Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws and is subject to the safe-harbor created by such Act. Forward-looking statements include our financial performance outlook and statements concerning our operations, economic performance, financial condition, goals, beliefs, future growth strategies, investment objectives, plans and current expectations, such as 2016 guidance, the expected total cost to integrate Recall Holdings Limited (“Recall”) with our company and expected synergies from the acquisition, strategic goals, and expected cost savings associated with the Transformation Initiative. 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 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; (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; (viii) our ability or inability to complete acquisitions on satisfactory terms and to integrate acquired companies efficiently; (ix) changes in the amount of our capital expenditures; (x) changes in the cost of our debt; (xi) the impact of alternative, more attractive investments on dividends; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) the performance of business partners upon whom we depend for technical assistance or management expertise outside the United States; (xiv) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xv) 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. 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 OIBDA, (2) Adjusted Earnings per Share, (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 or 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 of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful. www.ironmountain.comSelected metric definitions are available in the Appendix2 Safe Harbor Statement

Section I - Company Profile and Strategic Plan 4 - 5 Section II - Earnings Overview, Financial Highlights and Guidance 6 - 11 Section III - Operating Metrics 12 - 16 Section IV - Balance Sheets, Statements of Operations and Reconciliations 17 - 26 Section V - Storage Net Operating Income and Service Business 27 - 29 Section VI - Real Estate Metrics 30 - 35 Section VII - Debt Schedule and Capitaliz ation 36 - 37 Section VIII - Capital Expenditures and Investments 38 - 39 Section IX - Components of Value 40 Section X - Appendix 41 - 50 All figures except per share and facility counts in 000s unless noted All figures in reported dollars unless noted Figures may not foot due to rounding Investor Relations Contacts: Melissa Marsden, 617-535-8595 Senior Vice President, Investor Relations melissa.marsden@ironmountain.com Faten Freiha, 617-535-8404 Director, Investor Relations faten.freiha@ironmountain.com www.ironmountain.comSelected metric definitions are available in the Appendix3 Table of Contents

Iron Mountain is a global leader in enterprise storage with a high-return, real estate-based business model, yielding annualized revenue of over $3.7 billion. The company provides storage and information management services to a high-quality, diversified customer base across numerous industries and government organizations. Iron Mountain serves more than 220,000 customers, including approximately 94% of the Fortune 1000, and no single customer accounts for more than 1% of revenues. Iron Mountain provides storage and information management services in 45 countries on six continents, storing more than 670 million cubic feet of records in a portfolio of approximately 1,500 facilities totaling more than 88 million square feet of space. The company employs more than 26,000 people. Countries Served 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, predictable storage rental revenues, the company generates predictable, low-volatility growth in key metrics such as storage NOI and AFFO. This fundamental financial characteristic provides stability through economic cycles. Diversification of Total Revenues (As of 9/30/2016) Iron Mountain has the opportunity to invest capital at attractive returns both domestically and internationally. The company believes that there remains a large un-vended opportunity that can support sustained storage volumes in developed markets such as North America and high growth opportunities in emerging markets where customers are just beginning to outsource their storage of physical documents. Region Mix Product 9.0% 38.8% 61.2% Strong Track Record of Storage Rental Growth 66.7% $1,838 69.0% 26-year Compound North America Europe(1) Latin America Asia Pacific Records Mgmt Data Protection Shredding Other(2) Storage Service (1) (2) Includes South Africa. Includes Fulfillment Services, Document Management Services, Intellectual Property Management, Data Center, Consulting, Entertainment Services, Fine Art Storage, Consumer Storage and other ancillary services. ’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 Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix4 Annual Growth Rate 16.5% 7.3% 6.7% 14.4% 9.8% Company Profile

OUR DEVELOPED MARKETS Maintain continued Growth in Box and Tape Volume PLAN FOR GROWTH EMERGING MARKETS Expand Presence and Leverage Scale Emerging Markets to Represent 20% of Revenues by 2020 on a 2014 C$ basis ADJACENT BUSINESSES Adjacent Businesses to Represent 5% of Revenues by 2020 Added 3.6mm cubic feet of new volume before acquisitions Represents 17.1% of total revenue on 2014 C$ basis Good momentum with existing data center space and broke ground on new facility Transformation, Integration and Talent Recall synergies being achieved earlier Leverage Real Estate Platform to Create Long-Term Value Prioritizing investments for improved capital efficiency Progress as of September 30, 2016. We use non-GAAP metrics and financial measures in comparing our operating performance and highlights to our strategic goals because the non-GAAP metrics and financial measures are used in our strategic goals, rather than GAAP financial measures. We believe it is important to our investors for us to report progress against these strategic goals, and management’s compensation is aligned with these strategic goals, as noted in our proxy statement for our 2016 annual meeting of stockholders. ENABLERS GROWTH and VALUE PILLARS Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix5 Strategic Plan for Growth

Third Quarter Highlights • • On track with long-term and short-term financial and operating goals In support of our strategic plan, during the third quarter of 2016, we: Maintained strong customer retention and generated positive internal storage rental and volume growth in developed markets, Expanded our revenue from Emerging Markets (now Other International excluding Australia) to 17.1% of total revenue in the quarter on a 2014 constant dollar basis, demonstrating progress toward our goal to increase revenue from these markets to 20% by the end of 2020, and Achieved lease rate of approximately 85% in our Boston data center operation and broke ground on a new data center campus in Northern Virginia within our Adjacent Businesses segment. o o o • Additionally, we achieved strong internal storage rental revenue growth of 2.6% reflecting the solid underlying business fundamentals that support the continued durability of our storage rental business. We also actioned $68 million of 2017 run-rate Recall synergies and expect to action $100 million by year-end, which represents more than 85% of 2017 expected synergies. We further improved profitability through Transformation Initiative benefits, which continue to flow through 2016 results. Based upon the continued demonstration of growth and durability of cash flows, our board of directors declared a quarterly cash dividend of $0.550 per share for the fourth quarter, up 13% from our third quarter dividend per share of $0.485. • • • Financial Performance • Total reported revenues for the third quarter were $943 million, compared with $747 million in 2015. Year-to-date total reported revenues were $2.58 billion, compared with $2.26 billion in 2015. On a constant dollar (C$) basis, total revenue growth was 27.4% for the quarter and 16.7% year-to-date, primarily driven by the Recall acquisition, which closed on May 2, 2016. • Operating income for the third quarter of 2016 was $135 million, compared with $127 million in 2015. Year-to-date operating income was $362 million, compared with $401 million year-to-date in 2015. Operating Income in the third quarter of 2016 included $34 million of Recall Costs and $103 million year-to-date, compared with $15 million of Recall Costs in the third quarter of 2015 and $20 million year-to-date in 2015. • Adjusted OIBDA for the third quarter was $294 million, compared with $228 million in 2015. Year-to-date, Adjusted OIBDA was $791 million, compared with $682 million in 2015. On a C$ basis, Adjusted OIBDA increased by 30.5% for the quarter and 17.9% year-to-date. • GAAP EPS from Continuing Operations for the third quarter was $0.02 per diluted share compared with GAAP EPS from Continuing Operations of $0.11 per diluted share for the third quarter of 2015. Year-to-date GAAP EPS from Continuing Operations was $0.22 per diluted share compared with $0.56 per diluted share in 2015. 2016 GAAP EPS from Continuing Operations was impacted by the same Recall Costs that lowered operating income, and third quarter 2016 also included a $14 million charge associated with the required divestiture of certain legacy Australian records and information management businesses. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix6 Earnings Overview

• Adjusted EPS for the third quarter was $0.27 per diluted share, compared with $0.31 per diluted share in 2015. Adjusted EPS for the third quarter reflects a structural tax rate of 18.6%, compared with a structural tax rate of 16.5% in 2015. In addition, Adjusted EPS was impacted by increased depreciation and amortization expenses related to purchase price adjustments including depreciation of certain Recall racking structures. Year-to-date Adjusted EPS was $0.80 per diluted share, compared with $0.89 per diluted share in 2015. • Income from continuing operations for the third quarter was $6 million, compared with $24 million in 2015. For-year-to-date 2016 Income from continuing operations was $54 million, compared with $119 million in 2015. Income from continuing operations included $34 million of Recall Costs in the third quarter of 2016 and $103 million year-to-date, compared with $15 million of Recall Costs in the third quarter of 2015 and $20 million year-to-date in 2015. The third quarter of 2016 was also impacted by the $14 million charge. • FFO (Normalized) per share was $0.44 for the third quarter compared with $0.55 in 2015 and AFFO was $169 million for the third quarter compared with $134 million in 2015. On a year-to-date basis, FFO (Normalized) per share was $1.42 compared with $1.54 in 2015 and AFFO was $485 million compared with $403 million in 2015. Liquidity and Leverage • At September 30, 2016, we had liquidity of approximately $912 million, primarily under our revolving credit facility. Our net total lease adjusted leverage ratio was 5.7x at quarter end. We enhanced our debt structure through increasing exposure to long-term notes and shifting a greater percentage of debt to foreign jurisdictions, which creates a natural currency hedge and a tax-efficient structure. In September 2016, we issued CAD$250 million of 5.375% Senior Notes due 2023 and closed on an AUD$250 million Syndicated Term Loan B Facility, which matures in September 2022 and currently bears interest at 6.05%. • Guidance • We updated our guidance for 2016 FFO (Normalized) as a result of certain one-time cash items that are not excluded from FFO (Normalized). In addition, we introduced preliminary guidance for 2017. Details are available on pages 10 and 11. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix7 Earnings Overview

(1) See slide 28 for Storage Net Operating Income reconciliation. (2) In Q4 2015, we revised the reconciliation of FFO (NAREIT), FFO (Normalized) and AFFO to reconcile these Non-GAAP measures to consolidated net income, rather than net income attributable to Iron Mountain. We have revised the Q3 2015 reconciliation of FFO (NAREIT), FFO (Normalized) and AFFO to conform to current year presentation. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix8 Storage Rental$460,052$576,46525.3% $1,380,133$1,576,35814.2% Service286,477366,35727.9% 875,4161,000,90214.3% Total Re ve nue s$746,529$942,82226.3% $2,255,549$2,577,26014.3% Gross Prof it$428,866$513,01419.6% $1,289,949$1,425,69810.5% Gross Margin57.4%54.4%-300 bps 57.2%55.3%-190 bps Gross Prof it$428,866$513,01419.6% $1,289,949$1,425,69810.5% Less: Recall Costs included in Cost of Sales-4,457n/a -4,788n/a Adjusted Gross Prof it$428,866$517,47120.7% $1,289,949$1,430,48610.9% Adjusted Gross Prof it Margin57.4%54.9%-250 bps 57.2%55.5%-170 bps Storage and Se rvice Profit and M argin Storage Gross Prof it$347,197$425,36022.5% 1,059,1071,181,18511.5% Storage Gross Margin75.5%73.8%-170 bps 76.7%74.9%-180 bps Service Gross Prof it$81,669$92,11112.8% 230,842249,3018.0% Service Gross Margin28.5%25.1%-340 bps 26.4%24.9%-150 bps Storage Net Operating Income (NOI)(1)$368,838$470,47727.6% $1,120,727$1,290,93115.2% Operating Income$126,822$135,4546.8% $401,258$362,146(9.7%) Operating Income Margin17.0%14.4%-260 bps 17.8%14.1%-370 bps Adjusted OIBDA$227,835$294,20329.1% $682,281$790,78315.9% Adjusted OIBDA Margin30.5%31.2%70 bps 30.2%30.7%50 bps Income (Loss) f rom Continuing Operations$23,517$5,759(75.5%) $119,262$54,080(54.7%) Reported EPS - Fully Diluted f rom Continuing Operations$0.11$0.02(81.8%) $0.56$0.22(60.7%) Adjusted EPS$0.31$0.27(12.9%) $0.89$0.80(10.1%) Net Income (Loss)$23,517$7,800(66.8%) $119,262$57,708(51.6%) FFO (NAREIT)(2)$67,563$69,1302.3% $252,866$222,420(12.0%) FFO (Normalized)(2)$116,645$117,4940.7% $326,322$342,5045.0% FFO (Normalized) per Share(2)$0.55$0.44(20.0%) $1.54$1.42(7.8%) AFFO(2)$134,036$169,49626.5% $403,461$484,53220.1% Ordinary Dividends per Share$0.475$0.4852.1% $1.425$1.4552.1% Weighted Average Fully-diluted Shares Outstanding211,917264,50224.8% 212,081241,52013.9% % Change YTD 2016 YTD 2015 % Change Q3 2016 Q3 2015 Financial Highlights

Financial Performance Outlook(2) $MM (except per share items) AFFO $610 - $650 $610 - $650 Business and Customer Acquisitions $140 - $180 $140 - $180 Bridge to Full Ye ar Adjus te d OIBDA Guidance Recall Contribution $107 - $122 Total Adjus te d OIBDA Guidance $1,075 - $1,110 (1) Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful. The 2016 C$ Budget Rate was set in January 2016. Guidance for Adjusted EPS, FFO (Normalized) and FFO (Normalized) per share reflects our expected Recall purchase price adjustments. YOY growth compared to 2016 constant dollar (C$) budget rates; includes 1.5%-2.0% internal revenue growth. Assumes full year weighted average 247mm shares outstanding. Excludes $24mm of Recall Capex (2) (3) (4) (5) Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix10 Synergies net of Expected Divestitures $18 Standalone IRM 2016 Full Year Guidance $950 - $970 Adj. OIBDA Total Capital Expenditures and Investments (ex dividends) $630 - $670 $510 - $550 Real Estate Investment $320 $225 Non-Real Estate Investment $80 60(5) Real Estate and Non-Real Estate Maintenance $90 $85(5) 2016 Guidance as of 11/1/2016 2016 Guidance as of 8/4/2016 Revenue $3,450 - $3,550 $3,450 - $3,550 18% - 21% Adjusted OIBDA $1,075 - $1,110 $1,075 - $1,110 19% - 23% Adjusted EPS – Fully Diluted(4) $1.10 - $1.20 $1.10 - $1.20 (6%) - 3% FFO (Normalized) $530 - $555 $450 - $470 FFO (Normalized) per share(4) $2.15 - $2.25 $1.82 - $1.90 2016 C$ % Change YOY(3) 2016 R$ Guidance as of 11/1/2016 2016 C$ Guidance as of 8/4/2016 2016 Guidance Summary(1)

Financial Performance Outlook $MM (except per share items) FFO (Normalized) $555 - $620 AFFO $675 - $735 (1) Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful. YOY growth compared to 2016 reported dollar (R$) expected results; includes 1.5%-2.0% internal revenue growth. Assumes full year weighted average 265 mm shares outstanding. (2) (3) Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix11 FFO (Normalized) per share(3) $2.10 - $2.35 Revenue $3,750 - $3,870 6% - 12% Adjusted OIBDA $1,250 - $1,310 13% - 22% Adjusted EPS – Fully Diluted(3) $1.15 - $1.35 (4%) - 23% 2017 % Change YOY 2017 Guidance as of 11/1/2016 Preliminary 2017 Guidance Summary(1)

North America Western Europe Other International 29.2% 25.5% 61.9% Q4-14A Q1-15A Q2-15A Q3-15A Q4-15A Q1-16A Q2-16A Q3-16A 11.8% 11.6% 0.5% 0.8% 0.3% 25.5% 61.9% Q4-14A Q1-15A Q2-15A Q3-15A Q4-15A Q1-16A Q2-16A Q3-16A New Sales (2) Business Acquisitions New Volume from Existing Customers Destructions Outperm/Terms (1) Represents CuFt acquired at close. CuFt activity post close flows through new sales, new volume from existing customers, destructions, outperms / terms as appropriate. (2) Customer acquisitions are included in new sales as the nature of these transactions is similar to new customer wins. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix13 (1) 1.2%1.2%1.1%1.2% 11.5% 11.4% 0.5% 0.7% 1.0% 1.0% 1.7% 1.7% 1.6% 1.8% 1.8% 1.9% 1.7% 1.7% 5.1% 5.1% 5.2% 4.9% 5.0% 5.0% 5.1% 5.1% -4.6% -4.6% -4.5% -4.7% -4.8% -5.0% -5.1% -5.1% -1.7% -1.8% -1.8% -1.8% -1.6% -1.7% -1.6% -1.5% North America (420 CuFt MM) 27.6% 27.4% 3.6%3.5%2.8%2.7%2.3%3.2% 25.9% 1.5% 1.6% 1.6% 2.7% 1.0% 1.1% 0.7% 2.6% 2.4% 2.4% 2.6% 2.3% 2.5% 2.4% 5.9% 5.9% 5.9% 5.8% 5.8% 6.0% 6.2% 5.7% -4.4% -4.4% -4.4% -4.5% -4.6% -4.8% -4.8% -4.9% -1.9% -2.0% -2.1% -2.1% -2.1% -2.0% -2.1% -2.2% Percentage of Total Cubic Volume Total Iron Mountain (678 CuFt MM) Records Management Volume Growth

49.3% 12.5% 3.9%(1) 3.1% 3.0% 0.7% 25.5% 61.9% Q4-14A Q1-15A Q2-15A Q3-15A Q4-15A Q1-16A Q2-16A Q3-16A 86.9% 87.0%(1) 14.6% 6.0% 25.5% 61.9% Q4-14A Q1-15A Q2-15A Q3-15A Q4-15A Q1-16A Q2-16A Q3-16A (1) (2) (3) Variances from prior quarters reporting due to system enhancements and transfer of Norway from our Western European Business segment to our Other International Business segment. Represents CuFt acquired at close. CuFt activity post close flows through new sales, new volume from existing customers, destructions, outperms / terms as appropriate. Customer acquisitions are included in new sales as the nature of these transactions is similar to new customer wins. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix14 Business Acquisitions(2) New Sales (3) New Volume from Existing CustomersDestructionsOutperm/Terms 80.4% 17.5% 80.2% 9.5% 12.9% 8.2% 5.5% 9.6%8.4%(1) 2.4% 5.2% 4.8% 4.5% 1.4% 4.2% 4.0% 4.5% 4.1% 4.2% 10.5% 10.2% 9.9% 9.8% 9.6% 9.5% 9.9% 9.5% -3.6% -3.4% -3.4% -3.6% -4.2% -4.2% -4.3% -4.6% -3.0% -3.2% -3.4% -3.3% -3.3% -3.7% -3.2% -4.5% Other International (173 CuFt MM) (1) 37.8% 46.1% 5.7%5.4% 34.1% 1.8% 1.6% 3.0% 3.7% 0.7% 4.8% 4.4% 5.0% 4.7% 4.5% 4.4% 4.8% 5.5% 5.6% 5.5% 5.8% 5.4% 5.3% 5.1% 5.0% -4.2% -4.5% -4.6% -4.6% -4.4% -4.1% -3.9% -4.3% -2.3% -2.3% -2.6% -2.1% -2.2% -2.7% -2.1% -2.3% Percentage of Total Cubic Volume Western European (85 CuFt MM) (1) Records Management Volume Growth

Q3 Results (1) % Grow th - - = = NA Re cords and Inform ation M anage m e nt Service 171,998 201,928 17.4% (0.0)% 17.4% 18.2% (0.8)% Adjusted OIBDA 175,331 199,559 NA Data M anage m e nt Service 33,438 34,865 4.3% 0.7% 3.6% 14.8% (11.3)% Adjusted OIBDA 50,268 59,714 We s te rn Europe an(2) Service 38,374 48,251 25.7% (10.7)% 36.5% 36.9% (0.4)% Adjusted OIBDA 30,789 37,546 Othe r Inte rnational(2) Service 43,126 77,203 79.0% (4.0)% 83.0% 76.0% 6.9% Adjusted OIBDA 21,267 53,844 Corporate and Othe r Service (459) 4,109 (995.2)% 0.0% (995.2)% (1185.7)% 190.5% Adjusted OIBDA (49,820) (56,460) Total Service 286,477 366,357 27.9% (1.3)% 29.2% 29.8% (0.5)% Adjusted OIBDA 227,835 294,203 (1) 2015 and 2016 results exclude Recall Costs. (2) Variances from Q3 2015 reported results due to reclassification of Norway from the Western European Business segment to the Other International Business segment. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix15 Total Revenues $746,529 $942,822 26.3% (1.1)% 27.4% 26.0% 1.4% Storage Rental $460,052 $576,465 25.3% (1.0)% 26.3% 23.7% 2.6% Total Revenues $5,577 $15,499 177.9% 0.0% 177.9% 143.8% 34.1% Storage Rental $6,036 $11,390 88.7% 0.0% 88.7% 76.0% 12.7% Adjusted OIBDA Margin 20.6% 27.3% Total Revenues $103,327 $197,084 90.7% (2.9)% 93.6% 84.0% 9.7% Storage Rental $60,201 $119,881 99.1% (2.1)% 101.2% 89.6% 11.6% Adjusted OIBDA Margin 31.1% 30.6% Total Revenues $99,003 $122,785 24.0% (11.3)% 35.3% 35.3% 0.0% Storage Rental $60,629 $74,534 22.9% (11.6)% 34.5% 34.3% 0.3% Adjusted OIBDA Margin 51.6% 55.6% Total Revenues $97,385 $107,477 10.4% 1.2% 9.3% 11.7% (2.4)% Storage Rental $63,947 $72,612 13.6% 1.3% 12.2% 10.1% 2.2% Adjusted OIBDA Margin 39.7% 39.9% Total Revenues $441,237 $499,977 13.3% (0.2)% 13.5% 13.1% 0.4% Storage Rental $269,239 $298,049 10.7% (0.3)% 11.0% 9.8% 1.1% Inte rnal Grow th Im pact of Acquis itions and Dis pos itions Cons tant Curre ncy Im pact of FX Rate Change s and Adjus tm e nts Re porte d Q3 2016 Q3 2015 Quarterly Operating Performance

Year to Date Results (1) % Grow th - - = = NA Re cords and Inform ation M anage m e nt Service 523,772 572,945 9.4% (0.7)% 10.1% 9.2% 0.9% Adjusted OIBDA 533,598 565,254 NA Data M anage m e nt Service 102,353 99,488 (2.8)% 0.1% (2.9)% 7.7% (10.7)% Adjusted OIBDA 152,178 170,255 We s te rn Europe an(2) Service 116,725 130,933 12.2% (5.8)% 18.0% 22.6% (4.6)% Adjusted OIBDA 87,146 102,765 Othe r Inte rnational(2) Corporate and Othe r Service 1,054 12,348 1071.5% 0.0% 1071.5% 869.8% 201.7% Adjusted OIBDA (153,784) (164,842) Total Service 875,416 1,000,902 14.3% (2.7)% 17.0% 17.2% (0.2)% Adjusted OIBDA 682,281 790,783 (1) 2015 and 2016 results exclude Recall Costs. (2) Variances from YTD 2015 reported results due to reclassification of Norway from the Western European Business segment to the Other International Business segment. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix16 Total Revenues $2,255,549 $2,577,260 14.3% (2.4)% 16.7% 15.3% 1.3% Storage Rental $1,380,133 $1,576,359 14.2% (2.2)% 16.4% 14.1% 2.3% Total Revenues $14,803 $45,089 204.6% 0.0% 204.6% 163.9% 40.7% Storage Rental $13,749 $32,741 138.1% 0.0% 138.1% 103.9% 34.2% Storage Rental $185,866 $278,907 50.1% (13.4)% 63.5% 53.6% 9.9% Service 131,512 185,187 40.8% (14.4)% 55.3% 47.5% 7.8% Total Revenues $317,378 $464,094 46.2% (13.9)% 60.1% 51.1% 9.0% Adjusted OIBDA 63,143 117,351 Adjusted OIBDA Margin 19.9% 25.3% Adjusted OIBDA Margin 29.4% 30.7% Total Revenues $296,337 $334,859 13.0% (6.3)% 19.3% 20.6% (1.3)% Storage Rental $179,612 $203,926 13.5% (6.6)% 20.1% 19.3% 0.8% Adjusted OIBDA Margin 51.7% 55.4% Total Revenues $294,220 $307,090 4.4% 0.6% 3.8% 6.4% (2.6)% Storage Rental $191,867 $207,602 8.2% 0.9% 7.3% 5.6% 1.7% Adjusted OIBDA Margin 40.0% 39.6% Total Revenues $1,332,811 $1,426,128 7.0% (0.7)% 7.7% 7.0% 0.8% Storage Rental $809,039 $853,183 5.5% (0.8)% 6.2% 5.5% 0.7% Inte rnal Grow th Im pact of Acquis itions and Dis pos itions Cons tant Curre ncy Im pact of FX Rate Change s and Adjus tm e nts Re porte d YTD 2016 YTD 2015 Year-to-Date Operating Performance

ASSETS Current Assets: 12/31/2015 9/30/2016 Accounts Receivable, Net 564,401 700,238 Total Current Assets 857,912 1,467,341 Property, Plant and Equipment 4,744,236 5,574,805 Property, Plant and Equipment, Net 2,497,158 3,166,528 Goodw ill 2,360,978 3,861,810 Total Other Assets, Net 2,995,517 5,271,047 LIABILITIES AND EQUITY Current Portion of Long-term Debt $88,068 $121,203 Total Current Liabilities 841,831 1,024,027 Other Long-term Liabilities 222,539 392,611 Total Liabilitie s $5,821,980 $7,754,662 Total Stockholders' Equity $508,841 $2,124,693 Total Equity 528,607 2,150,254 Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix17 Total Liabilitie s and Equity $6,350,587 $9,904,916 Noncontrolling Interests 19,766 25,561 Equity Total Long-term Liabilities 4,980,149 6,730,635 Long-term Debt, Net of Current Portion 4,757,610 6,338,024 Other Current Liabilities 753,763 902,824 Current Liabilities: Total Assets $6,350,587 $9,904,916 Other Non-current Assets, Net: 634,539 1,409,237 Other Assets, Net: Less: Accumulated Depreciation (2,247,078) (2,408,277) Property, Plant and Equipment: Other Current Assets 165,130 308,975 Cash and Cash Equivalents $128,381 $458,128 Consolidated Balance Sheets

(1) Includes $4.5mm and $4.8mm of Recall Costs in Q3 2016 and YTD 2016, respectively. (2) Includes $14.7mm and $29.7mm of Recall Costs in Q3 2015 and Q3 2016, respectively. Also, includes $20.3mm and $98.1mm of Recall Costs in YTD 2015 and YTD 2016, respectively. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix18 Revenues: Storage Rental $460,052 $576,465 25.3% $1,380,133 $1,576,358 14.2% Service 286,477 366,357 27.9% 875,416 1,000,902 14.3% Total Re ve nue s $746,529 $942,822 26.3% $2,255,549 $2,577,260 14.3% Ope rating Expe ns e s : Cost of Sales (excluding Depreciation and Amortization)(1) 317,663 429,808 35.3% 965,600 1,151,562 19.3% Selling, General and Administrative(2) 215,693 252,944 17.3% 627,992 737,787 17.5% Depreciation and Amortization 86,492 124,670 44.1% 259,992 326,896 25.7% Loss (Gain) on Disposal/Write-Dow n of PP&E (excluding Real Estate), Net (141) (54) (61.7)% 707 (1,131) n/a Total Ope rating Expe ns e s 619,707 807,368 30.3% 1,854,291 2,215,114 19.5% Ope rating Incom e (Los s ) $126,822 $135,454 6.8% $401,258 $362,146 (9.7)% Interest Expense, Net 65,135 83,300 27.9% 196,120 225,228 14.8% Foreign Currency Transaction (Gain) / Loss 32,539 10,685 (67.2)% 56,461 15,337 (72.8)% Debt Extinguishment Expense 2,156 - n/a 2,156 9,283 n/a Other Expense (Income), Net 551 12,617 n/a 982 12,387 n/a Income (Loss) bef ore Provision (Benef it) f or Income Taxes and Gain on Sale of Real Estate 26,441 28,852 9.1% 145,538 99,912 (31.4)% Provision (Benef it) f or Income Taxes 3,774 23,418 n/a 27,126 46,157 70.2% (Gain) Loss f rom Sale of Real Estate, Net of Tax (850) (325) (61.8)% (850) (325) (61.8)% Income (Loss) f rom Continuing Operations 23,517 5,759 (75.5)% 119,262 54,080 (54.7)% Income (Loss) f rom Discontinued Operations, Net of Tax - 2,041 n/a - 3,628 n/a Net Income (Loss) 23,517 7,800 (66.8)% 119,262 57,708 (51.6)% Less: Net Income (Loss) Attributable to Noncontrolling Interests 407 720 76.9% 1,727 1,822 5.5% Ne t Incom e (Los s ) Attributable to Iron M ountain Incorporate d $23,110 $7,080 (69.4)% $117,535 $55,886 (52.5)% Earnings (Losses) per Share - Basic: Income (Loss) f rom Continuing Operations $0.11 $0.02 (81.8)% $0.57 $0.22 (61.4)% Total Income (Loss) f rom Discontinued Operations - $0.01 n/a - $0.02 n/a Income (Loss) Attributable to Iron Mountain Incorporated $0.11 $0.03 (72.7)% $0.56 $0.23 (58.9)% Earnings (Los s e s ) pe r Share - Dilute d: Income (Loss) f rom Continuing Operations $0.11 $0.02 (81.8)% $0.56 $0.22 (60.7)% Total Income (Loss) f rom Discontinued Operations - $0.01 n/a - $0.02 n/a Net Income (Loss) Attributable to Iron Mountain Incorporated $0.11 $0.03 (72.7)% $0.55 $0.23 (58.2)% Weighted Average Common Shares Outstanding - Basic 210,912 263,269 24.8% 210,616 240,394 14.1% Weighted Average Common Shares Outstanding - Diluted 211,917 264,502 24.8% 212,081 241,520 13.9% % Change YTD 2016 YTD 2015 % Change Q3 2016 Q3 2015 Consolidated Statements of Operations

(1) (2) (3) Net of tax provision of $0.3mm and $0.6mm for Q3 2016 and YTD 2016, respectively. Net of tax provision of $0.1mm for each of Q3 2016 and YTD 2016. Net of tax provision of $0.2mm for each of Q3 2015 and YTD 2015. Includes realized and unrealized FX (gains) losses. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix19 Ne t Incom e (Los s ) Attributable to Iron M ountain Incorporate d $23,110 $7,080 (69.4)% $117,535 $55,886 (52.5)% Add: Net Income (Loss) Attributable to Noncontrolling Interests 407 720 76.9% 1,727 1,822 5.5% Loss (Income) f rom Discontinued Operations, Net of Tax(1) - (2,041) n/a - (3,628) n/a Gain on Sale of Real Estate, Net of Tax(2) (850) (325) (61.8)% (850) (325) (61.8)% Provision (Benef it) f or Income Taxes 3,774 23,418 n/a 27,126 46,157 70.2% FX (Gains) Losses(3) 32,539 10,685 (67.2)% 56,461 15,338 (72.8)% Debt Extinguishment Expense 2,156 - n/a 2,156 9,283 n/a Other Expense (Income), Net 551 12,616 n/a 982 12,386 n/a Interest Expense, Net 65,135 83,300 27.9% 196,120 225,228 14.8% Ope rating Incom e (Los s ) $126,822 $135,453 6.8% $401,258 $362,147 (9.7)% Depreciation and Amortization 86,492 124,670 44.1% 259,992 326,896 25.7% Loss (Gain) on Disposal/Write-Dow n of PP&E (excluding Real Estate), Net (141) (54) (61.7)% 707 (1,131) n/a Recall Costs 14,662 34,133 n/a 20,324 102,872 n/a Adjus te d OIBDA $227,835 $294,203 29.1% $682,281 $790,783 15.9% % Change YTD 2016 YTD 2015 % Change Q3 2016 Q3 2015 Reconciliation of Operating Income to Adjusted OIBDA

(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, 2015 and 2016, respectively, is primarily due to (i) 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) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the three and nine months ended September 30, 2015 and 2016 was 16.5% and 18.6%, respectively. Section SecSteioctnion Section VIII Section VII Section VI Section V Section IV Section III Section II Section I X IX IX www.ironmountain.comSelected metric definitions are available in the Appendix20 Re porte d EPS - Fully Dilute d from Continuing Ope rations $ 0.11 $ 0.02 (81.8)% $ 0.56 $ 0.22 (60.0)% Add: Income (Loss) Attributable to Noncontrolling Interests - - n/a - - n/a Recall Costs 0.07 0.13 85.7% 0.10 0.43 n/a Other (Income) Expense, Net 0.17 0.09 (47.1)% 0.28 0.15 (45.3)% (Loss) Gain on Sale of Real Estate, Net of Tax - - n/a - - n/a Tax Impact of Reconciling Items and Discrete Tax Items(1) (0.04) 0.03 n/a (0.05) 0.01 n/a Adjus te d EPS - Fully Dilute d from Continuing Ope rations $ 0.31 $ 0.27 (12.9)% $ 0.89 $ 0.80 (10.1)% % Change YTD 2016 YTD 2015 % Change Q3 2016 Q3 2015 Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share

(1) (2) Net of tax provision of $0.1mm for each of Q3 2016 and YTD 2016. Net of tax provision of $0.2mm for each of Q3 2015 and YTD 2015. In Q4 2015, we revised the reconciliation of FFO (NAREIT), FFO (Normalized) and AFFO to reconcile these non-GAAP measures to consolidated net income, rather than net income attributable to Iron Mountain. We have revised the Q3 2015 reconciliation of FFO (NAREIT), FFO (Normalized) and AFFO to conform to current year presentation. Includes realized and unrealized FX (gains) losses. Excludes realized and unrealized FX (gains) losses. Includes the impact of the repatriation of foreign earnings and accounting method changes related to the REIT conversion (including the impact of amended tax returns); excludes current cash taxes of $4,459 in Q3 2015, $30,395 in Q3 2016, $34,301 YTD 2015 and $61,193 YTD 2016. Reflects amortization of customer acquisition intangibles, transportation and permanent withdrawal fees in addition to amortization of deferred financing charges. Q3 2015 non-cash rent expense (income) was adjusted to exclude cash receipts and other changes in deferred rent which did not have an impact on net income in such period. Represents actual cash taxes less current tax provision and other one-time cash tax items. (3) (4) (5) (6) (7) (8) Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix21 Ne t Incom e $23,517 $7,800 (66.8)% $119,262 $57,708 (51.6)% Add: Real Estate Depreciation 44,896 61,655 37.3% 134,454 165,037 22.7% Gain on Sale of Real Estate, Net of Tax(1) (850) (325) (61.8)% (850) (325) (61.8)% FFO (NAREIT)(2) $67,563 $69,130 2.3% $252,866 $222,420 (12.0)% Add: Loss (Gain) on Disposal/Write-Dow n of PP&E (excluding Real Estate), Net (141) (54) (61.7)% 707 (1,131) n/a FX Losses (Gains)(3) 32,539 10,685 (67.2)% 56,461 15,338 (72.8)% Early Extinguishment of Debt(4) 2,156 - n/a 2,156 9,283 n/a Other Expense (Income), Net 551 12,616 n/a 982 12,386 n/a Def erred Income Taxes and REIT Tax Adjustments(5) (685) (6,976) n/a (7,175) (15,035) n/a Loss (Income) f rom Discontinued Operations, Net of Tax - (2,041) n/a - (3,628) n/a Recall Costs 14,662 34,133 n/a 20,324 102,872 n/a FFO (Norm alize d)(2) $116,645 $117,494 0.7% $326,322 $342,504 5.0% Add: Non-Real Estate Depreciation 30,585 36,706 20.0% 92,043 102,243 11.1% Amortization Expense(6) 13,093 29,899 n/a 39,938 68,857 72.4% Non-Cash Rent Expense (Income)(7)(572) 389 n/a (2,969) (970) (67.3)% Non-Cash Equity Compensation Expense (Income) 6,159 5,957 (3.3)% 20,936 21,870 4.5% Reconciliation to Normalized Cash Taxes(8) (3,541) 12,563 n/a 6,301 27,047 n/a Less: Non-Real Estate Investment 10,633 16,116 51.6% 34,956 33,755 (3.4)% Real Estate and Non-Real Estate Maintenance CapEx 17,700 22,267 25.8% 44,154 50,203 13.7% Recall Integration Capex Included Above - (4,871) n/a - (6,939) n/a AFFO(2) $134,036 $169,496 26.5% $403,460 $484,532 20.1% Pe r Share Am ounts (Fully Dilute d Share s ) FFO (NAREIT) $0.32 $0.26 (18.8)% $1.19 $0.92 (22.7)% FFO (Normalized) $0.55 $0.44 (20.0)% $1.54 $1.42 (7.8)% Weighted Average Common Shares Outstanding - Basic 210,912 263,269 24.8% 210,616 240,394 14.1% Weighted Average Common Shares Outstanding - Diluted 211,917 264,502 24.8% 212,081 241,520 13.9% % Change YTD 2016 YTD 2015 % Change Q3 2016 Q3 2015 Reconciliation of Net Income to FFO & AFFO

(1) (2) (3) Includes actual cash taxes less current tax provision and other one-time cash tax items. Working capital adjustments in Q3 2016 are driven primarily by changes in tax or other long term receivables, accounts payable, accrued interest and accrued payroll. Other includes large volume account amortization and tax-related benefits related to option exercise. Section SecSteioctnion Section VIII Section VII Section VI Section V Section IV Section III Section II Section I X IX IX www.ironmountain.comSelected metric definitions are available in the Appendix22 Cas h Flow from Continuing Ope rations 140,357 213,347 52.0% 320,095 418,952 30.9% Adjust f or: Tax on Gain f rom Disposition of Real Estate 209 34 (83.6)% 209 34 (83.7)% REIT Tax Adjustments(1) 544 5,318 n/a 3,142 7,161 n/a Reconciliation to Normalized Cash Taxes (3,541) 12,563 n/a 6,301 27,047 n/a Recall Cost Addback 14,662 34,133 n/a 20,324 102,872 n/a Working Capital Adjustments(2) 19,391 (59,551) n/a 117,032 16,738 (85.7%) Non-Cash Rent Expense (572) 389 n/a (2,969) (970) (67.3%) Non-Real Estate Investment CapEx (10,633) (16,116) 51.6% (34,956) (33,755) (3.4)% Real Estate and Non-Real Estate Maintenance CapEx (17,700) (22,267) 25.8% (44,154) (50,203) 13.7% Recall Integration Capex - 4,871 n/a - 6,939 n/a Loss on Early Extinguishment of Debt (2,156) - n/a (2,156) - n/a FX and Other(3) (6,524) (3,227) (50.5)% 20,594 (10,282) n/a AFFO $134,036 $169,495 26.5% $403,461 $484,532 20.1% % Change YTD 2016 YTD 2015 % Change Q3 2016 Q3 2015 Reconciliation of Cash Flow from Operations to AFFO

Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix27 Total Storage Re ve nue$460,052$576,46525.3% $1,380,133$1,576,35814.2% Add: Permanent w ithdraw al f ees6,8975,630(18.4%) 19,75016,102(18.5%) Adjus te d Storage Re ve nue$466,949$582,09624.7% $1,399,883$1,592,46013.8% Total Se rvice Re ve nue$286,477$366,35727.9% $875,416$1,000,90214.3% Less: Permanent w ithdraw al f ees(6,897)(5,630)(18.4%) (19,750)(16,102)(18.5%) Adjusted Service Revenue$279,580$360,72729.0% $855,666$984,80015.1% Storage Cos t of Sale s (COS) Storage COS excluding rent62,47477,77524.5% 171,724203,78318.7% Storage Rent50,37873,32945.6% 149,302191,38928.2% Total Storage COS112,852151,10433.9% 321,026395,17223.1% Service Cost of Sales (COS) Service COS excluding rent202,864269,68432.9% 638,841741,70616.1% Service Rent1,9454,562n/a 5,7339,89572.6% Total Se rvice COS204,809274,24633.9% 644,574751,60016.6% Recall Cost of Sales Expenses-4,457n/a -4,788n/a Total COS$317,663$429,80835.3% $965,600$1,151,56219.3% SG&A Cos ts Storage Overhead35,63733,844(5.0%) 107,43297,746(9.0%) Service Overhead25,15023,848(5.2%) 76,73368,926(10.2%) Corporate Overhead86,166105,00421.9% 262,544297,70013.4% Recall Costs Included in SG&A14,66129,676n/a 20,32498,084n/a Sales and Marketing54,08060,57212.0% 160,959175,3318.9% Total SG&A$215,694$252,94417.3% $627,992$737,78717.5% % Change YTD 2016 YTD 2015 % Change Q3 2016 Q3 2015 Storage and Service NOI Reconciliation

(1) Includes Data Center, Fine Art Storage, Consumer Storage, Intellectual Property Management, Digital Storage, Fulfillment Services, Document Management Services, Entertainment Services and other ancillary services. Includes Rent Expense, Building Maintenance, Property Taxes, Utilities and Insurance costs. Q3 2015 Storage Rental Labor Costs reflect true-ups of accruals for incentive compensation and workers compensation claims. Refer to page 27 and appendix for overhead allocations and definitions. (2) (3) (4) Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix28 Re ve nue from Storage Re ntal Activitie s Records Management $361,290 $456,850 26.4% $1,088,926 $1,239,433 13.8% Data Protection 74,719 85,844 14.9% 224,613 243,739 8.5% Other(1) 24,043 33,772 40.5% 66,594 93,186 39.9% Total Storage Rental 460,052 576,465 25.3% 1,380,133 1,576,358 14.2% Terminations/Permanent Withdraw al Fees 6,897 5,630 (18.4)% 19,750 16,102 (18.5)% Total Re ve nue from Adjus te d Storage Re ntal Activitie s $466,949 $582,096 24.7% $1,399,883 $1,592,460 13.8% Less: Storage Rental Expenses Facility Costs(2) 102,206 136,976 34.0% 304,290 361,157 18.7% Storage Rental Labor(3) 1,404 4,557 n/a 2,599 12,152 n/a Other Storage Rental Expenses 9,242 9,571 3.6% 14,137 21,863 54.7% Storage Cost of Sales 112,852 151,104 33.9% 321,026 395,172 23.1% Allocated Overhead(4) 35,637 33,844 (5.0)% 107,432 97,746 (9.0)% Total Storage Re ntal Expe ns e s 148,489 184,948 24.6% 428,458 492,918 15.0% Storage Rent 50,378 73,329 45.6% 149,302 191,389 28.2% Storage Re ntal Expe ns e s (e xcluding Storage Re nt) $98,111 $111,619 13.8% $279,156 $301,529 8.0% Storage Ne t Ope rating Incom e $368,838 $470,477 27.6% $1,120,727 $1,290,931 15.2% Storage Net Operating Income Margin 79.0% 80.8% 180 bps 80.1% 81.1% 100 bps % Change YTD 2016 YTD 2015 % Change Q3 2016 Q3 2015 Storage Net Operating Income (NOI)

(1) Includes Fulfillment Services, Document Management Services, Intellectual Property Management, Data Center, Consulting, Entertainment Services, Fine Art Storage, Consumer Storage and other ancillary services. Includes Building Maintenance, Property Taxes, Utilities, Facility Rent and Insurance costs for shredding, imaging and other services. Refer to page 27 and appendix for overhead allocations and definitions. (2) (3) Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix29 Service Revenues$286,477$366,35727.9% $875,416$1,000,90214.3% Less: Terminations/Permanent Withdraw al Fees6,8975,630(18.4)% 19,75016,102(18.5)% Adjusted Service Revenue$279,580$360,72729.0% $855,666$984,80015.1% Less: Service Expenses Facility Costs(2)2,8199,559n/a 15,54622,49244.7% Service Labor157,501194,90223.7% 481,790548,90313.9% Other Service Expenses44,48969,78656.9% 147,238180,20622.4% Service Cost of Sales204,809274,24633.9% 644,574751,60016.6% Allocated Overhead(3)25,15023,848(5.2)% 76,73368,926(10.2)% Total Service Expenses229,958298,09429.6% 721,308820,52713.8% Total Se rvice Adjus te d OIBDA$49,622$62,63326.2% $134,358$164,27322.3% Total Service Adjusted OIBDA Margin17.7%17.4%-40 bps 15.7%16.7%100 bps Service Rent1,9454,562n/a 5,7339,89572.6% Total Se rvice Adjus te d OIBDAR$51,567$67,19430.3% $140,091$174,16824.3% Total Service Adjusted OIBDAR Margin18.4%18.6%20 bps 16.4%17.7%130 bps % Change YTD 2016 YTD 2015 % Change Q3 2016 Q3 2015 Se rvice Ope rations Re ve nue by Product Line Records Management$143,758$170,05518.3% $448,513$479,3716.9% Data Protection42,97144,9884.7% 129,577128,087(1.1)% Shredding60,23089,95149.3% 178,494233,03530.6% Other(1)39,51861,36355.3% 118,832160,40935.0% Total Se rvice Re ve nue$286,477$366,35727.9% $875,416$1,000,90214.3% % Change YTD 2016 YTD 2015 % Change Q3 2016 Q3 2015 Service Business Detail

(000s, except for number of buildings) Top Ten Markets Owned, United States Sq. Feet Owned Boston 1,428 Chicago 1,282 Houston 917 Baltimore / Washington 777 Philadelphia 676 Top Ten Markets Owned, International Sq. Feet Owned Paris, France 807 Buenos Aires, Argentina 470 Toronto, Canada 414 Edinburgh, UK 289 Calgary, Canada 270 (1) (2) (3) (4) Includes real estate held in joint ventures. Adjustments to previous periods due to refinements to real estate basis and reclassification of multiple adjoining facilities into single buildings. Includes South Africa. Out of the 25 leased building additions and expansions, 14 were the result of acquiring leases in business acquisitions. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix32 Singapore, Singapore274 Lima, Peru302 Mexico City, Mexico452 Montreal, Canada552 London, UK1,102 San Francisco Bay Area770 New York825 Los Angeles1,012 Dallas1,359 Northern New Jersey2,144 As of 6/30/2016 Adjus te d(2) Ow ne d Facilitie s North Am e rica19821,500 Le as e d Facilitie s 58535,630 Total 78357,130 Europe(3)613,619 29811,968 35915,587 Latin America361,914 944,991 1306,906 Asia Pacif ic8465 2018,133 2098,597 Inte rnational1055,998 59325,092 69831,090 Total30327,4991,17860,7221,48188,221 Q3 2016 Additions & Expans ions Ow ne d Facilitie s North Am e rica2214 Le as e d Facilitie s (4) 8519 Total 10733 Europe(3)--10150 10150 Latin America---- --Asia Pacif ic--7103 7103 Inte rnational--17253 17253 Q3 2016 Dis pos itions & M ove Outs Ow ne d Facilitie s North Am e rica--Le as e d Facilitie s (12)(537) Total (12)(537) Europe(3)--(5)(139) (5)(139) Latin America--(1)(178) (1)(178) Asia Pacif ic--(1)(20) (1)(20) Inte rnational--(7)(337) (7)(337) As of 9/30/2016 Ow ne d Facilitie s North Am e rica20021,715 Le as e d Facilitie s 58135,612 Total 78157,327 Europe(3)613,619 30311,979 36415,599 Latin America361,914 934,813 1296,728 Asia Pacif ic8465 2078,216 2158,680 Inte rnational1055,998 60325,008 70831,007 Total %20.5%31.4%79.5%68.6% Total30527,7131,18460,6201,48988,333 Sq. Ft. Buildings Sq. Ft. Buildings Sq. Ft. Buildings Total--(19)(874)(19)(874) Sq. Ft. Buildings Sq. Ft. Buildings Sq. Ft. Buildings Total22142577227986 Sq. Ft. Buildings Sq. Ft. Buildings Sq. Ft. Buildings Sq. Ft. Buildings Sq. Ft. Buildings Sq. Ft. Buildings Global Real Estate Portfolio(1)

Square Footage by Region North Am e rica Latin Am e rica As ia Pacific Europe Total Annualized Revenue from Rental Activities and Storage NOI per Racked Square Foot(2) Re ve nue NOI North Am e rica Data Protection $ per Sq Ft $355.77 $321.52 Latin Am e rica $34.09 $28.01 (1) (2) (3) Includes loading docks, unracked space, office space, common areas, as well as space in service-related facilities. Excludes Revenue and NOI associated with Intellectual Property Management, Fulfillment Services, Data Center, Entertainment Services, Fine Art Storage, Consumer Storage and other ancillary services. Includes South Africa. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix33 As ia Pacific $37.30 $31.70 Total $33.46 $27.72 Europe (3) $33.72 $28.33 Records Management $ per Sq Ft $27.84 $22.52 Q3 2016 Annualize d Re cords M anage m e nt Rack e d Space 41,859 11,490 5,077 5,572 63,998 Data Prote ction Rack e d Space 713 118 37 20 888 23,447 Othe r(1) 14,755 3,991 1,614 3,089 Total 57,327 15,599 6,728 8,680 88,333 As of Se pte m be r 30, 2016 Revenue from Rental Activities and Storage NOI per Racked Square Foot

+29.1% +3.4% 693 700 90 80 70 60 +2.1% 600 537 500 400 100 6 44 10 0 5 1 2 0 Europe (4) Europe (4) North America Latin America Asia Pacific Total IRM North America Latin America Asia Pacific Total IRM Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 118 900 120 110 800 700 100 90 80 600 500 20 10 83 100 0 0 Europe (4) Europe (4) North America Latin America Asia Pacific Total IRM North America Latin America Asia Pacific Total IRM Q3 2016 Total Installed Racking Cap. Q3 2016 Total Potential Building Cap. (1) (2) 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 page 14. DPUs do not reflect data for Recall, because Recall’s unit of measurement for tapes is not consistent with Iron Mountain’s methodology. We are in the process of converting Recall’s data to be able to report DPUs. We operate our storage business to achieve a desired utilization of between 94% – 98% to attain maximum operating efficiency. Includes South Africa. (3) (4) Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix34 100 69% 86 81% 75 73% 22 % 15 52% 8723 75% 76% 81% 81% 47% 807 750 86% 470 503 92% 85% 143 1546776 91% 92% 85% 7074100% 90% 92% 87% Capacity and Utilization(3) (%) 7981 6163 +9.0% +4.9%+14.5% 10 11 +11.3% 429 385 +44.9% +47.9%+296.6% 132 91 64 68 17 YoY Growth in Units Stored(1) Data Protection Storage Portfolio (DPUs MM) As of 9/30/2016 (IRM Standalone) (2) Records Management Storage Portfolio (CuFt MM) As of 9/30/2016 Portfolio Utilization

North America Q3 2016 Trailing Twelve Months Revenue by Vertical Energy Business Services Life Sciences Iron Mountain provides storage and information management services to more than 220,000 customers in 45 countries around the world. This high quality, diversified customer base comprising numerous industries and government organizations includes approximately 94% of the Fortune 1000. No single customer represents more than 1% of revenues, or 2% of volume, and our Top 20 customers have historically represented approximately 6% of consolidated revenues. Customer retention is consistently high with annual losses limited to roughly 2% (on a volume basis), attributable to customer terminations. Insurance 2% 8% Other (1) 40% Financial 10% Legal Federal 18% Healthcare Cus tom e r Quality M e trics Volume Retention Rate (RM Global) Bad Debt Expense as a % of Consolidated Revenues 92.9% 0.2% 93.3% 0.5% 93.7% 0.5% 92.9% 0.4% Turnove r Expe nditure s (Storage Only) Sales, Marketing & Account Management Customer Acquisition Costs(2) 37,035 24,109 107,239 40,855 (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 such as move costs and permanent withdrawal fees. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix35 YTD 2016 Q3 2016 Full Ye ar 2013 Full Ye ar 2014 Full Ye ar 2015 YTD 2016 2% 3% 3% Customer Data

Debt Maturity Schedule ($MM) (2) $1,531 Fixed Rate Debt at 9/30/16 Floating Rate Debt at 9/30/16 $652 (3) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Thereafter Fixed vs. Floating Rate Debt at 9/30/16(4) 31% Fixed Rate Debt Floating Rate Debt 69% (1) (2) (3) (4) Accounts Receivable securitization. Option to extend revolver to 2020, subject to conditions specified in our credit agreement. Australian Dollar Term Loan B issued on September 28, 2016. Proceeds used to pay down Global Credit Facility on October 4, 2016. Adjusting for the October 2016 mortgage securitization program and revolver repayment with term-loan proceeds, and including capital-lease and other international borrowings yields a ratio of 74% fixed and 26% floating. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix36 $209 (1) $1,000$1,000 $705$790 $250 $519 $186 Debt Schedule

Senior Unsecured Senior Unsecured Senior Subordinated Senior Unsecured Senior Unsecured Senior Unsecured Senior Unsecured Senior Unsecured Type of Note Denomination CAD USD USD GBP USD USD USD CAD Exchange Rate at 9/30/2016 0.7609 1.0000 1.0000 1.2970 1.0000 1.0000 1.0000 0.7609 Yield (on Issue Date) 6.125% 6.000% 5.750% 6.125% 6.000% 4.375% 5.375% 5.375% Current Call Price N/A N/A N/A N/A N/A N/A N/A N/A Next Call Price 103.063 103.000 102.875 104.594 103.000 102.188 102.688 104.031 M e tric Fixed Charge Ratio Lim it > 1.5x Curre nt 2.5x Capacity $1,984,375 Letters of Credit $55,392 Net Secured Lease Adjusted Leverage Ratio < 4.0x 2.6x Interest Rate Spread (Prime) 1.25% # of Shares Outstanding 263,425 Weighted Average Interest Rate 2.86% Total Equity Value $9,886,341 Total Market Capitalization $15,957,098 Net Lease Adjusted Leverage Ratio 6.5 Adj. OIBDA to Interest Expense 3.5x 5.7x S&P BB-M oody's Ba3 Corporate 5.5 Senior Unsecured BB-Ba3 Interest Maturity 5.1% 5.1 years 0.0 2014 2015 Q3 2016 (1) Total debt net of cash is calculated as current portion of long-term debt of $121mm plus long-term debt net of current portion of $6,338mm plus $70mm of deferred financing costs less cash and cash equivalents of $458mm. (2) Proceeds from term loan and mortgage securitization were subsequently used to repay revolver borrowings. The adjusted remaining capacity, reflecting these payments, would be $671.4mm. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix37 Total De bt We ighte d Ave rage Rate s (as of 9/30/2016) 5.6x 5.4x Senior Subordinated B B2 Senior Credit Facility BB Ba3 Cre dit Ratings Total Market Capitalization to Adjusted OIBDA 17.3x Net Debt to Total Market Capitalization 38% Total Debt, Net of Cash(1) $6,070,758 Maturity Date 7/5/19 Share Price as of 9/30/2016 $37.53 Interest Rate Spread (LIBOR) 2.25% Total M ark e t Capitalization as of 9/30/2016 Remaining Capacity(2) $453,847 Net Total Lease Adjusted Leverage Ratio< 6.5x5.7x Outstanding $1,475,136 Se nior Cre dit Facility (as of 9/30/2016) Se nior Cre dit Facility De bt Cove nant Analys is (as of 9/30/2016) Next Call Date 8/15/17 10/15/18 8/15/17 9/15/17 10/1/17 6/1/18 6/1/21 9/15/19 Maturity Date 8/15/21 8/15/23 8/15/24 9/15/22 10/1/20 6/1/21 6/1/26 9/15/23 Principal Amount at 9/30/2016 $152,179 $600,000 $1,000,000 $518,808 $1,000,000 $500,000 $250,000 $190,223 Original Principal Amount (FX Rate on Issue Date) $193,720 $600,000 $1,000,000 $654,960 $1,000,000 $500,000 $250,000 $189,537 Issuance Date 8/13/13 8/13/13 8/7/12 9/18/14 9/29/15 5/27/16 5/27/16 9/15/16 Se nior Uns e cure d and Se nior Subordinate d Note s (as of 9/30/2016) Capitalization

(1) (2) (3) (4) (5) (6) Includes $14.8mm and $61.3mm for data centers in Q3 2016 and YTD 2016, respectively. Includes Land, Buildings, Improvements, and Racking Structures. FFO (Normalized) is adjusted for these items, among others, to arrive at AFFO. Includes Recall integration related capex added back to AFFO of $4.9mm and $6.9mm in Q3 2016 and YTD 2016, respectively. Excludes amount related to Recall. Excludes adjustments and customer inducements. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix38 Capital Expenditures and Investments Q3 2015 Q3 2016 % Change YTD 2015 YTD 2016 % Change Capital Expe nditure s (1) and Inve s tm e nts Real Estate: Investment(2)$34,052 $48,109 41.3% $105,531 $157,272 49.0% Maintenance(3)12,269 15,512 26.4% 28,111 35,611 26.7% $46,321 $63,621 37.3% $133,642 $192,883 44.3% Non-Re al Es tate : Investment(3)$10,633 $16,116 51.6% $34,956 $33,755 (3.4)% Maintenance(3)5,431 6,755 24.4% 16,043 14,592 (9.0)% $16,064 $22,870 42.4% $50,999 $48,347 (5.2)% Total Re al Es tate and Non-Re al Es tate Capital Expe nditure s and Inve s tm e nts $62,385 $86,491 38.6% $184,641 $241,230 30.6% Change in Capital Expenditure Accruals(4) 840 (4,127) n/a 17,940 4,799 (73.3)% Total Cas h Paid for Re al Es tate and Non-Re al Es tate Capital Expe nditure s and Inve s tm e nts 63,225 $82,364 30.3% 202,581 $246,029 21.4% Bus ine s s and Cus tom e r Acquis itions Business Acquisitions(5) $10,868 - (100.0)% $44,559 $30,251 (32.1)% Change in Business Acquisition Accruals and Cash Acquired(5) (4,607) (182) (16,584) (8,940) Total Cas h Paid for Acquis itions Excluding Re call 6,261 ($182) (102.9)% 27,975 $21,311 (23.8)% Recall Acquisition Non-Cash Consideration - - n/a - $1,834,983 n/a Recall Acquisition Cash - - n/a - 255,060 n/a Total Re call Acquis ition - - n/a - $2,090,043 n/a Total Cas h Paid for Acquis itions $6,261 ($182) (102.9)% $27,975 $276,371 n/a Acquisition of Customer Relationships $4,692 $18,227 n/a $20,891 $25,212 20.7% Customer Inducements 6,263 9,677 54.5% 14,955 16,099 7.6% Total Acquis ition of Cus tom e r Re lations hips $10,955 $27,904 n/a $35,846 $41,311 15.2% Change in Customer Acquisition Accruals 1 (3,795) n/a (683) (456) (33.2)% Total Cas h Paid for Acquis ition of Cus tom e r Re lations hips 10,956 $24,109 n/a 35,163 $40,855 16.2% Total Capital Expe nditure s , Inve s tm e nts and Acquis itions (6) $77,945 $104,718 34.3% $250,091 $2,386,736 n/a

Investments(1) Real Estate Investment Activity NOI/CuFt or DPU(3) Stabilization Pe riod Racking Installations(2) Europe 58,411 5,091 41,234 17,021 $1.73 Asia Pacif ic 14,749 1,520 7,654 4,846 $1.13 NOI/CuFt or DPU(3) Stabilization Pe riod Building Development Projects(4) Europe 3,264 - 3,053 368 22 $1.73 Asia Pacif ic 1,203 - 1,203 200 16 $1.13 Price IRRs YTD 2016 Building Acquisitions Europe - - - Asia Pacif ic - - - YTD 2016 Business and Customer Acquisition and Disposition Activity Racking Installations $13,525 Purchase Price $55,463 ($80,000) Building Development Projects 4,726 Syne rgize d Total Expe cte d Inve s tm e nt $1,911,445 ($80,000) Expected IRR Range 10% - 14% - (1) (2) (3) (4) (5) (6) Based on 2016 C$ Budgeted FX Rates. Racking Installations exclude consolidation spend in Total Expected Investment, Investment in Current Period and Cumulative Investment to Date of $41.9mm, $2.6mm and $38.3mm, respectively. In USD R$. Q3 2016 has been normalized to reflect the Recall benefit and is calculated using a twelve month trailing historical average. Building Development Projects exclude consolidation spend in Total Expected Investment, Investment in Current Period and Cumulative Investment to Date of $2.1mm, $0.0mm and $0.0mm, respectively. North America excludes racking investments for development projects that were initiated after 1/1/2016. Includes a large Building Development Project, with a longer than average stabilization period. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix39 Estimated Annual Revenues $724,186 - Capital Consideration $1,855,982 - Total C$ Real Estate Investments 21,002 Data Centers 14,559 Other Real Estate Investment 15,471 Total FX Impact (2,924) Real Estate Investm ent $48,109 Consolidation Related to Racking Installations 2,751 Business Dis pos itions Business Investm ents Inve s tm e nt Re conciliation Q3 Investm ents Worldw ide $28,661 510 8%-11% Latin America - - - North America $28,661 510 8%-11% Re gion Purchas e Total Sq Ft Expe cte d Worldw ide$59,034$4,726$32,83911,159671$1.8324 - 36 m onths Latin America(6)34,341-18,09110,128470$1.51 North America(5) $20,226$4,726$10,493462163$2.00 His torical Ave rageAve rage Total Expe cte dInve s tm e nt inCum ulativeTotal Pote ntial Re gionInvestm entCurre nt Pe riodInve s tm e nt to DateCuFt / DPUsTotal Sq Ft North America$19,343$5,516$14,5987,138$2.00 Latin America16,8521,3987,3084,908$1.51 Worldw ide$109,355$13,525$70,79533,914$1.838 - 12 m onths His torical Ave rageAve rage Total Expe cte dInve s tm e nt inCum ulativeEs tim ate d Re gionInvestm entCurre nt Pe riodInve s tm e nt to DateCuFt / DPUs

North Am e rica Records Management $942,735 Other 68,393 Latin Am e rica 143,698 Total Storge NOI $1,881,906 Service Adjusted OIBDAR(2) $231,553 Total Service Adjusted OIBDAR $251,728 Cash, Cash Equivalents & Other Tangible Assets(4) $1,467,341 Customer Acquisition Consideration $18,712 Debt, Gross Book Value(5) $6,459,227 Annualized Rental Expense $311,563 (1) (2) (3) (4) (5) Includes South Africa. Trailing four quarter prior to rental expense. Annualized Recall service costs not included in trailing four quarter Service Adjusted OIBDAR. Includes Cash, Cash Equivalents, Restricted Cash, Accounts Receivable, Other Tangible Current Assets, Deferred Income Taxes and Prepaid Expenses. Calculated as current portion of Long-Term Debt of $121mm plus Long-Term Debt net of current portion of $6,338mm. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix40 Estimated Tax Liability $21,512 Non-Controlling Interests $25,561 Less: Quarterly Building & Racking Investment, not ref lected in NOI $18,251 Balance at 9/30/2016 Annualized Recall Service Adjusted OIBDAR not included above(3) 20,175 Q3 Service Adjusted OIBDAR As ia Pacific 173,116 Europe (1) 324,658 Data Protection 229,307 Com pone nts Q3 Annualize d NOI Components of Value

Non-GAAP Measures 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 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 Unites States of America (“GAAP”), such as operating or net income (loss) or cash flows from operating activities from continuing operations (as determined in accordance with GAAP). Adjusted Earnings Per Share, or Adjusted EPS Adjusted EPS is defined as reported earnings per share from continuing operations excluding: (1) (gain) loss on disposal/write-down of property, plant and equipment (excluding real estate), net; (2) gain on sale of real estate, net of tax; (3) intangible impairments; (4) other expense (income), net; (5) Recall Costs; (6) REIT Costs; and (6) the tax impact of reconciling items and discrete tax items. Adjusted EPS 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 investors when comparing our results from past, present and future periods. Adjusted Funds From Operations, or AFFO AFFO is defined as FFO (Normalized) excluding non-cash rent expense or income, plus depreciation on non-real estate assets, amortization expense (including amortization of deferred financing costs), non-cash equity compensation expense and the impact of reconciling to normalized cash taxes, less maintenance and Recall integration capital expenditures and non-real estate investments. 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 real estate or acquisition opportunities, returning of capital to our stockholders and voluntary prepayments of indebtedness. Additionally AFFO is reconciled to cash flow from operations to adjust for real estate and REIT tax adjustments, REIT costs, Recall costs, working capital adjustments and other non-cash expenses. Adjusted Operating Income Before Depreciation, Amortization, Intangible Impairments, and REIT Costs, or Adjusted OIBDA and Adjusted OIBDA Margin Adjusted OIBDA is defined as operating income before depreciation, amortization, intangible impairments, (gain) loss on disposal/write-down of property, plant and equipment (excluding real estate), net, Recall Costs and REIT Costs (as defined in Note 7 to Notes to Consolidated Financial Statements included in this Quarterly Report). Adjusted OIBDA does not include certain items that we believe are not indicative of our core operating results, specifically: (1) (gain) loss on disposal/write-down of property, plant and equipment (excluding real estate), net; (2) gain on sale of real estate, net of tax; (3) intangible impairments; (4) Recall Costs; (5) REIT Costs; (6) other expense (income), net; (7) income (loss) from discontinued operations, net of tax; (8) gain (loss) on sale of discontinued operations, net of tax; and (9) net income (loss) attributable to noncontrolling interests. Adjusted OIBDA Margin is calculated by dividing Adjusted OIBDA by total revenues. We use multiples of current or projected Adjusted OIBDA in conjunction with our discounted cash flow models to determine our estimated overall enterprise valuation and to evaluate acquisition targets. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix41 Appendix

Non-GAAP Measures (continued) Adjusted Operating Income Before Depreciation, Amortization, Intangible Impairments, and REIT Costs, or Adjusted OIBDA (continued) We believe Adjusted OIBDA and Adjusted OIBDA Margin provide our 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. Adjusted OIBDA also does not include interest expense, net and the provision (benefit) for income taxes. These expenses are associated with our capitalization and tax structures, which we do not consider when evaluating the operating profitability of our core operations. Finally, Adjusted OIBDA does not include depreciation and amortization expenses, in order to eliminate the impact of capital investments, which we evaluate by comparing capital expenditures to incremental revenue generated and as a percentage of total revenues. Adjusted OIBDA and Adjusted OIBDA Margin 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 or net income (loss) or cash flows from operating activities (as determined in accordance with GAAP). Funds From Operations, or FFO (NAREIT), and FFO (Normalized) Funds from operations (“FFO”) is defined by the National Association of Real Estate Investment Trusts ("NAREIT") and us as net income 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 estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for 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. Although NAREIT has published a definition of FFO, modifications to FFO (NAREIT) are common among REITs as companies seek to provide 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: (1) (gain) loss on disposal/write-down of property, plant and equipment (excluding real estate), net; (2) intangible impairments; (3) Recall Costs; (4) REIT Costs; (5) other expense (income), net; (6) deferred income taxes and REIT tax adjustments; (7) income (loss) from discontinued operations, net of tax; and (8) gain (loss) on sale of discontinued operations, net of tax. Service Adjusted OIBDA Service Adjusted OIBDA is calculated by taking service revenues excluding terminations and permanent withdrawals less direct expenses and allocated overhead tied to the service business. Terminations and permanent withdrawals are excluded from this calculations as they are included in the Storage NOI calculation. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix42 Appendix

Non-GAAP Measures (continued) Service Adjusted OIBDAR Service Adjusted OIBDA as defined above, excluding rent expense associated with the service business. This is provided to enable valuation of Service Adjusted OIBDA irrespective of whether the company’s properties are leased or owned. Related rent expense is provided in the Components of Value slide. Storage Net Operating Income, or Storage NOI 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 commonly used in the REIT industry and enables investors to understand and value the income generated from the company’s real estate. Rent 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. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix43 Appendix

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 phased racking installations over three years. For business acquisitions it is 12 to 24 months, depending on the size of the transaction. Building Development Projects – The construction of new facilities, or three-wall additions. Business Segments North American Records and Information Management Business (“RIM”) – Our North American Records and Information Management Business segment provides records and information management services, including the storage of physical records, including media such as microfilm and microfiche, master audio and videotapes, 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”); information destruction services (“Destruction”); and DMS throughout the United States and Canada; as well as fulfillment services and technology escrow services in the United States. North American Data Management Business (“DM”) – Our North American Data Management Business segment provides storage and 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; digital content repository systems to house, distribute, and archive key media assets; and storage, safeguarding and electronic or physical delivery of physical media of all types, primarily for entertainment and media industry clients throughout the United States and Canada. Western European Business – Our Western European Business segment provides records and information management services, including Records Management, Data Protection & Recovery and DMS throughout the Austria, Belgium, France, Germany, Ireland, Netherlands, Spain, Switzerland and the United Kingdom, as well as DMS in Sweden. Other International Business – Our Other International Business segment provides records and information management services throughout the remaining European countries in which we operate, Latin America, Asia Pacific and Africa, including Records Management, Data Protection & Recovery and DMS. Our European operations provide records and information management services, including Records Management, Data Protection & Recovery and DMS throughout the Czech Republic, Denmark, Finland, Greece, Hungary, Norway, Poland, Romania, Russia, Serbia, Slovakia, Turkey and Ukraine; Records Management and DMS in Estonia, Latvia and Lithuania; and Records Management in Sweden. Our Latin America operations provide records and information management services, including Records Management, Data Protection & Recovery, Destruction and DMS throughout Argentina, Brazil, Chile, Colombia, Mexico and Peru. Our Asia Pacific operations provide records and information management services, including Records Management, Data Protection & Recovery and DMS throughout Australia and New Zealand, with Records Management and Data Protection & Recovery also provided in certain markets in China, Hong Kong-SAR, India, Malaysia, Singapore, Taiwan and Thailand. Our African operations provide Records Management, Data Protection & Recovery and DMS in South Africa. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix44 Appendix

Definitions (continued) Corporate and Other – Our Corporate and Other Business segment primarily consists of our data center and fine art storage businesses in the United States, the primary product offerings of our Adjacent Businesses operating segment, as well as costs related to executive and staff functions, including finance, human resources and information technology, which benefit the enterprise as a whole. These costs are primarily related to the general management of these functions on a corporate level and the design and development of programs, policies and procedures that are then implemented in the individual segments, with each segment bearing its own cost of implementation. Our Corporate and Other Business segment also includes employee compensation expense associated with all stock options, restricted stock units, performance units and shares of stock issued under our employee stock purchase plan. Capacity Measures Building Capacity – The maximum number of cubic feet of records or standard DPUs that can be stored in a given facility. Building Capacity Utilization – The number of cubic feet of records or standard DPUs in storage divided by the Building Capacity. Installed Racking Capacity – The storage capacity of the racking installed in a given facility. Capacity is generally measured in cubic feet or standard DPUs. Installed Racking Capacity Utilization – The number of cubic feet of records or standard DPUs in storage divided by the Installed Racking Capacity. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix45 Appendix

Definitions (continued) 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 growth and our ongoing operations. Additionally, we invest capital to acquire or construct real estate. We also expend capital to support the 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: Real Estate: Investment – Assets that support core business growth primarily related to investments in land, buildings, building improvements, leasehold improvements and racking structures that expand our revenue capacity in existing or new geographies, replace a long-term operational obligation or create operational efficiencies, or Real Estate Investment. Maintenance – Real estate assets necessary to maintain ongoing business operations primarily related to the repair or replacement of real estate assets such as buildings, building improvements, leasehold improvements and racking structures, or Real Estate Maintenance. Non-Real Estate: Investment – Non-real estate assets that either (i) support the growth of our business, and/or increase our profitability, such as customer-inventory technology systems, and technology service storage and processing capacity, or (ii) are directly related to the development of new products or services in support of our integrated value proposition and enhance our leadership position in the industry, including items such as increased feature functionality, security upgrades or system enhancements, or Non-Real Estate Investment. Maintenance – 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-developed software assets. This category also includes operational support initiatives such as sales and marketing and information technology projects to support infrastructure requirements, or Non-Real Estate Maintenance. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix46 Appendix

Definitions (continued) Capital Expenditures and Investments (continued) Components of Overhead Allocated Overhead – Includes overhead expenses directly associated with storage and service business operations allocated as follows: Field Operation Costs – Allocated to storage and service operations based on percent of revenue. Bad Debt Expenses – Allocated to storage and service operations based on percent of revenue. Transportation Costs – Allocated fully to service operations. 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 G&A, Integration Costs, IT, Product Engineering and Product Management. Customer Turnover Overhead – Overhead associated with customer acquisition and retention including Sales, Marketing and Account Management expenses. 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 2015 results at the 2016 constant dollar budget rates. Cumulative Investment to Date – Total spend to date since project approval. Customer Acquisition Costs – Includes costs associated with the acquisition of customer relationships and customer inducements such as move costs and permanent withdrawal fees. Destruction Rate – Calculated by dividing the total number of cubic feet of records removed from inventory due to destructions in a one-year period divided by the total number of cubic feet of records in storage at the beginning of the period. DPUs – Data protection units, a unit of measurement specific to our Data Protection storage services. Estimated CuFt / DPUs – Estimated based on expected growth and consolidation, resulting from moving boxes from one facility to another. Historical Average NOI / CF or DPU – The quarterly annualized Storage NOI for a specific region (NA, Europe, Latin America, Asia Pacific) and product (Records Management or Data Protection). Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix47 Appendix

Definitions (continued) Internal Revenue Growth – Our internal revenue growth rate, which is a non-GAAP measure, represents the weighted average year-over-year growth rate of our revenues excluding the impacts of business acquisitions, divestitures and foreign currency exchange rate fluctuations. The revenues generated by Recall have been integrated with our existing revenues and it is impracticable for us to determine actual Recall revenue contribution. Therefore, our internal revenue growth rates exclude the impact of revenues associated with the Recall Transaction based upon forecasted or budgeted Recall revenues beginning in the third quarter of 2016. Our internal revenue growth rate includes the impact of acquisitions of customer relationships. Investment in Current Period – Spend within the quarter being reported. Lease Adjusted Leverage Ratio – The calculation for this ratio is EBITDA plus rent expense divided by net debt including the capitalized value of lease obligations. 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 dividing the trailing four quarters’ total activity by the ending balance of the same prior-year period. Non-Cash Rent Expense – Calculated as rent expense less cash paid for rent. 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 records are permanently removed from inventory by customers for reasons other than the customer terminating its relationship. 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 subsequent to January 1, 2014 is included in Building Development Projects. Recall Costs – Operating expenditures associated with our acquisition of Recall, including operating expenditures to complete the Recall Transaction, including advisory and professional fees and costs to complete the divestments required in connection with receipt of regulatory approval and to provide transitional services required to support divested businesses during a transition period, as well as operating expenditures to integrate Recall with our existing operations, including moving, severance, facility upgrade, REIT conversion and system upgrade costs. REIT Costs – Costs associated with the Company’s conversion to a REIT, excluding REIT compliance costs beginning January 1, 2014 which we expect to recur in future periods. REIT Countries – Countries where we operate that have been converted into a qualified REIT subsidiary and taxable REIT subsidiary structure, the group includes the following: Australia, Canada, Germany, Ireland, Mexico, Netherlands, Poland, Spain, United Kingdom and the United States. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix48 Appendix

Definitions (continued) Service Profit and Margin – The Gross Profit and Margin attributable to the worldwide service business. Calculated as follows: Services Adj. OIBDA + Allocated Overhead Expenses + Termination and Permanent Withdrawal Fees = Service Profit ($) / Total Service Revenues (including Termination and Permanent Withdrawal Fees) = Service Margin (%) Storage Profit and Margin – The Gross Profit and Margin attributable to the worldwide storage business. Calculated as follows: Storage Net Operating Income + Allocated Overhead Expenses - Storage Rent - Termination and Permanent Withdrawal Fees = Storage Profit ($) / Total Storage Revenues (excluding Termination and Permanent Withdrawal Fees) = Storage Margin (%) Tangible Assets – Includes PP&E, cash and cash equivalents, restricted cash, accounts receivable, deferred income taxes, and prepaid expenses. Tax Rates Effective Tax Rate – GAAP tax rate for the period calculated as tax expense or benefit for the quarter (total of current and deferred tax provisions), including discrete items, and dividend 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 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). Total Expected Investment – Is defined as follows: Total Expected Investment for Racking Installations – The sum of expected investments for all approved racking projects, reported on a constant dollar basis. 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. Section X Section IX Section VIII Section VII Section VI Section V Section IV Section III Section II Section I www.ironmountain.comSelected metric definitions are available in the Appendix49 Appendix

1-13045		23-2588479
(Commission File Number)		(IRS Employer Identification No.)

One Federal Street, Boston, Massachusetts		02110
(Address of Principal Executive Offices)		(Zip Code)

	IRON MOUNTAIN INCORPORATED


	By:	/s/ Stuart B. Brown
	Name:	Stuart B. Brown
	Title:	Executive Vice President and Chief Financial Officer