#1IRON MOUNTAIN Iron Mountain: We Protect What You Value Most Investor Presentation Q3 2020 IRON MOUNTAIN®#22 Forward Looking Statements Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws and is subject to the safe-harbor created by such Act. Forward-looking statements include, but are not, limited to statements concerning our operations, economic performance, financial condition, goals, beliefs, future growth strategies, plans and current expectations, such as statements about: (i) expectations for the remainder of 2020, (ii) the expected impact of COVID-19 on our operations and financial conditions, (iii) new service offerings, (iv) expected benefits, costs and actions related to Project Summit; (v) planned 2020 capital expenditures, M&A and other investments; (vi) stabilization of our data center developments and expectation as to data center leasing activity for 2020; (vii) expectations with respect to change in volume of records stored with us; (viii) expectations related to our revenue management programs and continuous improvement initiatives, (ix) the durability of our core storage business, (x) our expected leverage; (xi) our dividend policy and targeted dividend payments; and (xii) longer term capital allocation, strategy and other goals. 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. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors. Important factors that could cause actual results to differ from expectations include the (i) impact of COVID-19 on our operations, (ii) our ability to remain qualified for taxation as a real estate investment trust for U.S. federal income tax purposes; (iii) the adoption of alternative technologies and shifts by our customers to storage of data through non-paper based technologies; (iv) changes in customer preferences and demand for our storage and information management services; (v) the cost and our ability to comply with laws, regulations and customer demands relating to data security and privacy issues, as well as fire and safety standards; (vi) our ability or inability to execute our strategic growth plan, expand internationally, complete acquisitions on satisfactory terms, and to integrate acquired companies efficiently; (vii) changes in the amount of our growth and recurring capital expenditures and our ability to raise capital and invest according to plan; (viii) the impact of litigation or disputes that may arise in connection with incidents in which we fail to protect our customers' information or our internal records or IT systems and the impact of such incidents on our reputation and ability to compete; (ix) our ability to execute on Project Summit and the potential impacts of Project Summit on our ability to retain and recruit employees and execute on our strategy (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; (xii) the impact of executing on our growth strategy through joint ventures; (xiii) our ability to comply with our existing debt obligations and restrictions in our debt instruments or to obtain additional financing to meet our working capital needs; (xiv) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xv) changes in the cost of our debt; (xvi) the impact of alternative, more attractive investments on dividends; (xvii) the cost or potential liabilities associated with real estate necessary for our business; (xviii) the performance of business partners upon whom we depend for technical assistance or management expertise; (xix) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xx) 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 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 can be found in the Supplemental Financial Information for Q2 2020 available on our Investor Relations website. IRON MOUNTAIN#3Iron Mountain Investor Presentation Overview of the business Response to COVID-19 Project Summit Driving EBITDA growth Prudent capital allocation framework Q2 2020 performance 3 IRON MOUNTAIN#4OUR MISSION... TO BE THE TRUSTED GUARDIANS OF THE ASSETS MOST IMPORTANT TO OUR CUSTOMERS, SECURING THEIR PAST, PRESENT AND FUTURE VALUE.#5Overview of the Business IRON MOUNTAIN®#6Global Leader in Records & Information Management Global Presence Significant Size & Scale ~$7.5B Equity Market Capitalization • $16B Total Enterprise Value • $4.2B² of Revenue • ~300 Owned Facilities . 14 Operating Data Centers RMZ, FTSE NAREIT and S&P 500 Member ~720m Cu Ft of Global Physical Volume | ~1,480 facilities | ~93M SF Mission Critical Storage to Numerous Industries Healthcare 16% Federal 2% Unmatched Diversity Presence in ~50 countries across 6 continents Other(1) 50% Legal 8% Financial 12% Insurance 6% Business Services 1% Life Sciences 3% Energy 3% Data as of 6/30/2020 unless otherwise stated (1) No single vertical within "Other" comprises greater than 1% of North America revenue. (2) Trailing 12-month total revenue. • Over 225,000 customers Serving ~95% of Fortune 1,000 companies Customers from over 50 different industries 6 IRON MOUNTAIN"#7Large Global Real Estate Footprint Top 5 Owned Markets (000's of Square Feet) at 6/30/20 United States International Northern New Jersey 2,086 Paris 807 Boston 1,428 Montreal 552 Chicago 1,282 London 474 Dallas 1,023 Buenos Aires 470 Los Angeles 1,012 Mexico City 452 $2.5B (1) Owned Real Estate 69.4% Owned SF 30.6% Leased SF 7 IRON MOUNTAIN" (1) (2) Based on U.S. real estate valuation completed by Eastdil and IRM management estimates for rest of world as of 9/30/18. 55.7% of Facility Lease Expirations are after 2029; weighted average remaining lease obligation 12.0 years as of 6/30//20.#8Large Diversified Business Storage Business Mix 9% 3% Total Revenue: $4.2B(2) Records Management Service Business Mix 13% Storage Revenue 69% of total Data Management Data Center Adjacent Businesses Digital Solutions Secure Shred 72% Other (1) Other revenues include other ancillary products and services. ིས་ (2) Trailing 12-month Total Revenue. Note: Numbers may not foot due to rounding. 25% 13% 4% 1% 11% 44% 8 Service Revenue 31% of total IRON MOUNTAIN"#9Durable Records Management Business MOUNT ON MOUNTAIN TAIN IRON MOUNTAIN RONMOONS 800 899 RON 80089 NTAIN IRON MOUNTAIN RONMENTY ORMOUN MOUNTAIN AON MOUNIAN ON MOUNTAIN NTAIN IRON MOUNTAIN YMCENTIN MOUNDUY REAC MENDIN - AMMEN AMENTA ARONMOUNTAIN DON MOUNTAIN CUSTOMER BOX ન • ~710 Million Cubic Feet of hard copy records archived • 98 Percent Customer • retention rate Steady Organic Revenue Growth supported by revenue management • 50%+ of boxes stay in facilities for 15 years on average wwwwwww IRON MOUNTAIN 6#10Business Mix Accelerating Growth Healthy Revenue Growth Trends Organic Total Revenue Growth Rolling 3-Yr Avq Robust Margin Expansion Total Adjusted EBITDA Margins 1.7% 1.2% 0.8% 0.2% 2014 2015 2.4% 2.3% 10 10 33.7% 33.7% 32.3% 31.0% 30.6% 29.7% 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 Strong Execution of Growth Strategy • Iron Mountain has made significant progress in shifting its revenue mix to faster growing businesses, including emerging markets, data center, and adjacent business segments Expanded data center footprint globally via Fortrust, I/O, Credit Suisse, and EvoSwitch acquisitions Targeting data center business to be 10% of Adjusted EBITDA by the end of 2020 Shift in business mix driving continued improvement in Adjusted EBITDA margins Investing in new digital solutions and further strengthening customer relationships Note: 2018 Adjusted EBITDA margins were impacted by adoption of Revenue Recognition standard; normalized for the change, 2018 Total Adjusted EBITDA margin would have been 33.4%, IRON MOUNTAIN"#11Response to COVID-19 IRON MOUNTAINⓇ IRON MOUNTAIN GEMENT/RECORDS STORAGE/SECURE DESTRUCTION AMORDN GEORGIA QFK2226 11#12COVID-19 Update 12 oOo R ZI Community Committed to the health, safety and well-being of employees, customers, vendors, and communities Heightened hygiene and sanitation practices; social distancing and safety protocols Maximizing flexible and remote work arrangements Bringing Mountaineers back from furlough as service activity levels resume Increased communication with employees and customers Recommitting to building diverse and inclusive environment Operations Iron Mountain facilities are operating as "essential businesses” focused on serving customers 100% of Records Management facilities now open and operating around the globe Service activity levels improved in June compared to April/May, though still well below year-ago levels Providing new and innovative customer solutions around storage and distribution, document scanning, and the secure remote access and application of artificial intelligence through the InSight platform, assisting customers with remote workforces Global Data Center leasing accelerated significantly in Q2; signed 32+ MW of new and expansion leases Financial Iron Mountain is operating from a solid financial position Committed to sustainable dividend Significant liquidity to fund business needs Project Summit transformation well on track; creating a more dynamic, agile and customer-focused organization Reduced expenses and taken steps to preserve cash in the near term Managing variable costs well IRON MOUNTAINⓇ#13How We Are Serving Our Customers Today 13 Iron Mountain Image on Demand Digital Service supporting the needs of remote workforces and enabling access to important information Benefits: -> -> This service provides safe, contactless digital delivery. Enhances the chain of custody security and provides a quick 24-hour turnaround online delivery. Enables customers to be more effective by sharing information with those who need it while ensuring that information security and privacy are maintained Secure Business Storage & Logistics Store and quickly deploy the protective equipment and medical supplies customers need to protect staff and patients A national healthcare provider struggling with surge in need for medical supplies and supply chain challenges Customer needs: -> Distribute critical PPE to 32,000 employees at 750+ sites in 36 US states. A secure location to prep PPE kits without taking up valuable space needed for patients at facilities. Our Solution: Secure Business Storage & Logistics. Inbound and store pallets from multiple suppliers, prepare PPE kits made up of 12-15 items, and distribute to healthcare sites. Also storing pallets for other medical and retail customers. InSight Essentials Capture, store and access your content in a secure cloud repository. A government labor department maintaining critical paper-based processes while enabling a home-based workforce Customer needs: -> Enable home-based workers to process high volumes of unemployment claim records, as quickly as possible Store physical records offsite until they need to be destroyed. Our Solution: InSight Essential. Receive and scan claim exceptions and serve up the images on InSight application to over 800 named users. Store the records until they need to be destroyed, then shred. Speaking to multiple US states about similar solutions for unemployment and Medicare claims. IRON MOUNTAIN#14IRON MOUNTAIN" Project Summit Designed to accelerate execution of strategy and continue growth 14#15Project Summit - Key Goals. Simplified Global Structure United RIM operations under one leader - Ernie Cloutier Consolidated external reporting segments to reflect Global RIM as one business unit Rebalanced resources to sharpen focus on higher growth areas Streamlined Managerial Structure for the Future • Consolidated the number of layers and reporting levels Reduced the number of positions at the VP level and above by approximately 45% Reducing total managerial & administrative workforce by approximately 700 positions over 2020 and 2021 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 Aligning global and regional customer-facing resources across RIM product lines ✓ Providing customers with a more integrated experience • Reimagining service delivery model by further leveraging third party logistics providers, extending service level agreements from 24 hours to 5+ days, and providing digital delivery of records using Image on Demand Leveraging technology to modernize processes for better alignment between new digital solutions and core business Focusing on highest potential opportunities while creating a more efficient organization that can embrace and execute change faster to become a stronger customer partner 15 IRON MOUNTAINⓇ#16Project Summit - Transformation Program on Track Expected Financial Benefit Total Estimated - Total Program: Annual Adjusted EBITDA benefits of $375M exiting 2021 2020: Adjusted EBITDA benefit of $150M - $40M benefit realized in Q2; $65M benefit realized YTD Total Program: ~$450M by end of 2021 - 2019: ~$50M Charges to Implement - 2020: $240M ~$39M in Q2; $80M YTD A more dynamic, aligned and agile organization Simplified Global Structure Streamlined Managerial Structure for the Future Enhancing Employee & Customer Experiences 16 IRON MOUNTAIN#17IRON MOUNTAIN Driving EBITDA Growth 17#18Durable Long-Term Business Model Deep and long-lasting customer relationships with 950 of Fortune 1000 Durable Records Management business drives cash generation Drive significant cross-selling synergies across businesses Consistently deliver strong organic cash flow; fund future growth 18 Continue to support and grow strong customer relationships Deliver targeted ~4%+ organic Adjusted EBITDA growth flowing through to AFFO IRON MOUNTAIN"#19Durable Global Storage Portfolio Cubic Feet 720,000 700,000 680,000 660,000 640,000 620,000 Worldwide Storage Volume 600,000 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Records Management Data Protection Adjacent Businesses Consumer and Other Note: Business acquisitions volume acquired during the quarter included in total volume; Q1 2020 includes -18 million cubic feet from the acquisition of OSG Records Management. IRON MOUNTAIN" 19#20. Differentiated Data Center Offering Supports Growth Iron Mountain provides a comprehensive data center solution to solve our customers' digital transformation challenges Proven track record and existing customer relationships; trusted by the world's most regulated organizations 5 of Top 10 Cloud Providers are Iron Mountain Data Center customers Compelling Cross-Sell opportunity - significant number of new enterprise deals generated by RIM sales team Unmatched flexibility - ability to provide customers with a range of deployment options from one cabinet to an entire building Easy access to numerous carriers, cloud providers and peering exchanges with migration support and IT services available 20 20 IRM data centers powered by 100% renewable energy - new Green Power Pass enables us to 'pass' carbon credits to customers Reduced customer risk with comprehensive compliance support and highly secure colocation facilities Unique underground data centers are ideal for backup and disaster recovery Best-in-class uptime performance - six-nine's Enterprise retail colocation with the ability to serve hyperscale requirements Access to 100's of carriers and cloud providers Hybrid IT and data center services Smart hands services available IRON MOUNTAIN"#21Large Data Center Platform with Growth Potential Presence in Top Global Markets Phoenix Northern Virginia Singapore Amsterdam Boyers and Others London Chicago Frankfurt New Jersey ~358MW potential capacity Note: data as of 6/30/20 unless otherwise stated Denver 21 21 2019 Full Year Revenue of $257M; Adjusted EBITDA of $122M • Q2'20 EBITDA growth of 11% 14 Operating Data Center facilities spanning the U.S., Europe and Asia • 1,300+ Data Center Unique Leases ~90% Capacity Utilization (stabilized) •~122MW of Leasable Capacity • WALE of 4.0 years • 2020 leasing target of 45-50 megawatts; strong and building pipeline IRON MOUNTAIN"#22Significant Data Center Expansion Opportunity 22 22 Market Leasable MW Under Construction Held for Development Total Potential Capacity Amsterdam 12.4 6.2 15.4 34.0 Boyers and Other 14.2 14.3 28.5 Chicago 36.0 36.0 Denver 11.3 11.3 Frankfurt 0.0 9.0 18.0 27.0 London 5.1 2.0 27.0 34.1 New Jersey 15.1 1.2 9.3 25.6 Northern Virginia 10.9 5.5 43.6 60.0 Phoenix 50.7 2.0 42.0 94.7 Singapore 2.6 2.8 1.5 6.9 Total Data Center Portfolio 122.3 28.7 207.0 358.0 Note: as of 6/30/2020 Total portfolio capacity including expansion of 358 MW IRON MOUNTAIN"#23Continued Expansion in Faster-Growing Markets (1) 44 countries $800m+ Revenue (1) Expanding Margins 36% 23 23 34% 31% 30% 29% 26% 21% 64% Storage Service 2015 2016 2017 2018 2019 1H 2020 4 regions 543 facilities ~30,000 customers >15,000 employees Focus on Storage-attached Services Customer outsourcing in early stages Margin expansion as business scales Executing on value creating M&A to strengthen market positions IRON MOUNTAIN 2019 annual revenue#24Long-Term Margin Drivers Support Growth • Emerging Markets Organic growth provides scale and efficiency • Strong market positions support margin expansion Data Center • Building development pipeline Fastest growth segment with highest margins Expansion of Records Management Margins . • Revenue Management Continuous Improvement 24 24 IRON MOUNTAIN"#2525 25 Faster-Growing Adjacent Businesses Fine Art Storage Global leader in fine art storage and logistics; strategic network spans North America & Europe Unparalleled technical expertise in the handling, installation and storing of art Best practices to protect the value and integrity of treasured assets . Entertainment Services Trusted by every major music label and movie studio to protect their most valuable films, recordings and images Industry-leading chain-of custody processes On-site full service studio IRON MOUNTAIN"#26IRON MOUNTAIN™ Prudent Capital Allocation Framework 26#27Capital Allocation Strategy Has Not Changed Sustain the dividend at current level • Long-term target leverage ratio of 4.5x - 5.5x • Reinvest in the business through growth Capital Expenditures Invest in accretive M&A Capital recycling + alternative sources of funding 27 27 IRON MOUNTAIN"#28Value 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 December 2019 sale - $46 Million " Case study: Sunnyvale, CA Sale of 125k sq ft facility located within Silicon Valley 28 Capitalized on favorable valuation of industrial asset in highly sought after market Will relocate inventory to other nearby Iron Mountain facilities over 24-36 months inefficient real Excess or estate Better/best use - Sale generates outsized return Higher-use real estate alternatives Building improvements Data center development / Emerging market expansion / M&A expansion IRON MOUNTAIN IRON MOUNTAIN"#29Balanced Sheet Remains Well Positioned . Successful Bond Offering in 2Q20 Completed a leverage-neutral $2.4 billion bond offering in June Extended maturity profile by ~2 years ~$1.2 billion of liquidity pro forma for redemption of $1.0 billion 2024 notes on July 2 . Balance Sheet Highlights as of 6/30/20 ~85% Fixed Rate Debt • 4.6% weighted average interest rate ⚫ 7.0 years weighted-average maturity 29 29 Net Lease Adjusted Leverage Note: The leverage neutral, pending debt offering that was announced and priced on August 10, 2020 is not taken into account in these metrics. Source: J.P. Morgan REIT Weekly U.S. Real Estate report July 2, 2020 and company reports 6.3x 5.4x 5.6x J.P. Morgan REIT Composite IRM Q2 2020 IRM 2020 Outlook IRON MOUNTAIN"#30Strong Sustainability Focus. . Green Power Pass solution in Data Center market to help customers manage their carbon footprint 30 30 • . • • Part of RE100 Initiative - commitment to using renewable energy sources for 100% of our worldwide electricity 77% of our global electricity use - including 100% of the electricity used to power our Data Center business - was from renewable sources in 2019 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 2020 Corporate Equality Index for the third year in a row. EPA GREEN POWER 017 Leadership Award Winner GLOBAL THE GLOR COMPACT RE 100 WE SUPPORT GRI Empowering Sustainable Decisions CDP SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION IRON MOUNTAIN#31Key Investment Highlights Leading global information management brand with a durable, growing business Project Summit expected to continue to yield significant free cash flow benefits Increasing exposure to high-growth markets with powerful secular tailwinds Committed to sustainable dividend while reducing payout ratio over time Disciplined capital allocation designed to maximize returns 31 IRON MOUNTAIN#32IRON MOUNTAINⓇ IP Q2 2020 Performance 32#33Q2 Performance Solid performance in a challenging environment • Delivered constant-currency Adjusted EBITDA in line with last year, despite $58 million revenue decline Adjusted EBITDA margin expanded 200 bps Y/Y - benefits from Project Summit, revenue management, and mix Drove cash cycle improvement of nearly 4 days Y/Y, with benefits coming from both DPO and DSO Core Storage business highly durable Continue to benefit from deep and long-lasting customer relationships Global organic storage rental revenue growth of 2.3% supported by strong revenue management Global organic storage volume declined 1.8M cubic feet; Consumer and Other grew 2.2M cubic feet Global Data Center momentum accelerated . 32.3 megawatts of new and expansion leases executed in Q2; first half leasing of approximately 39 megawatts Expect to execute an additional 10+ megawatts of leasing in the back half • Expect full-year leasing of 45-50 megawatts relative to original full-year 2020 guidance of 15-20 megawatts IRON MOUNTAIN" 33 33#34(1) (2) (3) Q2 Financial Performance Constant Currency In millions, except per-share data Q2-20 Q2-19 Y/Y % Y/Y% Organic Growth (1) Revenue $982 $1,067 -7.9% -5.6% -7.2% Storage $677 $669 1.1% 3.7% 2.3% Service Gross Profit (2) $305 $398 -23.2% -21.3% -23.1% $576 $603 -4.6% -2.5% Gross Profit Margin (2) 58.6% 56.5% 210 bps SG&A Expenses (2) $242 $252 -4.0% -2.0% (Loss) Income from Continuing Operations $(7) $92 n/a Adjusted EBITDA (3) $343 $351 -2.3% -0.1% Adjusted EBITDA Margin 34.9% 32.9% 200 bps Net (Loss) Income Adjusted EPS (3) AFFO(3) Dividend/Share Fully Diluted Shares Outstanding $(7) $92 n/a $0.22 $0.23 -4.3% $249 $210 19.0% $0.62 $0.61 1.2% 288 287 0.2% 34 Constant currency excluding impact from business acquisitions and divestitures IRON MOUNTAINⓇ Gross Profit includes $7.6M of direct and incremental costs related to COVID-19 in Q2 2020; SG&A includes $1.6M of direct and incremental costs related to COVID-19 in Q2 2020 Reconciliation for Adjusted EBITDA, Adjusted EPS and AFFO to their respective GAAP measures can be found in the Supplemental Financial Information on pages 11 and 13, respectively#35Key Q2 Takeaways Strong Q2 financial performance; core storage business remains durable Service activity levels improved in June compared to April/May Strong balance sheet and liquidity position as we execute on our strategic initiatives in a challenging economic environment Extensive portfolio of new and existing solutions across our leading global footprint positioning us well for further opportunity during the recovery Recommitting ourselves to our long-stated value around Diversity and Inclusion, which is just, fair, and instrumental in continuing to develop new solutions for our customers IRON MOUNTAIN 35 35#36IRON MOUNTAINⓇ [email protected] 36