - 0.11 0.01 Section Other (Income) Expense, Net - - (0.16) (0.02) Significant Acquisition Costs 0.07 0.03 0.22 0.14 Tax Impact of Reconciling Items and Discrete Tax Items(1) (0.08) (0.02) (0.12) (0.06) III Section Adjusted EPS - Fully Diluted from Continuing Operations $ 0.31 $ 0.28 (9.7)% $ 0.85 $ 0.83 (2.4)% IV Section V Section VI Section VII Section VIII Section Section IX Section X Section (1) The difference between our effective tax rate and our structural tax rate (or adjusted effective tax rate) for the three and nine months ended September 30, 2017 and 2018, respectively, is primarily due to (i) XI the reconciling items above, which impact our reported income (loss) from continuing operations before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) Section for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS was 21.5% for the three and nine months ended September 30, 2017 and 20.3% for the three and nine months ended September 30, 2018. The Tax Impact of Reconciling Items and Discrete Tax Items is calculated using the current quarter’s estimate of the annual structural tax rate for both the three and YTD periods. This may result in the current period adjustment plus prior reported quarterly adjustments to not sum to the full year adjustment. www.ironmountain.com Selected metric definitions are available in the Appendix 15

Reconciliation of Net Income to FFO & AFFO Q3 2017 Q3 2018 % Change YTD 2017 YTD 2018 % Change Net Income $24,324 $67,023 n/a $163,953 $205,718 25.5% I Add / (Deduct): Section Real Estate Depreciation 64,533 75,432 193,402 221,822 (Gain) Loss on Sale of Real Estate, Net of Tax 638 (1,348) (925) (1,348) FFO (Nareit) $89,495 $141,107 57.7% $356,430 $426,192 19.6% II Section Add / (Deduct): (Gain) Loss on Disposal/Write-Dow n of PP&E (excluding Real Estate), Net (292) 960 (967) (716) Foreign Currency Transaction (Gains) Losses(1) 11,865 664 27,900 3,825 III Debt Extinguishment Expense 48,298 - 48,298 - Section Other (Income) Expense, Net (684) (339) (42,449) (2,405) Tax Impact of Reconciling Items and Discrete Tax Items(2) (20,419) (6,386) (32,277) (18,490) Loss (Income) from Discontinued Operations, Net of Tax 1,058 11,605 3,421 12,427 Significant Acquisition Costs 18,047 9,286 58,595 38,715 IV Section FFO (Normalized) $147,368 $156,897 6.5% $418,951 $459,548 9.7% Add / (Deduct): Non-Real Estate Depreciation 36,040 37,558 109,078 116,101 V Amortization Expense(3) 27,940 41,755 78,839 126,239 Section Amortization of Deferred Financing Costs 4,029 3,957 11,904 11,537 Revenue Reduction Associated w ith Amortization of Permanent Withdraw al Fees and Above - and Below -Market Leases 2,721 4,505 8,627 12,430 VI Non-Cash Rent Expense (Income) (404) (2,458) 5,483 (2,538) Section Stock-based Compensation Expense 7,761 7,279 22,853 23,352 Reconciliation to Normalized Cash Taxes(4) 14,127 9,594 16,694 23,770 Less: VII Non-Real Estate Investment(5) 7,099 9,709 18,845 30,198 Section Real Estate, Data Center and Non-Real Estate Maintenance CapEx(6) 22,375 20,725 55,458 60,312 AFFO $210,108 $228,653 8.8% $598,126 $679,929 13.7% VIII Per Share Amounts (Fully Diluted Shares) Section FFO (Nareit) $0.34 $0.49 44.1% $1.34 $1.49 11.2% FFO (Normalized) $0.55 $0.55 0.0% $1.58 $1.60 1.3% Weighted Average Common Shares Outstanding - Basic 265,198 286,159 7.9% 264,423 285,801 8.1% IX Weighted Average Common Shares Outstanding - Diluted 266,139 286,982 7.8% 265,293 286,515 8.0% Section (1) Includes realized and unrealized FX (gains) losses. (2) Calculated as actual cash taxes less current tax provision and other one-time cash tax items, to reflect actual cash tax (impact)/benefit to AFFO. (3) Includes Customer Relationship Value, intake costs, acquisition of customer relationships, data center intangibles, and other intangibles. Excludes amortization of capitalized commissions of $0.0mm and X $3.1mm in Q3 2017 and Q3 2018, respectively, and $0.0mm and $10.4mm of capitalized commissions in YTD 2017 and YTD 2018, respectively. Section (4) Our structural tax rate for purposes of calculation of FFO (Normalized) was 21.5% for the three and nine months ended September 30, 2017 and 20.3% for the three and nine months ended September 30, 2018. The Tax Impact of Reconciling Items and Discrete Tax Items is calculated using the current quarter’s estimate of the annual structural tax rate for both the three months and YTD periods. This may result in the current period adjustment plus prior reported quarterly adjustment to not sum to the YTD adjustment. (5) Non-Real Estate Investment excludes Significant Acquisition integration CapEx of $3.4mm and $4.2mm in Q3 2017 and Q3 2018, respectively, and $14.9mm and $9.9mm of Significant Acquisition integration XI CapEx in YTD 2017 and YTD 2018, respectively. Includes Non-Real Estate Investment associated with the Global Data Center Business segment of $0.2mm and $0.9mm in Q3 2017 and Q3 2018, respectively, Section and $3.5mm and $4.2m of Non-Real Estate Investment associated with the Global Data Center Business segment in YTD 2017 and YTD 2018, respectively. (6) Maintenance CapEx excludes Significant Acquisition integration maintenance expense of $0.8mm and $0.2mm in Q3 2017 and Q3 2018, respectively, and $2.2mm and $0.4mm of Significant Acquisition integration Capex in YTD 2017 and YTD 2018, respectively. www.ironmountain.com Selected metric definitions are available in the Appendix 16

Reconciliation of Cash Flow from Operations to AFFO Q3 2017 Q3 2018 % Change YTD 2017 YTD 2018 % Change I Cash Flow from from Operating Activities-Continuing Operations 200,251 231,732 15.7% 522,290 625,538 19.8% Section Adjust for: Tax on Gain from Disposition of Real Estate 640 - n/a 640 - n/a Tax Impact of Reconciling Items and Discrete Tax Items Net of Deferred Tax (1,736) (4,705) n/a (4,058) (17,707) n/a II Reconciliation to Normalized Cash Taxes(1) 14,127 9,594 (32.1%) 16,694 23,770 42.4% Section Significant Acquisition Costs 18,047 9,286 (48.5%) 58,595 38,715 (33.9%) Working Capital Adjustments(2) 9,589 16,597 73.1% 84,086 110,403 31.3% Non-Real Estate Investment CapEx(3) (7,099) (9,709) (36.8)% (18,845) (30,198) (60.2)% III Real Estate, Data Center and Non-Real Estate Maintenance CapEx(4) (22,375) (20,725) 7.4% (55,458) (60,312) (8.8)% Section Amortization of Capitalized Commissions - (3,052) n/a - (10,433) n/a Other and FX(5) (1,336) (365) 72.7% (5,818) 153 n/a AFFO $210,108 $228,653 8.8% $598,126 $679,929 13.7% IV Section V Section VI Section VII Section VIII Section Section IX Section (1) Calculated as actual cash taxes less current tax provision and other one-time cash tax items, to reflect actual cash tax (impact)/benefit to AFFO. X (2) Working capital adjustments in Q3 2018 are driven primarily by changes in accruals for interest payable, accounts payable, and tax receivables, offset by acquisition related adjustments and accounts receivable Section changes. (3) Non-Real Estate Investment excludes Significant Acquisition integration CapEx of $3.4mm and $4.2mm in Q3 2017 and Q3 2018, respectively, and $14.9mm and $9.9mm of Significant Acquisition integration CapEx in YTD 2017 and YTD 2018, respectively. Includes Non-Real Estate Investment associated with the Global Data Center Business segment of $0.2mm and $0.9mm in Q3 2017 and Q3 2018, respectively, and $3.5mm and $4.2m of Non-Real Estate Investment associated with the Global Data Center Business segment in YTD 2017 and YTD 2018, respectively. XI (4) Maintenance CapEx excludes Significant Acquisition integration maintenance expense of $0.8mm and $0.2mm in Q3 2017 and Q3 2018, respectively, and $2.2mm and $0.4mm of Significant Acquisition Section integration Capex in YTD 2017 and YTD 2018, respectively. (5) Adjusts for Large Volume Accounts (“LVA”) amortization, Revenue Reduction Associated with Amortization of Permanent Withdrawal Fees and Above - and Below-Market Leases, and foreign currency adjustments. www.ironmountain.com Selected metric definitions are available in the Appendix 17

Storage and Service Reconciliation(1) Q3 2017 Q3 2018 % Change YTD 2017 YTD 2018 % Change I Total Storage Revenue $601,091 $656,973 9.3% $1,763,609 $1,963,561 11.3% Section Add: Permanent Withdraw al Fees 6,408 7,364 14.9% 17,701 19,380 9.5% Adjusted Storage Revenue $607,499 $664,337 9.4% $1,781,310 $1,982,941 11.3% II Total Service Revenue $364,570 $404,018 10.8% $1,090,734 $1,200,711 10.1% Section Less: Permanent Withdraw al Fees (6,408) (7,364) (14.9%) (17,701) (19,380) (9.5%) Adjusted Service Revenue $358,162 $396,654 10.7% $1,073,033 $1,181,331 10.1% III Section Storage Cost of Sales (COS) Storage COS Excluding Rent 77,375 89,313 15.4% 222,879 270,471 21.4% Storage Rent 75,462 77,780 3.1% 220,757 231,323 4.8% IV Total Storage COS 152,837 167,093 9.3% 443,636 501,794 13.1% Section Service Cost of Sales (COS) Service COS Excluding Rent 259,428 273,989 5.6% 790,065 830,334 5.1% V Service Rent 3,003 4,044 34.7% 9,598 11,060 15.2% Section Total Service COS 262,431 278,033 5.9% 799,663 841,394 5.2% Significant Acquisition Costs Included in Cost of Sales 3,059 2,892 (5.5%) 16,019 5,015 (68.7%) VI Total COS $418,327 $448,018 7.1% $1,259,318 $1,348,203 7.1% Section SG&A Costs Storage Overhead 29,906 43,301 44.8% 96,991 121,076 24.8% VII Section Service Overhead 19,950 29,154 46.1% 65,878 80,767 22.6% Corporate Overhead 115,654 120,590 4.3% 327,644 351,542 7.3% Significant Acquisition Costs Included in SG&A 14,988 6,394 (57.3%) 42,576 33,700 (20.8%) VIII Sales and Marketing 61,859 59,031 (4.6%) 186,879 191,441 2.4% Section Total SG&A $242,357 $258,470 6.6% $719,968 $778,526 8.1% Adjusted EBITDA IX Total Storage Adjusted EBITDA 424,756 453,943 6.9% 1,240,683 1,360,071 9.6% Section Total Service Adjusted EBITDA 75,781 89,467 18.1% 207,492 259,170 24.9% Less: Corporate Overhead and Sales and Marketing (177,513) (179,621) 1.2% (514,523) (542,983) 5.5% Total Adjusted EBITDA $323,024 $363,789 12.6% $933,652 $1,076,258 15.3% X Section XI (1) Our Storage and Service Revenues and Adjusted Storage and Service EBITDA margins for Q3 2018 reflect a net reclassification of $6.6mm. Our Storage Service Revenues and Adjusted Storage and Service Section EBITDA margins for YTD 2018 reflect a net reclassification of $19.0mm of Storage Rental Revenues and Storage Adjusted EBITDA into Service Revenues and Service Adjusted EBITDA. These reclasses are as a result of our adoption of a new accounting standard pertaining to revenue recognition, which we adopted as of January 1, 2018. Our revenues for Q3 2017 and YTD 2017 do not reflect this revenue reclassification as this new accounting standard was adopted on a modified retrospective basis, whereby prior period results were not restated. www.ironmountain.com Selected metric definitions are available in the Appendix 18

Storage Net Operating Income (NOI)(1) Q3 2017 Q3 2018 % Change YTD 2017 YTD 2018 % Change Revenue from Storage Rental Activities I Section Records Management $473,449 $472,280 (0.2)% $1,386,794 $1,429,030 3.0% Data Protection 90,537 87,668 (3.2)% 266,247 267,591 0.5% II Data Center 7,773 60,039 n/a 23,562 157,472 n/a Section Other(2) 29,332 36,986 26.1% 87,006 109,468 25.8% Total Storage Rental $601,091 $656,973 9.3% $1,763,609 $1,963,561 11.3% III Terminations/Permanent Withdraw al Fees 6,408 7,364 14.9% 17,701 19,380 9.5% Section Total Revenue from Adjusted Storage Rental Activities $607,499 $664,337 9.4% $1,781,310 $1,982,941 11.3% Less: Storage Rental Expenses IV (3) Facility Costs 141,766 151,294 6.7% 410,779 455,927 11.0% Section Storage Rental Labor 2,927 5,494 87.7% 9,697 17,209 77.5% Other Storage Rental Expenses 8,144 10,305 26.5% 23,160 28,658 23.7% V Storage Cost of Sales 152,837 167,093 9.3% 443,636 501,794 13.1% Section Allocated Overhead(4) 29,906 43,301 44.8% 96,991 121,076 24.8% Total Storage Rental Expenses 182,743 210,394 15.1% 540,627 622,870 15.2% VI Total Storage Adjusted EBITDA $424,756 $453,943 6.9% $1,240,683 $1,360,071 9.6% Section Total Storage Adjusted EBITDA Margin 69.9% 68.3% -160 bps 69.7% 68.6% -110 bps Storage Rent 75,462 77,780 3.1% 220,757 231,323 4.8% VII Storage Rental Expenses (excluding Storage Rent) $107,281 $132,614 23.6% $319,870 $391,547 22.4% Section Storage Net Operating Income $500,218 $531,723 6.3% $1,461,440 $1,591,394 8.9% VIII Storage Net Operating Income Margin 82.3% 80.0% -230 bps 82.0% 80.3% -180 bps Section Storage Gross Profit $448,254 $489,881 9.3% $1,319,973 $1,461,767 10.7% Storage Gross Margin 74.6% 74.6% 0 bps 74.8% 74.4% -40 bps IX Section X Section (1) Our Storage and Service Revenues and Adjusted Storage and Service EBITDA margins for Q3 2018 reflect a net reclassification of $6.6mm. Our Storage Service Revenues and Adjusted Storage and Service EBITDA margins for YTD 2018 reflect a net reclassification of $19.0mm of Storage Rental Revenues and Storage Adjusted EBITDA into Service Revenues and Service Adjusted EBITDA. These reclasses are as a result of our adoption of a new accounting standard pertaining to revenue recognition, which we adopted as of January 1, 2018. Our revenues for Q3 2017 and YTD 2017 do not reflect this revenue reclassification as this new accounting standard was adopted on a modified retrospective basis, whereby prior period results were not restated. XI (2) Includes Fine Art Storage, Consumer Storage, Technology Escrow Services, Digital Storage, Fulfillment Services, Information Governance and Digital Solutions, Entertainment Services and other ancillary Section storage revenues. The Fulfillment Services business was sold on September 28, 2018. (3) Includes Rent Expense, Building Maintenance, Property Taxes, Utilities and Insurance costs. (4) Refer to page 18 and Appendix for overhead allocations and definitions. www.ironmountain.com Selected metric definitions are available in the Appendix 19

Service Business Detail(1) Q3 2017 Q3 2018 % Change YTD 2017 YTD 2018 % Change Service Operations Revenue by Product Line I Records Management $165,355 $180,015 8.9% $496,930 $542,941 9.3% Section Data Protection 41,054 38,318 (6.7)% 123,111 120,705 (2.0)% Shredding 92,957 107,126 15.2% 281,116 314,518 11.9% Data Center 487 3,341 n/a 1,283 7,399 n/a II Section Other(2) 64,717 75,218 16.2% 188,294 215,148 14.3% Total Service Revenue $364,570 $404,018 10.8% $1,090,734 $1,200,711 10.1% Less: Terminations/Permanent Withdraw al Fees 6,408 7,364 14.9% 17,701 19,380 9.5% III Section Adjusted Service Revenue $358,162 $396,654 10.7% $1,073,033 $1,181,331 10.1% Less: Service Expenses (3) Facility Costs 8,282 10,340 24.8% 24,584 30,269 23.1% IV Service Labor 188,713 194,399 3.0% 578,829 598,689 3.4% Section Other Service Expenses 65,436 73,294 12.0% 196,250 212,436 8.2% Service Cost of Sales 262,431 278,033 5.9% 799,663 841,394 5.2% V (4) Allocated Overhead 19,950 29,154 46.1% 65,878 80,767 22.6% Section Total Service Expenses 282,381 307,187 8.8% 865,541 922,161 6.5% Total Service Adjusted EBITDA $75,781 $89,467 18.1% $207,492 $259,170 24.9% VI Total Service Adjusted EBITDA Margin 21.2% 22.6% 140 bps 19.3% 21.9% 260 bps Section Service Rent 3,003 4,044 34.7% 9,598 11,060 15.2% Total Service Adjusted EBITDAR $78,784 $93,511 18.7% $217,090 $270,230 24.5% VII Total Service Adjusted EBITDAR Margin 22.0% 23.6% 160 bps 20.2% 22.9% 260 bps Section Total Service Gross Profit $102,139 $125,984 23.3% $291,071 $359,317 23.4% Total Service Gross Margin 28.0% 31.2% 320 bps 26.7% 29.9% 320 bps VIII Section Section IX Section X Section (1) Our Storage and Service Revenues and Adjusted Storage and Service EBITDA margins for Q3 2018 reflect a net reclassification of $6.6mm. Our Storage Service Revenues and Adjusted Storage and Service EBITDA margins for YTD 2018 reflect a net reclassification of $19.0mm of Storage Rental Revenues and Storage Adjusted EBITDA into Service Revenues and Service Adjusted EBITDA. These reclasses are as a result of our adoption of a new accounting standard pertaining to revenue recognition, which we adopted as of January 1, 2018. Our revenues for Q3 2017 and YTD 2017 do not reflect this revenue reclassification as this new accounting standard was adopted on a modified retrospective basis, whereby prior period results were not restated. XI (2) Includes Fine Art Storage, Consumer Storage, Technology Escrow Services, Consulting, Fulfillment Services, Information Governance and Digital Solutions, Entertainment Services and other ancillary Section services. The Fulfillment Services business was sold on September 28, 2018. (3) Includes Building Maintenance, Property Taxes, Utilities, Facility Rent and Insurance costs for shredding, imaging and other services. (4) Refer to page 18 and Appendix for overhead allocations and definitions. www.ironmountain.com Selected metric definitions are available in the Appendix 20

Gross Book Value of Real Estate Assets As of 9/30/2018 Real Estate Assets I Section Storage Operations Land $393,925 Buildings & Building Improvements 2,856,244 II Leasehold Improvements 626,414 Section Racking 1,792,805 Construction In Progress 106,457 Total Storage Gross Book Value $5,775,845 III Section Service Operations Land $12,983 Buildings & Building Improvements 71,954 IV Leasehold Improvements 103,773 Section Racking 183,403 Construction In Progress 7,053 Total Service Gross Book Value $379,166 V Section Total Real Estate Gross Book Value $6,155,011 Non-Real Estate Assets VI All Other Non-Real Estate Assets Gross Book Value (1) 1,314,640 Section Total PP&E Gross Book Value $7,469,651 VII Section VIII Section Section IX Section X Section XI Section (1) Includes warehouse equipment, vehicles, furniture, fixtures, computer hardware and software. www.ironmountain.com Selected metric definitions are available in the Appendix 21

Lease Obligations(1) Facility Lease Expirations I (% of total square feet subject to lease) Section 9/30/2018 Assuming Exercise of All Extension Options II Section III Section IV Section V Section 54.7% VI Section VII Section 6.5% 5.1% 5.8% 4.2% 4.1% 4.0% 3.8% 3.4% 3.1% VIII 2.5% 2.7% Section 2018(2) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Thereafter IX Section Weighted Average Remaining Lease Obligations (assuming exercise of all extension options): 11.2 years X Section XI Section (1) Includes capital and operating lease obligations. (2) Reflects month to month leases and predominantly short term occupancies. www.ironmountain.com Selected metric definitions are available in the Appendix 22

Global Real Estate Portfolio(1) (000s, except for number of buildings) As of 6/30/2018 Ow ned Facilities Leased Facilities Total Top Ten Markets Owned, United States Sq. Feet Owned I Buildings Sq. Ft. Buildings Sq. Ft. Buildings Sq. Ft. Northern New Jersey 2,851 Section North America 207 23,426 537 33,444 744 56,870 Boston 1,428 Europe(2) 62 3,888 278 12,323 340 16,211 1,282 Chicago Latin America 36 2,046 93 4,804 129 6,850 II Los Angeles 1,040 Asia 8 472 211 8,651 219 9,123 Section Dallas 1,023 International x 106 6,406 582 25,778 688 32,184 (3) Houston 917 Total 313 29,832 1,119 59,222 1,432 89,054 III 858 Q3 2018 Additions & Expansions Philadelphia Section Phoenix 831 Ow ned Facilities Leased Facilities (4) Total New York 825 Buildings Sq. Ft. Buildings Sq. Ft. Buildings Sq. Ft. IV Baltimore / Washington 777 North America - - 17 498 17 498 Section Europe(2) - - 6 250 6 250 Top Ten Markets Owned, International Sq. Feet Owned Latin America 1 26 2 116 3 142 Asia - - 28 934 28 934 London, UK 1,102 V International x 1 26 36 1,300 37 1,326 Paris, France 807 Section Total 1 26 53 1,798 54 1,824 Montreal, Canada 552 Q3 2018 Dispositions & Move Outs Buenos Aires, Argentina 470 VI Mexico City, Mexico 452 Ow ned Facilities Leased Facilities Total Section Buildings Sq. Ft. Buildings Sq. Ft. Buildings Sq. Ft. Toronto, Canada 434 Lima District, Peru 434 North America 1 52 12 852 13 904 (2) Europe - - 9 115 9 115 VII Cambridge, UK 400 Section Latin America - - - - - - Edinburgh, UK 289 Asia - - 11 242 11 242 Singapore, Singapore 274 International x - - 20 357 20 357 Total 1 52 32 1,209 33 1,261 VIII Section Section As of 9/30/2018 Ow ned Facilities Leased Facilities Total IX Buildings Sq. Ft. Buildings Sq. Ft. Buildings Sq. Ft. Section North America 206 23,374 542 33,090 748 56,464 Europe(2) 62 3,888 275 12,458 337 16,345 X Latin America 37 2,072 95 4,920 132 6,992 Section Asia 8 472 228 9,343 236 9,815 International x 107 6,432 598 26,721 705 33,153 (5) (1) Includes real estate held in consolidated joint ventures. Total 313 29,805 1,140 59,811 1,453 89,617 XI (2) Includes South Africa and United Arab Emirates. Total % 21.5% 33.3% 78.5% 66.7% Section (3) Reflects adjustments to previous periods due to refinements to real estate basis. (4) Out of the 54 leased building additions and expansions, 31 were the result of acquiring leases in business acquisitions and leased buildings related to acquisitions of customer relationships. (5) Includes 8 owned data center facilities and 5 leased data center facilities with 2.3mm Sq.Ft. and 0.6mm Sq. Ft., respectively. www.ironmountain.com Selected metric definitions are available in the Appendix 23

Revenue from Rental Activities and Storage NOI per Racked Square Foot Square Footage by Region As of September 30, 2018 I North Latin Section America Europe (1) America Asia Total Records Management Racked Space 39,723 11,160 5,330 5,679 61,891 II Data Protection Racked Space 713 150 60 63 986 Section Data Center Leasable Space 726 116 - 10 852 Other(2) 15,302 4,920 1,602 4,063 25,887 III Total 56,464 16,345 6,992 9,815 89,617 Section IV Section Annualized Revenue from Rental Activities and V Section Storage NOI per Racked Square Foot(3) Q3 2018 Annualized VI Section Revenue NOI North America Records Management $ per Sq Ft $30.20 $25.12 VII Section Data Protection $ per Sq Ft $355.31 $322.37 Europe (1) $37.52 $32.16 Latin America $31.41 $27.79 VIII Section Section Asia $38.76 $34.38 Total by Racked Square Foot $36.09 $30.83 IX Section Global Data Centers $ per Leasable Sq Ft $281.75 $175.92 Fine Arts $ per Facility Sq Ft $31.29 $27.01 X Section XI Section (1) Includes South Africa and United Arab Emirates. (2) Includes loading docks, unracked records management space, office space, common areas, as well as space in service-related facilities. (3) Excludes Revenue and NOI associated with Technology Escrow Services, Fulfillment Services, Entertainment Services, Fine Art Storage, Consumer Storage and other ancillary storage revenue. www.ironmountain.com Selected metric definitions are available in the Appendix 24

Portfolio Utilization Records Management Storage Portfolio (CuFt MM) Data Protection Storage Portfolio (DPUs MM) As of 9/30/2018 As of 9/30/2018(2) I Section YoY Growth in Units Stored(1) +2.2% II +2.6% 693 Section 700 677 100 87 90 600 80 -3.5% -1.5% III 66 64 500 Section 60 425 418 +5.0% 40 +25.5% IV 130 136 +7.6% +0.8% +156.9% Section 20 -1.9% 100 67 67 57 71 13 14 6 6 2 6 0 0 V North America Europe (4) Latin America Asia Total IRM North America Europe(4) Latin America Asia Total IRM Section Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 VI Section Utilization and Capacity(3) (%) 900 140 VII 817 129 Section 800 762 120 110 700 100 VIII 600 87 Section 78 495 80 69% 500 464 85% 81% 91% IX 150 162 74% 27 Section 84% 82% 18 90% 76 80 72 80 20 100 91% 84% 52% 7 8 8 8 89% 84% 98% 89% 78% 0 0 81% 73% 80% 75% X North America Europe (4) Latin America Asia Total IRM North America Europe (4) Latin America Asia Total IRM Section Q3 2018 Total Installed Racking Cap. Q3 2018 Total Potential Building Cap. (1) RM units stored includes cubic feet of storage in dedicated space leased to customers on a square foot basis; these dedicated space storage units are excluded from our RM volume growth chart on pages 8 XI and 9. Dispositions reflects business volume net of dispositions required by Recall transaction and sale of Russia / Ukraine business. Section (2) DPUs does not include data for Recall outside of Australia, because Recall’s unit of measurement for tapes is not consistent with Iron Mountain’s methodology. (3) We operate our storage RM business to achieve a desired utilization of between 94% – 98% to attain maximum operating efficiency. (4) Includes South Africa and United Arab Emirates. www.ironmountain.com Selected metric definitions are available in the Appendix 25

Customer Data North America Q3 2018 Trailing Twelve Months Records Management Revenue by Vertical Our top 20 records management customers have historically Energy I Business Services Section represented approximately 6% of consolidated revenues. Life Sciences Customer retention is consistently high with annual losses Insurance 3% 3% limited to approximately 2% (on a volume basis), attributable to 2% II 7% customer terminations. Section Financial III 13% (1) Section 47% Other IV Section 8% Legal V 2% Section Federal 16% VI Healthcare Section VII Section VIII Section Section YTD 2018 Full Year 2017 Full Year 2016 Full Year 2015 Customer Quality Metrics Volume Retention Rate (RM Global) 93.6% 94.0% 92.6% 93.3% IX Section Bad Debt Expense as a % of Consolidated Revenues 0.6% 0.4% 0.2% 0.5% X Turnover Expenditures (Storage Only) Q3 2018 YTD 2018 Section Sales, Marketing & Account Management 36,552 118,797 (2) Customer Acquisition Costs 26,328 63,561 XI Section (1) No single vertical within ‘Other’ comprises greater than 1% of North America Revenue. (2) Customer acquisition costs include the acquisition of customer relationships and customer inducements. www.ironmountain.com Selected metric definitions are available in the Appendix 26

Data Center Customer and Portfolio Metrics(1) ($ in 000) Annualized Revenue and Lease Expirations Customer Lease Expiration, As of September 30, 2018 Q3 2018 Annualized I Number of Annualized Percentage of Revenue NOI Leasable MW Leasable Sq Ft Section Total MW Percentage of Year Leases TCV Rent TCV Annualized Data Center $253,521 $140,685 102.8 852 Expiring Total MW Expiring Expiring Rent $ per Leasable Sq Ft $298 $165 II 2018 219 9.8 10.3% $30,311 13.0% $ per Leasable MW $2,466 $1,369 Section 2019 457 15.6 16.3% 50,266 21.5% 2020 284 13.6 14.2% 39,851 17.0% 2021 200 15.4 16.1% 37,873 16.2% III 2022 67 2.9 3.0% 8,751 3.7% Section 2023 60 8.3 8.8% 15,836 6.8% 2024 19 4.0 4.2% 10,523 4.5% Thereafter 18 25.8 27.1% 40,611 17.4% IV Total 1,324 95.4 100.0% $234,022 100.0% Section WALE: 3.47 years V Capacity Development Activity Section Capacity in MW Data Center Development Activity Leased % by Total Potential VI Geographic Region Leasable MW Held for Under Construction Section MW MW Development Boyers and Other(2) 87.5% 12.9 24.4 MW Under Total Total Inv. % Investment Expected Expected MW Held for Denver 62.9% 10.6 16.2 Project / Facilities Construction Expected NOI Yield Pre-Leased in Q3 Completion Stabilization Development New Jersey 93.4% 12.4 30.0 in Q3 Investment % VII Northern Virginia 100.0% 3.0 55.5 Section Northern Virginia (Pre-Stable) 22.2% 4.5 4.5 Data Center Expansion Phoenix 100.0% 44.6 109.4 Amsterdam 1.9 32.1% $741 $27,000 Q2 2019 Q3 2020 1.9 Amsterdam 97.6% 10.8 34.5 London 1.9 - $1,394 $12,000 Q3 2019 Q2 2020 3.8 London 100.0% 3.2 8.9 New Jersey - - - - 17.7 VIII Singapore 100.0% 1.0 5.5 Singapore 1.5 - $2,495 $11,000 Q2 2019 Q1 2020 3.0 Section Total 91.1% 102.8 288.9 Northern Virginia (Hall 1) - - - - 3.0 All Other Facilities - - - - 17.4 Total Expansion 5.3 11.4% $4,631 $50,000 46.7 IX New Development Section Amsterdam Future Phases - - - - 20.0 Arizona (AZP2) 4.0 - $14,894 $116,000 Q4 2019 Q4 2020 60.6 Northern Virginia (Halls 2-4) - - - - 49.5 X Total New Development 4.0 - $14,894 $116,000 130.1 Section Total Development 9.3 6.5% $19,525 $167,000 14% - 16% 176.8 XI Section (1) Revenue and NOI figures include contribution from rent, power and data center services. (2) Includes approximately 1 MW of internal capacity. www.ironmountain.com Selected metric definitions are available in the Appendix 27

Debt Schedule Total Borrowings Maturity Schedule ($MM) I Section II $1,819 Section III Section (3) $1,007 $946 $1,000 $876 $825 IV Section $546 (2) (1) $435 $299 V Section $12 $57 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Thereafter VI Section (4) VII Fixed vs. Floating Rate Debt at 9/30/18 Section VIII Section Section 28% IX Fixed Rate Debt Section Floating Rate Debt X 72% Section XI (1) Includes Accounts Receivable securitization. Section (2) Includes AUD Term Loan B of $243mm. (3) Includes $50mm of mortgage notes payable in 2026 and $350mm of USD Term Loan B fixed to 2022. (4) Adjusted to include capital leases yields a ratio of 74% fixed and 26% floating. www.ironmountain.com Selected metric definitions are available in the Appendix 28

Capitalization Senior Subordinated and Senior Unsecured Notes (as of 9/30/2018) Senior Senior Senior Senior Senior Senior Senior Senior Senior Type of Note Subordinated Unsecured Unsecured Unsecured Unsecured Unsecured Unsecured Unsecured Unsecured I Issuance Date 8/7/12 8/13/13 5/27/16 5/27/16 9/15/16 5/18/17 9/18/17 11/13/17 12/27/17 Section Denomination USD USD USD USD CAD EUR USD GBP USD Original Principal Amount (FX Rate on Issue Date) $1,000,000 $600,000 $500,000 $250,000 $189,537 $336,894 $1,000,000 $535,904 $825,000 Exchange Rate at 9/30/2018 1.0000 1.0000 1.0000 1.0000 0.7751 1.1605 1.0000 1.3029 1.0000 II Principal Amount at 9/30/2018 $1,000,000 $600,000 $500,000 $250,000 $193,766 $348,140 $1,000,000 $521,173 $825,000 Section Yield (on Issue Date) 5.750% 6.000% 4.375% 5.375% 5.375% 3.000% 4.875% 3.875% 5.250% Maturity Date 8/15/24 8/15/23 6/1/21 6/1/26 9/15/23 1/15/25 9/15/27 11/15/25 3/15/28 Current Call Price 101.917 103.000 102.188 N/A N/A N/A N/A N/A N/A III Next Call Date 8/15/19 8/15/19 6/1/19 6/1/21 9/15/19 6/15/20 9/15/22 11/15/20 3/15/22 Section Next Call Price 100.958 102.000 101.094 102.688 104.031 101.500 102.438 101.938 102.625 IV Section Senior Credit Facility Debt Covenant Analysis (as of 9/30/2018) Total Market Capitalization as of 9/30/2018 Metric Limit Current # of Shares Outstanding 286,221 V Fixed Charge Ratio ≥ 1.5x 2.3x Share Price as of 9/30/2018 $34.53 Section Net Total Lease Adjusted Leverage Ratio ≤ 6.5x 5.6x Total Equity Value $9,883,213 Net Secured Lease Adjusted Leverage Ratio ≤ 4.0x 2.6x Total Debt, Net of Cash(1) $8,123,686 Total Market Capitalization $18,006,899 VI Section Net Debt to Total Market Capitalization 45% Adj. EBITDA to Interest Expense 3.5x Total Market Capitalization to Adjusted EBITDA 12.3 VII Section Senior Credit Facility (as of 9/30/2018) Senior CreditCredit Facility Ratings Debt Covenant Analysis (as of 9/30/2018) Capacity $1,993,750 S&P Moody's VIII Data Table for ThinkCell Chart Section Section Outstanding $1,065,220 Corporate BB- Ba3 Letters of Credit $43,359 Senior Credit Facility BB Ba3 Remaining Capacity $885,171 Senior Unsecured BB- Ba3 Interest Rate Spread (Prime) 0.75% IX Senior Subordinated B B2 Section Interest Rate Spread (LIBOR) 1.75% Weighted Average Interest Rate 3.60% Total Debt Weighted Average Rates (as of 9/30/2018) Maturity Date 6/4/23 X Weighted Average Interest 4.8% Section Weighted Average Maturity 6.3 Years XI Section (1) Total debt net of cash is calculated as current portion of long-term debt of $122mm plus long-term debt net of current portion of $8,109mm plus $91mm of deferred financing costs less cash and cash equivalents of $198mm. www.ironmountain.com Selected metric definitions are available in the Appendix 29

Capital Expenditures and Investments Q3 2017 Q3 2018 % Change YTD 2017 YTD 2018 % Change Capital Expenditures (1) I Real Estate: Section Investment(2) $36,588 $35,753 (2.3)% $108,760 $109,246 0.4% Maintenance 16,086 17,003 5.7% 38,158 40,618 6.4% $52,674 $52,756 0.2% $146,918 $149,864 2.0% II Non-Real Estate: Section Investment $7,358 $13,074 77.7% $30,193 $35,942 19.0% Maintenance 6,854 3,241 (52.7)% 19,182 13,675 (28.7)% $14,212 $16,315 14.8% $49,375 $49,617 0.5% III Section Data Center: Investment(3) $27,109 $49,467 82.5% $70,569 $106,282 50.6% Maintenance 198 639 n/a 282 6,381 n/a IV Data Center Investment and Maintenance:(3) $27,307 $50,106 83.5% $70,851 $112,663 59.0% Section Innovation and Growth Investment: $7,084 $4,948 (30.2%) $15,425 $9,535 (38.2)% V Total Real Estate, Non-Real Estate and Data Center Capital Expenditures Section and Innovation and Growth Investments $101,277 $124,125 22.6% $282,569 $321,679 13.8% Net Change in Prepaid and Accrued Capital Expenditures and Capital Leases (22,738) (11,773) 48.2% (38,823) 8,274 n/a VI Section Total Cash Paid for Real Estate, Non-Real Estate and Data Center Capital Expenditures and Innovation and Growth Investments $78,539 $112,352 43.1% $243,746 $329,953 35.4% VII Section VIII Section Section IX Section X Section (1) Includes Significant Acquisition integration CapEx of $6.3mm and $7.0mm in Q3 2017 and Q3 2018, respectively, and $23.9mm and $14.2mm of Significant Acquisition integration CapEx in YTD 2017 and XI YTD 2018, respectively. Section (2) Includes land, buildings, improvements, and racking structures. (3) Includes Non-Real Estate Investment associated with the Global Data Center Business segment of $0.2mm and $0.9mm in Q3 2017 and Q3 2018, respectively, and $3.5mm and $4.2m of Non-Real Estate Investment associated with the Global Data Center Business segment in YTD 2017 and YTD 2018, respectively. www.ironmountain.com Selected metric definitions are available in the Appendix 30

Business and Customer Acquisitions Q3 2017 Q3 2018 % Change YTD 2017 YTD 2018 % Change Business Acquisitions I Business Acquisitions Excluding Data Centers $120,086 $51,550 (57.1)% $179,851 $63,778 (64.5)% Change in Business Acquisition Accruals and Cash Acquired 35,819 (7,408) n/a 14,277 (29,292) n/a Section Cash Paid for Acquisitions, Net of Cash Acquired, Excluding Data Centers $155,905 $44,142 (71.7)% $194,128 $34,486 (82.2)% Data Center Acquisitions Non-Cash Consideration 83,014 - n/a 83,014 - n/a II Data Center Acquisitions Cash Consideration - - n/a - 1,676,525 n/a Section Total Data Center Acquisitions $83,014 - n/a $83,014 $1,676,525 n/a Total Cash Paid for Acquisitions, Net of Cash Acquired $155,905 $44,142 (71.7)% $194,128 $1,711,011 n/a III Section IV Q3 2017 Q3 2018 % Change YTD 2017 YTD 2018 % Change Section Customer Acquisitions Acquisition of Customer Relationships $16,219 $14,275 (12.0)% $46,398 $38,548 (16.9)% Customer Inducements 9,571 2,071 (78.4)% 17,044 6,212 (63.6)% Contract Fulfillment Costs - 8,711 n/a - 18,520 n/a V Total Acquisition of Customer Relationships, Customer Inducements, Section and Contract Fulfillment Costs $25,790 $25,057 (2.8)% $63,442 $63,280 (0.3)% Change in Customer Acquisition Accruals 2,587 1,271 (50.9)% (6,555) 281 n/a VI Section Total Cash Paid for Acquisition of Customer Relationships, Customer Inducements, Customerand Contract Inducements Fulfillment Costs $28,377 $26,328 (7.2%) $56,887 $63,561 11.7% VII Section VIII Section Section IX Section X Section XI Section www.ironmountain.com Selected metric definitions are available in the Appendix 31

Real Estate Investments(1) Real Estate Investment Activity Consolidation Total Expected Investment in Cumulative Estimated Historical Average Average Stabilization I Region (4) Investment Q3 2018 Investment to Date CuFt / DPUs NOI/CuFt or DPU Period Section Racking Installations(2) North America $16,206 $3,287 $16,351 4,146 $2.52 II Europe(3) 52,948 5,935 48,649 12,148 $2.48 Section Latin America 12,216 638 10,309 2,709 $2.21 Asia 41,384 5,139 35,362 13,141 $2.52 Worldwide $122,755 $14,999 $110,671 32,145 $2.48 8 - 12 months III Section Total Expected Investment in Cumulative Total Potential Historical Average Average Stabilization Region Total Sq Ft Investment Q3 2018 Investment to Date CuFt / DPUs NOI/CuFt or DPU(4) Period Building Development Projects(5) IV (6) North America $14,994 $4,033 $15,013 - 211 $2.52 Section Europe(3) 3,360 - 3,114 368 22 $2.48 Latin America 23,334 139 13,792 5,243 222 $2.21 Asia - - - - - $2.52 V Section Worldwide $41,689 $4,172 $31,919 5,611 454 $2.48 24 - 36 months VI Section Investment Reconciliation Q3 2018 Investments Racking Installations $14,999 VII Consolidation Related to Racking Installations 6,099 Section Building Development Projects 4,172 Total C$ Real Estate Investments 25,271 Other Real Estate Investment 12,860 VIII Total FX Impact (2,377) Section Real Estate Investment $35,753 IX Section X Section (1) Based on 2018 C$ Budgeted FX Rates. (2) Racking Installations exclude consolidation spend in Total Expected Investment, Investment in Current Period and Cumulative Investment to Date of $45.9mm, $6.1mm and $38.8mm, respectively. XI (3) Includes South Africa and United Arab Emirates. Section (4) In USD R$ calculated using a twelve month trailing historical average. (5) Data center development detail can be found on page 27. (6) North America excludes racking investments for development projects that were initiated after 1/1/2018. Racking investments associated with these projects are included in the table above. www.ironmountain.com Selected metric definitions are available in the Appendix 32

Acquisitions and Disposals(1) Purchase Expected Region Total Sq Ft I Price IRRs Section 2018 Building Acquisitions North America - - - II Europe(2) 19,393 279 17% Section Latin America - - - Asia - - - III Worldwide 19,393 279 17% Section IV Section V Section 2018 Data Centers, Business and Customer Acquisition and Disposition Activity VI Section Business Business Investments Dispositions VII Purchase Price $1,778,850 $3,350 Section Capital Consideration $67,366 - Stabilized Total Expected Investment $1,846,216 $3,350 Estimated Annual Revenues $232,000 VIII Expected IRR Range 11% - 14% Section IX Section X Section XI Section (1) Based on 2018 C$ Budgeted FX Rates. (2) Includes South Africa and United Arab Emirates. www.ironmountain.com Selected metric definitions are available in the Appendix 33

Components of Value Q3 2018 Annualized Components NOI I Section North America Records Management $997,680 Data Protection 229,915 II Other 53,479 Section Europe (1) 354,087 Latin America 149,984 III Asia 191,804 Section Global Data Center 149,950 Total Portfolio Storage NOI 2,126,899 IV Section V Q3 2018 Service Section Adjusted EBITDAR Service Adjusted EBITDAR(2) $374,044 VI Section Balance at 9/30/2018 VII (3) Cash, Cash Equivalents & Other Tangible Assets $1,215,975 Section Quarterly Building & Racking Investment, not reflected in NOI $19,172 Data Center Investment, not reflected in NOI $19,525 VIII Customer Acquisition Consideration $14,275 Section Less: Debt, Gross Book Value(4) $8,230,874 Non-Controlling Interests $1,490 IX Section Annualized Rental Expense $327,296 Estimated Tax Liability $74,180 X Section XI (1) Includes South Africa and United Arab Emirates. Section (2) Q3 2018 annualized. (3) Includes Cash, Cash Equivalents, Restricted Cash, Accounts Receivable, Other Tangible Current Assets and Prepaid Expenses. (4) Calculated as current portion of Long-Term Debt of $122mm plus Long-Term Debt Net of Current Portion of $8,109mm. www.ironmountain.com Selected metric definitions are available in the Appendix 34

Appendix 2017 Quarterly Results Based on New Reporting Segments I Q1 2017 Q2 2017 Q3 2017 Q4 2017 Full Year 2017 Section By Reporting Segment NA Records and Information Management Business II Section Storage Rental $298,183 $305,168 $308,822 $309,322 $1,221,495 Service 209,414 204,429 204,745 210,263 828,851 Total Revenues $507,597 $509,597 $513,567 $519,585 $2,050,346 III Adjusted EBITDA & Margin 209,530 41.3% 220,768 43.3% 224,882 43.8% 228,978 44.1% 884,158 43.1% Section NA Data Management Business Storage Rental $68,824 $68,735 $70,075 $68,782 $276,416 Service 32,010 30,942 31,155 31,117 125,224 IV Total Revenues $100,834 $99,677 $101,230 $99,899 $401,640 Section Adjusted EBITDA & Margin 55,270 54.8% 55,448 55.6% 56,433 55.7% 56,173 56.2% 223,324 55.6% Western European Business Storage Rental $71,567 $74,535 $78,012 $79,091 $303,205 V Section Service 48,505 47,331 50,070 52,631 198,537 Total Revenues $120,072 $121,866 $128,082 $131,722 $501,742 Adjusted EBITDA & Margin 34,142 28.4% 36,528 30.0% 43,464 33.9% 45,890 34.8% 160,024 31.9% VI Other International Business Section Storage Rental $117,615 $121,317 $125,903 $128,283 $493,118 Service 71,626 71,088 73,795 75,228 291,737 Total Revenues $189,241 $192,405 $199,698 $203,511 $784,855 VII Adjusted EBITDA & Margin 55,347 29.2% 56,166 29.2% 59,082 29.6% 55,835 27.4% 226,430 28.8% Section Global Data Center Business Storage Rental $5,858 $9,931 $7,761 $12,289 $35,839 Service 365 429 488 573 1,855 VIII Section Section Total Revenues $6,223 $10,360 $8,249 $12,862 $37,694 Adjusted EBITDA & Margin 1,506 24.2% 5,991 57.8% 1,077 13.1% 2,701 21.0% 11,275 29.9% Corporate and Other Business IX Storage Rental $10,232 $10,554 $10,517 $16,181 $47,484 Section Service 4,677 5,347 4,318 7,475 21,817 Total Revenues $14,909 $15,901 $14,835 $23,656 $69,301 Adjusted EBITDA (63,221) (56,847) (61,914) (63,033) (245,015) X Total Section Storage Rental $572,279 $590,240 $601,090 $613,948 $2,377,557 Service 366,597 359,566 364,571 377,287 1,468,021 Total Revenues $938,876 $949,806 $965,661 $991,235 $3,845,578 XI Section Adjusted EBITDA & Margin 292,574 31.2% 318,054 33.5% 323,024 33.5% 326,544 32.9% 1,260,196 32.8% www.ironmountain.com Selected metric definitions are available in the Appendix 35

Appendix Non-GAAP Measures and Definitions I Non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be Section important for investors to consider when evaluating our financial performance. These non-GAAP measures should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with accounting principles generally accepted in the United States of America (“GAAP”), such as operating income, income (loss) from continuing operations, net income (loss) or cash flows from operating II Section activities from continuing operations (as determined in accordance with GAAP). Adjusted Earnings Per Share, or Adjusted EPS III Section Adjusted EPS is defined as reported earnings per share fully diluted from continuing operations excluding: (i) (gain) loss on disposal/write-down of property, plant and equipment (excluding real estate), net; (ii) gain on sale of real estate, net of tax; (iii) intangible impairments; (iv) other (income) IV expense, net; (v) Significant Acquisition Costs (as defined below); and (vi) the tax impact of reconciling items and discrete tax items. Adjusted EPS Section includes income (loss) attributable to noncontrolling interests. We do not believe these excluded items to be indicative of our ongoing operating results, and they are not considered when we are forecasting our future results. We believe Adjusted EPS is of value to our current and potential V investors when comparing our results from past, present and future periods. Section Adjusted EBITDA and Adjusted EBITDA Margin VI Section Adjusted EBITDA is defined as income (loss) from continuing operations before interest expense, net, provision (benefit) for income taxes, depreciation and amortization, and also excludes certain items that we believe are not indicative of our core operating results, specifically: (i) (gain) loss on disposal/write-down of property, plant and equipment (excluding real estate), net; (ii) intangible impairments; (iii) other (income) expense, net; VII Section (iv) gain on sale of real estate, net of tax; and (v) Significant Acquisition Costs. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We use multiples of current or projected Adjusted EBITDA in conjunction with our discounted cash flow models to determine our estimated overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide our VIII Section Section current and potential investors with relevant and useful information regarding our ability to generate cash flow to support business investment. These measures are an integral part of the internal reporting system we use to assess and evaluate the operating performance of our business. IX Adjusted EBITDA excludes both interest expense, net and the provision (benefit) for income taxes. These expenses are associated with our Section capitalization and tax structures, which we do not consider when evaluating the operating profitability of our core operations. Finally, Adjusted EBITDA does not include depreciation and amortization expenses, in order to eliminate the impact of capital investments, which we evaluate by X comparing capital expenditures to incremental revenue generated and as a percentage of total revenues. Adjusted EBITDA and Adjusted EBITDA Section Margin should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, income (loss) from continuing operations, net income (loss) or cash flows from operating activities from continuing XI operations (as determined in accordance with GAAP). Section www.ironmountain.com Selected metric definitions are available in the Appendix 36

Appendix Non-GAAP Measures and Definitions (continued) Adjusted Funds From Operations, or AFFO I Section AFFO is defined as FFO (Normalized) excluding non-cash rent expense or income, plus depreciation on non-real estate assets, amortization expense of customer relationship value (CRV), intake costs, PUMVs, data center intangibles, other intangibles, deferred financing costs and II permanent withdrawal fees, stock-based compensation expense and the impact of reconciling to normalized cash taxes, less maintenance capital Section expenditures and non-real estate investments, excluding Significant Acquisition capital expenditures. We believe AFFO is a useful measure in determining our ability to generate excess cash that may be used for reinvestment in the business, discretionary deployment in investments such as III real estate or acquisition opportunities, returning capital to our stockholders and voluntary prepayments of indebtedness. Additionally AFFO is Section reconciled to cash flow from operations to adjust for real estate and REIT tax adjustments, Significant Acquisition Costs and other non-cash expenses. AFFO does not include adjustments for customer inducements, acquisition of customer relationships and investment in innovation as we IV consider these expenditures to be growth related. Section Funds From Operations, or FFO (Nareit), and FFO (Normalized) V Section Funds from operations (“FFO”) is defined by the National Association of Real Estate Investment Trusts ("Nareit") and us as net income (loss) excluding depreciation on real estate assets and gain on sale of real estate, net of tax (“FFO (Nareit)”). FFO (Nareit) does not give effect to real VI estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for Section well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net income VII (loss). Although Nareit has published a definition of FFO, modifications to FFO (Nareit) are common among REITs as companies seek to provide Section financial measures that most meaningfully reflect their particular business. Our definition of FFO (Normalized) excludes certain items included in FFO (Nareit) that we believe are not indicative of our core operating results, specifically: (i) (gain) loss on disposal/write-down of property, plant and VIII equipment (excluding real estate), net; (ii) intangible impairments; (iii) other (income) expense, net; (iv) Significant Acquisition Costs; (v) the tax Section impact of reconciling items and discrete tax items; (vi) (income) loss from discontinued operations, net of tax; and (vii) loss (gain) on sale of discontinued operations, net of tax. IX Section FFO (Normalized) per share FFO (Normalized) divided by weighted average fully-diluted shares outstanding. X Section Service Adjusted EBITDA Service Adjusted EBITDA is calculated by taking service revenues excluding terminations and permanent withdrawals less direct expenses and XI overhead allocated to the service business. Terminations and permanent withdrawals are excluded from this calculations as they are included in the Section Storage NOI calculation. www.ironmountain.com Selected metric definitions are available in the Appendix 37

Appendix Non-GAAP Measures and Definitions (continued) Service Adjusted EBITDAR I Section Service Adjusted EBITDA as defined above, excluding rent expense associated with the service business. This is provided to enable valuation of Service Adjusted EBITDA irrespective of whether the company’s properties are leased or owned. Related rent expense is provided in the II Components of Value slide. Section Storage Adjusted EBITDA III Section Storage Adjusted EBITDA is calculated by taking storage revenues including terminations and permanent withdrawal fees less direct expenses and overhead allocated to the storage business. IV Section V Section VI Section VII Section VIII Section Section IX Section X Section XI Section www.ironmountain.com Selected metric definitions are available in the Appendix 38

Appendix Other Definitions Average Stabilization Period – For racking projects, the stabilization period is 8 to 12 months. For new buildings it is 24 to 36 months, assuming I phased racking installations over three years. For business acquisitions it is 12 to 24 months, depending on the size of the transaction. Section Building Development Projects – The construction of new facilities, or three-wall additions. II Section Business Segments North American Records and Information Management Business (“RIM”) – Our North American Records and Information Management III Section Business segment provides records and information management services, including the storage of physical records, including media such as microfilm and microfiche, film, X-rays and blueprints, including healthcare information services, vital records services, service and courier operations, and the collection, handling and disposal of sensitive documents for corporate customers (“Records Management”); Destruction; and IV Section Information Governance and Digital Solutions throughout the United States and Canada; as well as fulfillment services and technology escrow services in the United States. V North American Data Management Business (“DM”) – Our North American Data Management Business segment provides storage and Section rotation of backup computer media as part of corporate disaster recovery plans, including service and courier operations (“Data Protection & Recovery”); server and computer backup services; and related services offerings, including our Iron Cloud solutions. VI Section Western European Business – Our Western European Business segment provides records and information management services, including Records Management, Data Protection & Recovery and Information Governance and Digital Solutions throughout Austria, Belgium, France, VII Germany, Ireland, the Netherlands, Spain, Switzerland and the United Kingdom (consisting of our operations in England, Northern Ireland and Section Scotland), as well as Information Governance and Digital Solutions in Sweden (the remainder of our business in Sweden is included in the Other International Business segment described on the following page). VIII Section Section IX Section X Section XI Section www.ironmountain.com Selected metric definitions are available in the Appendix 39

Appendix Other Definitions (continued) Other International Business – Our Other International Business segment provides records and information management services throughout I the remaining European countries in which we operate, Latin America, Asia and Africa. Our European operations included in this segment Section provide records and information management services, including Records Management, Data Protection & Recovery and Information Governance and Digital Solutions throughout Croatia, Cyprus, the Czech Republic, Denmark, Finland, Greece, Hungary, Norway, Poland, II Romania, Serbia, Slovakia, and Turkey; Records Management and Information Governance and Digital Solutions in Estonia, Latvia and Section Lithuania; and Records Management in Sweden. Our Latin America operations provide records and information management services, including Records Management, Data Protection & Recovery, Destruction and Information Governance and Digital Solutions throughout Argentina, Brazil, III Chile, Colombia, Mexico and Peru. Our Asia operations provide records and information management services, including Records Management, Section Data Protection & Recovery, Destruction and Information Governance and Digital Solutions throughout Australia and New Zealand, with Records Management and Data Protection & Recovery also provided in certain markets in China (including Taiwan and Macau), Hong Kong, India, IV Indonesia, Malaysia, the Philippines, Singapore, South Korea, Thailand and the United Arab Emirates. Our African operations provide Records Section Management, Data Protection & Recovery and Information Governance and Digital Solutions in South Africa. V Global Data Center Business – Our Global Data Center segment provides data center facilities to protect mission-critical assets and ensure the Section continued operation of our customers’ IT infrastructures, with secure and reliable colocation and wholesale options. As of June 30, 2018, we had data center operations in eight U.S. markets in the United States including: Phoenix, Arizona; Denver, Colorado; Kansas City, Missouri; Boston, VI Massachusetts; Edison, New Jersey; Columbus, Ohio; Boyers, Pennsylvania; and Manassas, Virginia and three international markets in Section Amsterdam, London, and Singapore. VII Corporate and Other – Our Corporate and Other Business segment primarily consists of the storage, safeguarding and electronic or physical Section delivery of physical media of all types and digital content repository systems to house, distribute, and archive key media assets, primarily for entertainment and media industry clients (“Entertainment Services”), throughout the United States, Canada, France, Hong Kong, the Netherlands VIII and the United Kingdom, as well as our fine art storage businesses and consumer storage businesses in the United States. These businesses, Section represent the primary product offerings of our Adjacent Businesses operating segment, costs related to executive and staff functions, including finance, human resources and IT, which benefit the enterprise as a whole. These costs are primarily related to the general management of these IX functions on a corporate level and the design and development of programs, policies and procedures that are then implemented in the individual Section segments, with each segment bearing its own cost of implementation. Our Corporate and Other Business segment also includes stock-based employee compensation expense associated with all stock options, restricted stock units, performance units and shares of stock issued under X our employee stock purchase plan. Section XI Section www.ironmountain.com Selected metric definitions are available in the Appendix 40

Appendix Other Definitions (continued) Capacity Measures (Excluding Data Center) I Section Building Capacity – The maximum number of cubic feet of records or standard DPUs that can be stored in a given facility. II Building Capacity Utilization – The number of cubic feet of records or standard DPUs in storage divided by the Building Capacity. Section Installed Racking Capacity – The storage capacity of the racking installed in a given facility. Capacity is generally measured in cubic feet or standard DPUs. III Section Installed Racking Capacity Utilization – The number of cubic feet of records or standard DPUs in storage divided by the Installed Racking Capacity. IV Section Capital Expenditures and Investments – Our business requires capital expenditures to support our expected storage rental revenue and service revenue growth and ongoing operations, new products and services and increased profitability. The majority of our capital goes to support business line V growth and our ongoing operations. Additionally, we invest capital to acquire or construct real estate. We also expend capital to support the Section development and improvement of products and services and projects designed to increase our profitability. These expenditures are generally relatively small and discretionary in nature. We categorize our capital expenditures as follows: VI Section Real Estate: Investment – Real estate assets that support core business growth primarily related to investments in land, buildings, building improvements, VII leasehold improvements and racking structures that expand our revenue capacity in existing or new geographies, replace a long-term Section operational obligation or create operational efficiencies (“Real Estate Investment”). Excludes data center investment. VIII Maintenance – Real estate assets necessary to maintain ongoing business operations primarily related to the repair or replacement of real Section estate assets such as buildings, building improvements, leasehold improvements and racking structures (“Real Estate Maintenance”). IX Section X Section XI Section www.ironmountain.com Selected metric definitions are available in the Appendix 41

Appendix Other Definitions (continued) Capital Expenditures and Investments (continued) I Section Non-Real Estate: II Investment – Non-real estate assets that either (i) support the growth of our business, and/or increase our profitability, such as customer- Section inventory technology systems, and technology service storage and processing capacity, or (ii) are directly related to the development of core products or services in support of our integrated value proposition and enhance our leadership position in the industry, including items such as III increased feature functionality, security upgrades or system enhancements (“Non-Real Estate Investment”). Section Maintenance – Non-real estate assets necessary to maintain ongoing business operations primarily related to the repair or replacement of customer-facing assets such as containers and shred bins, warehouse equipment, fixtures, computer hardware, or third-party or internally- IV Section developed software assets. This category also includes capital to support initiatives such as sales and marketing and information technology projects to support infrastructure requirements (“Non-Real Estate Maintenance”). V Data Center: Section Investment – Capital expenditures that support data center business growth, primarily related to investments in new construction of data center VI facilities (including the acquisition of land and development of facilities) or capacity expansion in existing buildings, as well as capital Section expenditures that are expected to support incremental improvements to our data center business, through either increasing revenue, improving operating efficiency, or extending the useful life of our real estate operating assets. VII Section Maintenance – Capital Expenditures necessary to maintain ongoing business operations at our data centers, including the re-configuration of existing assets. VIII Innovation and Growth Investment: Section Discretionary capital expenditures in significant new products and services in new, existing or adjacent business opportunities. IX Section X Section XI Section www.ironmountain.com Selected metric definitions are available in the Appendix 42

Appendix Other Definitions (continued) Components of Overhead I Allocated Overhead – Includes overhead expenses directly associated with storage and service business operations allocated as follows: Section Field Operation Costs – Allocated to storage and service operations based on percent of revenue. II Section Bad Debt Expenses – Allocated to storage and service operations based on percent of revenue. Transportation Costs – Allocated fully to service operations. III Section Corporate Overhead – Includes all other overhead expenses associated with business support functions, including: Executive, Legal, Real Estate/Facilities, Accounting, Financial Performance & Analysis, Treasury, Tax, Internal Audit, M&A, Security, Procurement, HR, REIT, Other IV G&A, Integration Costs, IT, Product Engineering and Product Management. Section Customer Turnover Overhead – Overhead associated with customer acquisition and retention including Sales, Marketing and Account V Management expenses. Section Constant Dollar Growth (C$) – The year-over-year growth rate excluding the impact of changes to foreign currency exchange rates. Constant currency growth rates are a non-GAAP measure calculated by translating the 2017 results at the 2018 constant dollar budget rates, which are set based on VI Section closing Fx rates on January 5th, 2018. Cumulative Investment to Date – Total spend to date since project approval. VII Section Customer Inducements – Represents Move Costs and Permanent Withdrawal Fees. VIII Data Center Business Definitions Section Leasable MW – Represents the amount of critical power capacity available for customer use, measured in megawatts. IX Leasable Sq. Ft. – Represents the amount of space available for customer use, measured in square feet. Primarily includes raised floor area, Section office area and storage area. Excludes support spaces dedicated for mechanical and electrical infrastructure and common areas such as roadways in our underground locations, corridors, lobbies, and loading/unloading areas. X Section Leased % Calculation – Calculated as the megawatts under contract divided by the leasable megawatts. XI Section www.ironmountain.com. Selected metric definitions are available in the Appendix 43

Appendix Other Definitions (continued) Data Center Business Definitions (Continued) I Section TCV – “Total Contract Value” represents total revenue contracted for active contracts through the contract term, not including renewals or extensions, but including fixed power charges. II Total MW - Total amount of existing and planned critical power capacity at full build-out, measured in megawatts. Section WALE – “Weighted Average Lease Expiry” (in years) is calculated on a revenue basis, using annual GAAP revenue of all in-place contracts, III excluding utility reimbursements. Section Destruction Rate – Calculated by dividing the total number of cubic feet of records removed from inventory due to destructions in a one-year period IV divided by the total number of cubic feet of records in storage at the beginning of the period. Section DPUs – Data protection units, a unit of measurement specific to our Data Protection storage services. V Estimated CuFt / DPUs – Estimated based on expected growth and consolidation, resulting from moving boxes from one facility to another. Section Historical Average NOI / CF or DPU – The quarterly annualized Storage NOI for a specific region (NA, Europe, Africa, Latin America, Asia) and VI product (Records Management or Data Protection). Section Internal Revenue Growth – Our internal revenue growth rate, which is a non-GAAP measure, represents the year-over-year growth rate of our VII revenues excluding the impact of business acquisitions, divestitures and foreign currency exchange rate fluctuations. Our internal revenue growth rate Section includes the impact of acquisitions of customer relationships. Investment in Current Period – Spend within the quarter being reported. VIII Section Section Lease Adjusted Leverage Ratio – The calculation for this ratio is net debt including the capitalized value of lease obligations plus six times rent expense divided by EBITDA plus rent expense. IX Section Net Volume Growth – New Records Management storage volume from existing customers, plus volume from new customers and volume from acquisitions, offset by volume related to destructions, permanent withdrawals and customer terminations. Quarterly percentages are calculated by X dividing the trailing four quarters’ total activity by the ending balance of the same prior-year period. Section XI Section www.ironmountain.com Selected metric definitions are available in the Appendix 44

Appendix Other Definitions (continued) Non-Cash Rent Expense – Calculated as rent expense less cash paid for rent. I Section Permanent Withdrawal Rate – Calculated by dividing the total number of cubic feet of records removed from inventory due to permanent withdrawals in a one-year period divided by the total number of cubic feet of records in storage at the beginning of the period. Permanent withdrawals occur when II records are permanently removed from inventory by customers for reasons other than the customer terminating its relationship. Section Racking Installations – Defined as any incremental racking spend on buildings constructed or operated prior to January 1, 2014. Racking projects are tracked from first dollar spent until completion, which is defined as when the first box is entered into storage. Racking spend on buildings constructed III Section subsequent to January 1, 2014 is included in Building Development Projects. REIT Countries – Countries where we operate that have been converted into a qualified REIT subsidiary and taxable REIT subsidiary structure, the IV group includes the following: Australia, Canada, Germany, Ireland, Mexico, Netherlands, Poland, Spain, United Kingdom and the United States. Section Significant Acquisition Capital Expenditures – Represents capitalized expenditures associated with the May 2, 2016 acquisition of Recall Holdings V Limited ("Recall") pursuant to the Scheme Implementation Deed, as amended with Recall (the "Recall Transaction") and the acquisition of IO Data Section Centers, LLC. VI Significant Acquisition Costs – Represents operating expenditures associated with (1) the May 2, 2016 acquisition of Recall Holdings Limited Section ("Recall") pursuant to the Scheme Implementation Deed, as amended with Recall (the "Recall Transaction") including: (i) advisory and professional fees to complete the Recall Transaction; (ii) costs associated with the divestments required in connection with receipt of regulatory approvals in connection VII with the Recall transaction (including transitional services); and (iii) costs to integrate Recall with our existing operations, including moving, severance, Section facility upgrade, REIT conversion and system upgrade costs, as well as certain costs associated with our shared service center initiative for our finance, human resources and information technology functions; and (2) the advisory and professional fees to complete the acquisition of IO Data Centers, LLC VIII Section Section Service Profit and Margin – The Gross Profit and Margin attributable to the worldwide service business. Calculated as follows: Services Adj. EBITDA + Allocated Overhead Expenses IX + Termination and Permanent Withdrawal Fees Section = Service Profit ($) / Total Service Revenues (including Termination and Permanent Withdrawal Fees) X = Service Margin (%) Section XI Section www.ironmountain.com Selected metric definitions are available in the Appendix 45

Appendix Other Definitions (continued) Storage Net Operating Income, or Storage NOI I Section Storage NOI is defined as revenue from rental activities (storage rental revenue, termination fees and permanent withdrawal fees) less storage rental costs. Storage rental costs include facility costs (excluding rent), storage rental labor, other storage costs and allocated overhead. Storage NOI is II commonly used in the REIT industry and enables investors to understand and value the income generated from the company’s real estate. Rent Section expense is excluded to enable valuation of this income irrespective of whether the company’s properties are leased or owned. Related rent expense is provided in the Components of Value slide. III Section Storage Profit and Margin – The Gross Profit and Margin attributable to the worldwide storage business. Calculated as follows: Storage Net Operating Income + Allocated Overhead Expenses IV - Storage Rent Section - Termination and Permanent Withdrawal Fees = Storage Profit ($) V / Total Storage Revenues (excluding Termination and Permanent Withdrawal Fees) Section = Storage Margin (%) Tangible Assets – Includes PP&E, cash and cash equivalents, restricted cash, accounts receivable, deferred income taxes, and prepaid expenses. VI Section Tax Rates VII Effective Tax Rate – GAAP tax rate for the period calculated as tax expense or benefit for the quarter (total of current and deferred tax Section provisions), including discrete items, and divided by profit before tax for the period. Structural Tax Rate – Estimated tax rate for the full fiscal year based on forecasted ordinary income and forecasted tax expense/benefit VIII Section Section excluding any significant unusual or infrequently occurring items (i.e., discrete items) and items recognized net of tax on the financials (i.e., discontinued operations). IX Section X Section XI Section www.ironmountain.com Selected metric definitions are available in the Appendix 46

Appendix Other Definitions (continued) Total Expected Investment – Is defined as follows: I Section Total Expected Investment for Racking Installations – The sum of expected investments for all approved racking projects, reported on a constant dollar basis. II Section Total Expected Investment for Building Development Projects – The sum of expected investments for all approved building projects, including the expected costs of approved racking installations, reported on a constant dollar basis. III Total Expected Investment for Global Data Center Business segment – Represents estimated amount of capital to be invested in data center Section development currently under construction measured in USD. IV Volume Retention Rate – One minus the result of dividing the total number of cubic feet of records removed from inventory due to customer Section terminations and destructions in a one-year period by the total number of cubic feet of records in storage at the beginning of the period. V Section VI Section VII Section VIII Section Section IX Section X Section XI Section www.ironmountain.com Selected metric definitions are available in the Appendix 47