#1MANAGE IRON MOUNTAIN INFORMA Investor Presentation Q1 2021 IRON MOUNTAINⓇ#22 Forward looking statements We have made statements in this presentation lease that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our operations, economic performance, financial condition, goals, beliefs, future growth strategies, investment objectives, plans and current expectations, such as our (1) 2021 guidance as well as our expectations for growth, including growth opportunities and growth rates for revenue by segment, organic revenue, organic volume and other metrics, (2) expectations and assumptions regarding the impact from the COVID-19 pandemic on us and our customers, including on our businesses, financial position, results of operations and cash flows, (3) expected benefits, costs and actions related to, and timing of, Project Summit, (4) expectations as to our capital allocation strategy, including our future investments, leverage ratio, dividend payments and possible funding sources (including real estate monetization) and capital expenditures, (5) expectations regarding the closing of pending acquisitions and investments, and (6) other forward-looking statements related to our business, results of operations and financial condition. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as "believes," "expects," "anticipates," "estimates," "plans" 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) the severity and duration of the COVID-19 pandemic and its effects on the global economy, including its effects on us, the markets we serve and our customers and the third parties with whom we do business within those markets; (ii) our ability to execute on Project Summit and the potential impacts of Project Summit on our ability to retain and recruit employees; (iii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (iv) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space; (v) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, incorporate new digital information technologies into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand internationally, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and grow our business through joint ventures; (vi) changes in the amount of our capital expenditures; (vii) our ability to raise debt or equity capital and changes in the cost of our debt; (viii) the cost and our ability to comply with laws, regulations and customer demands, including those relating to data security and privacy issues, as well as fire and safety and environmental standards; (ix) 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 information technology systems and the impact of such incidents on our reputation and ability to compete; (x) changes in the price for our storage and information management services relative to the cost of providing such storage and information management services; (xi) changes in the political and economic environments in the countries in which our international subsidiaries operate and changes in the global political climate, particularly as we consolidate operations and move records and data across borders; (xii) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xiii) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xiv) the cost or potential liabilities associated with real estate necessary for our business; (xv) failures in our adoption of new IT systems; (xvi) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xvii) the other risks described in our periodic reports filed with the SEC, including under the caption "Risk Factors" in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this report. 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) attributable to Iron Mountain Incorporated 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 their definitions are included in the Supplemental Reporting Information. IRON MOUNTAINⓇ#3Iron Mountain investor presentation Overview of the business ❖ Strategic shift accelerating growth Prudent capital allocation strategy Q4 and full-year 2020 performance Note: Data as of 12/31/2020 unless otherwise stated 3 IRON MOUNTAINⓇ#4Our Purpose To be our customers' most trusted partner for protecting and unlocking the value of what matters most to them in innovative and socially responsible ways#5Overview of the business IRON MOUNTAINⓇ#6Iron Mountain at a glance Global presence Significant size & scale Unmatched customer base ☐ ☐ ☐ ☐ ~720m Cu Ft global physical volume ~1,450 facilities 56 countries ~93m Sq Ft 6 continents (1) As of 2/26/2021. • ~$10B (1) equity market capitalization ⚫ $19B (1) total enterprise • . . value $4.1B of revenue -280 owned facilities 15 operating Data Centers RMZ, FTSE NAREIT and S&P 500 Member ~225,000 customers Serving ~95% of Fortune 1,000 companies Customers from over 50 different industries IRON MOUNTAINⓇ 6#7Diversified business model Storage Business Mix Service Business Mix Total Revenue: $4.1B 12% 10% 3% Storage Revenue 66% of total Records management Data management 24% Data center Adjacent businesses Global digital solutions Secure shred 17% 73% Consumer Storage (1) Other revenues include other ancillary products and services. Note: Numbers may not foot due to rounding. Service Revenue 34% of total 4% 10% 43% IRON 7 MOUNTAINⓇ#8Durable records management business 8 ON MOUNTAI TAIN IRON MOUNTAIN TRON MCKINTOS 800 899 RON 800 8 NTAIN IRON MOUNTAIN RON MONTAN MOUNTAIN MOUN NTAIN IRON MOUNTAIN VICENDY MOUNDLY ROVAC IRON MOUNTA ANMENZE MOUNTAIN ON MY MONDAN . • ~710 million cubic feet of hard copy records archived 98 percent customer retention rate Steady Organic Revenue Growth supported by revenue management • Boxes remain in facilities for 15 years on average IRON MOUNTAINⓇ#9Durable global physical storage portfolio Cubic Feet (000s) 700,000 600,000 500,000 Worldwide Storage Volume 6 400,000 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Consumer and Other Adjacent Businesses Records and Information Management IRON MOUNTAINⓇ#10ก Iron Mountain Data Centers at a glance 3 continents 5 countries 13 markets 10 internet exchanges 1,300+ customers 10 10 15 operational data centers Access to all major clouds 430+ employees 3.5 million gross square feet Interconnected DC network Industry leading sustainability programs 375 MW+ DC capacity 100% uptime SLA Industry leading compliance IRON MOUNTAINⓇ#11Key data center differentiators Interconnection, Cloud On-Ramps & Ecosystem Access to top global and local carriers, cloud and services providers 01 05 Sustainability 02 (Green Power Pass) 100% of the IMDC portfolio is powered by Renewable/Green Energy that is passed along to customers through Green Power Pass 03 O Global Footprint Data centers in the global markets that you need them. International hubs, top US markets, and smaller edge markets. 04 O Compliance Customer Support 11 Comprehensive compliance program certifies against the most rigorous frameworks in the industry, including globally certified ISO 27001 information security, ISO 14001 environmental, and 50001 energy management systems. We also report globally on service organizational controls, PCI-DSS compliance, and met FISMA HIGH and FedRAMP controls in the U.S. Certified experts offering Smart Hands operational services and white glove customer support IRON MOUNTAINⓇ#1212 11.3 Significant data center expansion opportunity with current footprint 12.4 14.2 Under Market Amsterdam Boyers and Other Chicago Denver Leasable MW Construction -- Held for Development Total Potential Capacity 34.0 6.4 15.2 11.2 25.4 36.0 36.0 3.1 14.4 Frankfurt 9.0 18.0 27.0 London 7.1 11.0 18.0 36.1 New Jersey 15.1 1.2 9.3 25.6 Northern Virginia 16.4 6.0 53.6 76.0 Phoenix 50.7 12.0 32.0 94.7 Singapore 2.6 4.3 6.9 Total Data Center Portfolio 129.8 49.9 196.4 376.0 Total portfolio capacity including expansion of 376 MW IRON MOUNTAINⓇ India Joint Venture with Web Werks signed Q1 2021#13Geographic data center expansion to India through JV 13 Web Works MUM-1 Web Works PUN 1 Note: Subject to the closing of our investment in Web Werks Works NCR-1 DATA IRON MOUNTAIN" CENTERS MUMBAI DELHI-NCR- PUNE SRINAGAR JAMMU AND KASHMIR DHARM-HMACHAL SMALA PRADESH CHANDIGARH PUNJAB HARYANA UTTARA- KHAND DEHRADUN Existing Markets Expansion Markets Web Werks INA ARUNACHAL PRADESH NEW DELHI JAIPUR LUCKNOW RAJASTHAN UTTAR PRADESH BIHAR PATNA DEPUR MPHAL JHARKHAND AGARTALA KZAML MADHYA PRADESH BHOPAL GANDHINAGAR KOLK BENGAL MAHARASHTRA TELANGANA ANDHRA PRADESH RNATAKA BANGALORE TAMIL NADU CHHATTISGARH ODISHA NAYA RAIPUR BHUBANESH HYDERABAD CHENNAI IRON MOUNTAINⓇ#14Project Summit overview Simplifying Global Structure • Combining Records and Information (RIM) operations under one global leader • Rebalancing resources to sharpen focus on higher growth areas Compelling Adjusted EBITDA Benefits $375M Expected annual run-rate benefits exiting 2021 • $165M delivered in 2020 $150M expected in 2021 $60M expected in 2022 $450M Total estimated charges to implement by end of 2021 $49M in 2019 $194M in 2020 $200M expected in 2021 14 Streamlining Management Structure for the Future • Consolidated the number of layers and reporting levels Creating a more dynamic agile organization that is better positioned to make faster decisions and execute its strategy in key growth areas Enhancing Customer Experience Providing customers with a more integrated experience • Leveraging technology to modernize processes for better alignment between new digital solutions and core business IRON MOUNTAINⓇ#15Strong sustainability focus • Green Power Pass solution in data center market to help customers manage their carbon footprint 15 • • • • • Part of RE100 Initiative - commitment to using renewable energy sources for 100% of our worldwide electricity 81% of our global electricity use – including 100% of the electricity used to power our Data Center business – was from renewable sources in 2020 - Recognized as a top 25 U.S. buyer of renewable energy and honored with the U.S. Department of Energy's Better Buildings Goal Achiever Award Reduced GHG emissions by 52% (since 2016) and achieved a 25% reduction in non-IT energy intensity, surpassing an original goal of 20% by 2026 Received a 100% on the Human Rights Campaign 2021 Corporate Equality Index for the fourth year in a row LOBAL THE GLO COMPACT EPA GREEN POWER017 Leadership Award Winner RE 100 WE SUPPORT Empowering Sustainable Decisions GRI CDP SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION IRON MOUNTAINⓇ#16Strategic shift accelerating revenue and EBITDA growth IRON MOUNTAINⓇ#17EMERGING FROM 2020 STRONGER THAN EVER ROAMENIIN#18Momentum to GO BEYOND 2020 THE YEAR OF RESILIENCE MOMENTUM 2021 THE YEAR OF GROWTH • Investments in innovation, culture, I&D - powered by Project Summit • Business growth in IMDC, Fine Art & Entertainment Services, Consumer, Global RIM 18 IRON MOUNTAINⓇ#19Our exciting growth opportunities A Content Service Platform Small & Medium Business Secure Offline Storage Secure IT Asset Disposition (SITAD) 19 Fine Art & Entertainment Services Consumer Data Centers Storage IRON MOUNTAINⓇ#20Five-year growth momentum (2015-2020) Data Centers Expansion to 15 facilities in 3 continents since 2017 Total Addressable Market (TAM): $20B Consumer Joint venture with Makespace in 2019 Since 2019: 2.1M CF to 7.3M CF (3x growth) TAM: $35B+ . . Fine Art & IMES Art TAM: $1B Entertainment Services TAM: ~ $1B SITAD Media destruction, E-waste recycling, IT asset remarketing TAM: $10B 20 20 IRON MOUNTAINⓇ#21Our total addressable market (TAM) 21 21 2015 $10B ~ low-single % Global RIM TAM and revenue growth rate + 2020 $80B+ - 13% TAM and revenue growth rate of Data Centers, Fine Art & Entertainment Services, Consumer, SITAD, CSP, SMB IRON MOUNTAINⓇ#22RETHINK how you do business#23Prudent capital allocation strategy IRON MOUNTAINⓇ#24Capital allocation strategy has not changed • Sustain the dividend at current level • Long-term target AFFO payout ratio of low to mid-60s • Long-term target leverage ratio of 4.5x-5.5x • Reinvest in the business through growth Capital Expenditures Invest in accretive M&A . Growth capital from capital recycling as well as debt finance in line with Adjusted EBITDA growth 24 24 IRON MOUNTAINⓇ#2525 25 Value creation through capital recycling Real Estate capital recycling strategy " IRM buys and sells with an ROI focus Recycles capital to create long-term value for shareholders Liquidity recycled into other real estate and data centers Capital recycling opportunities 2020 sales~$475 Million " " National U.S. portfolio of 13 properties 2.1 million square feet in total Sale leasebacks of highly desirable assets that we will continue to occupy through long-term leases Capitalized on favorable valuations of industrial assets in highly sought after markets Excess or inefficient real estate Better/best use - Sale generates outsized return Higher-use alternatives IRON MOUNTAINⓇ#26Balance sheet remains well positioned • Balance Sheet highlights ~$2 billion of liquidity • ~87% Fixed Rate Debt . 4.7% weighted average interest rate 7.6 years weighted-average maturity Net lease-adjusted leverage 6.2x 5.5x 5.3x 1 ~ 5.4x J.P. Morgan REIT Composite IRM Q4 2020 IRM 2021 Outlook 26 26 (1) Excluding the approximately $260 million of proceeds from the large sale leaseback transaction in the fourth quarter of 2020 that we plan to invest in 2021, net lease adjusted leverage was 5.5x. Source: J.P. Morgan REIT Weekly U.S. Real Estate report January 4, 2021 and company reports IRON MOUNTAINⓇ#27Q4 and full-year 2020 performance IRON MOUNTAINⓇ#28Strong 2020 in challenging environment 28 828 ($ in millions, except per share data) Storage Rental Revenue Service Revenue Total Revenue Full-Year Ended 12/31/2020 12/31/2019 Y/Y % Change $2,754 $2,681 3% $1,393 $1,581 (12)% $4,147 $4,263 (3)% Adjusted EBITDA (1) $1,476 $1,469 0% Adjusted EBITDA margin 35.6% 34.5% +110 bps AFFO(1) AFFO per share(1) $888 $867 2% $3.07 $3.01 2% Note: all non-GAAP figures utilize our new definitions and updated methodology. (1) Reconciliations for Adjusted EBITDA and AFFO to their respective GAAP measures can be found in the Supplemental Financial Information on pages 16 and 19, respectively. IRON MOUNTAINⓇ#29Q4 2020 financial performance 29 29 ($ in millions, except per-share data) Revenue Q4-20 Q4-19 Y/Y % Constant Currency Y/Y% Organic Growth (1) $1,060 $1,080 -1.8% -2.2% -3.4% Storage Service Gross Profit $697 $676 3.2% 2.9% 1.7% $362 $404 -10.3% -10.8% -12.1% $610 $620 -1.6% -1.9% Gross Profit Margin 57.6% 57.4% 20 bps SG&A Expenses $236 $234 1.2% 1.0% Income (Loss) from Continuing Operations $247 $37 565.0% Adjusted EBITDA (2) $374 $393 -4.8% -5.3% Adjusted EBITDA Margin 35.3% 36.4% -110 bps Net Income (Loss) Adjusted EPS (2) AFFO(2) AFFO Per Share (2) $247 $37 565.0% $0.29 $0.33 -12.1% $191 $233 -18.2% $0.66 $0.81 -18.5% Dividend/Share Fully Diluted Shares Outstanding $0.62 $0.62 0.0% 289 288 0.4% Note: all non-GAAP figures utilize our new definitions and updated methodology. (1) Constant currency excluding impact from business acquisitions and divestitures. (2) Reconciliations for Adjusted EBITDA, Adjusted EPS and AFFO to their respective GAAP measures can be found in the Supplemental Financial Information on pages 16, 17 and 20, respectively. IRON MOUNTAINⓇ#30$4,147 Full-year 2020 financial performance ($ in millions, except per-share data) Revenue 2020 2019 Constant Currency Y/Y% Organic Growth (1) -3.3% Y/Y % $4,263 -2.7% -1.7% Storage $2,754 $2,681 2.7% 3.8% 2.4% Service $1,393 $1,581 -11.9% -11.0% -12.8% Gross Profit (2) $2,390 $2,429 -1.6% -0.7% Gross Profit Margin 57.6% 57.0% 60 bps SG&A Expenses (3) $949 $992 -4.3% -3.4% Income (Loss) from Continuing Operations $343 $268 27.9% Adjusted EBITDA (4) $1,476 $1,469 0.5% 1.3% Adjusted EBITDA Margin 35.6% 34.5% +110 bps Net Income (Loss) Adjusted EPS (4) AFFO (4) AFFO Per Share (4) $343 $268 27.9% $1.19 $1.11 7.2% $888 $867 2.4% $3.07 $3.01 2.0% Dividend/Share $2.47 $2.45 0.8% 289 288 0.3% Fully Diluted Shares Outstanding Note: all non-GAAP figures utilize our new definitions and updated methodology. (1) Constant currency excluding impact from business acquisitions and divestitures. (2) Includes $7.6M of direct and incremental costs related to COVID-19 in 2020. Includes $1.6M of direct and incremental costs related to COVID-19 in 2020. (3) (4) Reconciliations for Adjusted EBITDA, Adjusted EPS and AFFO to their respective GAAP measures can be found in the Supplemental Financial Information on pages 16, 17 and 21, respectively. IRON MOUNTAINⓇ 30 30#312021 Guidance ($ in millions, except per share data) 2020 Results Total Revenue Adjusted EBITDA AFFO $4,147 2021 Guidance (1) $4,325 $4,475 Y/Y % Change 4% -8% $1,476 $1,575 $1,625 7% - 10% $888 $945 - $995 7% -12% AFFO Per Share $3.07 $3.25 - $3.42 6% -11% 2021 Guidance assumes: (1) Organic storage rental revenue growth of 2% - 4% Growth capital expenditures of ~ $410 million, of which data center development is expected to be ~$300 million Recurring capital expenditures of $140 million Capital Recycling proceeds of ~ $125 million Project Summit restructuring charges of $200 million Project Summit Adjusted EBITDA benefits of ~ $150 million 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. 31 IRON MOUNTAINⓇ#32Key takeaways Investments in innovation and new products provide opportunity for accelerated growth on both top and bottom line . Deliberate focus on shifting our culture as part of Project Summit, with increased commitments to Diversity & Inclusion . Continued drive towards carbon neutrality Project Summit progressing well; on track to realize structural cost savings of $375 million per year exiting 2021 Expanded the total addressable market we now compete in to over $80 billion IRON MOUNTAINⓇ 32 32#33IRON MOUNTAINⓇ [email protected] IRON MOUNTAINⓇ 33 33