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Iron Mountain: Earnings Commentary And Supplemental Information Third Quarter 2015 Unaudited

The following excerpt is from the company's SEC filing.

Safe Harbor Statement 2 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 regarding our operations, economic performance, financial condition, goals, beliefs, future growth strategies; investment objectives, plans and current expectations, such as expected 2015 guidance and preliminary 2016 C$ guidance, 2015 consolidated revenue internal growth rate and capital expenditures 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. You should not rely upon forward-looking statements except as statements of our present intentions and of our present expectations, which may or may not occur. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. 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 ("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; (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. In addition, with respect to the potential Recall transaction, our ability to close the proposed transaction in accordance with the terms of our agreement with Recall, or at all, is dependent on our and Recall's ability to satisfy the closing conditions set forth in such agreement, including the receipt of governmental and shareholder approvals. 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 document, Iron Mountain will discuss (1) Adjusted Operating Income Before Depreciation, Amortization , Intangible Impairments , (Gain) Loss on Disposal / Write - down of Property, Plant and Equipment , Net (Excluding Real Estate) , REIT Costs and Recall Costs (Adjusted OIBDA), ( 2 ) Adjusted Earnings Per Share (Adjusted EPS), ( 3 ) Funds From Operations ( FFO NAREIT), ( 4 ) FFO (Normalized) and ( 5 ) Adjust ed Funds From Operations (AFFO) . These measures do not conform to accounting principles generally accepted in the United States (GAAP). The reconciliations of these measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended , are included later in this document (see T able of C ontents ) .

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 Table of Contents 3 Investor Relations Contacts: Faten Freiha, 617-535-8404 Director, Investor Relations faten.freiha@ironmountain.com Melissa Marsden, 617-535-8595 Senior Vice President, Investor Relations melissa.marsden@ironmountain.com Earnings Commentary 4 Company Profile 7 Financial Highlights 8 Year-over-Year Revenue Growth 9 Records Management Volume Growth 10 Guidance Summary 12 Quarterly Operating Performance 13 Year-to-Date Operating Performance 14 Consolidated Balance Sheets 15 Consolidated Statements of Operations 16 Reconciliation of Operating Income to Adjusted OIBDA 17 Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share 18 Reconciliation of Net Income Attributable to IRM to FFO & AFFO 19 Quarterly Total Revenue Growth Bridge 20 Quarterly Normalized Adjusted OIBDA Bridge 21 Quarterly Normalized Adjusted Earnings per Share Bridge 22 Quarterly Total Service Margin Bridge 23 Reported $ Storage Net Operating Income (NOI) 24 Global Real Estate Portfolio 25 Revenue from Rental Activities and Storage NOI per Racked Square Foot 26 Portfolio Utilization 27 Gross Book Value of Real Estate Assets 28 Service Business Detail 29 Customer Data 30 Debt Schedule 31 Capitalization 32 Lease Obligations 33 Investments 34 Components of Value 35 Appendix 36

Earnings Commentary 4 Iron Mountain Third Quarter 201 5 Financial Results Constant Do llar Storage Rental Growth and Continued Volume Gains Support Strong Operating Performance Service Gross Margin Turnaround on Track Constant Dollar Profits at Upper End of Full - Year Company Constant Dollar Guidance Board of Directors Declares Quarterly Divide nd Increase to $0.485 per Share · On a constant dollar (C$) basis, total revenue growth for the quarter was 2.0 %, reflecting solid storage rental revenue gains of 4. 2 %, partially offset by service revenue declines of 1. 3 %. As a result of the continued strengthening of the U.S. dollar , t otal reported revenues for the third quarter were $ 7 47 million in 2015 , compared with $78 3 million in 201 4 . Year - to - date total reported revenues were $ 2. 26 billion, compared with $ 2.34 billion in 2014. Year - to - date C$ total revenue growth was 2.1 %, driven by storage rental revenue gains of 4.3 % , partially offset by service revenue declines of 1. 1 %. · Adjusted OIBDA for the third quarter was $ 22 8 million , compared with $ 2 35 million in 201 4 , while year - to - date Adj usted OIBDA was $ 6 8 2 million, compared with $ 706 million in 2014 . Adjusted OIBDA for the third quarter of 2015 includes previously communicated costs of $ 9 million related to the companys Transformation program. On a C$ basis, Adjusted OIBDA increased by 2 .3 % (6.5% excluding Transformation costs) for the quarter and 1. 5 % yea r - to - date. · Adjusted EPS for the third quarter was $0. 31 per diluted share , compared with $0. 35 per diluted share in 201 4 . Year - to - date Adjusted EPS was $0. 89 per diluted share , compared with $ 1.10 in 2014 . Adjusted EPS for 2015 refle c ts a structural tax rate of 16.5 %, compared with a structural tax rate of 16.3 % in 2014. Adjusted EPS for 2015 reflects a 9 % increase in weighted average shares outstanding following the distribution of shares in November 2014 associated with the companys conversion to a REIT effective January 1, 2014 in addition to the Transformation costs noted above. Excluding the increase in shares and transformation charges, Adjusted EPS for the third quarter increased by 8.7 %. · GAAP EPS for the third quarter was $0. 11 per share and $ 0. 56 year - to - date, compared with GAAP EPS of $ 0.00 per share for the third quarter of 2014 and $1. 6 3 year - to - date. Year - to - date 2014 GAAP EPS includes $176 million of a net discrete tax benefit recorded in the second quarter of 2014 primarily related to the reversal of current and deferred tax assets and liabilities, partially offset by incremental taxes r elated to foreign repatriation associated with the companys conversion to a REIT. · FFO (Nor malized) per share was $0. 5 5 for the quarter and $ 1.53 year - to - date. AFFO was $ 137 million for the quarter and $ 395 million year - to - date. · On October 2 9, t he companys board of directors declared a quarterly cash dividend of $0.48 5 per share on the common stock of the company, payable on December 15 , 2015 to shareholders of record at the close of business on December 1 , 2015 .

Earnings Commentary 5 In support of its strategic plan , the company m aintained strong customer retention and increased positive worldwide records management net volume growth in the third quarter by 2. 7 % ( 1. 6 % internal volume growth). Volume growth by segment in the third quarter was: o 1. 1 % in North America ( 0.1 % internal volume growth, or 400,000 cubic feet ) o 3.9 % in Western Europe ( 3 . 2 % internal volume growth) o 8 .7 % in the Other International segment ( 7.2 % internal volume growth ) · Expanded r evenue from Emerging Markets (now Other International excluding Australia) to 14. 3 % of total revenue in the third quarter on a 2014 constant dollar basis , demonstrating progress toward the companys goal to increase revenue from these markets to 16% by the end of 2016 . · Y ear - to - date , a cquired the record and tape inventories of 10 storage companies , and closed on 14 acquisitions of small records management companies , including one transaction in India , for a total investment of approximately $ 45 million . · Increas ed the expected benefit from its T ransformation Program (formerly Speed and Agility) to $125 million fro m $100 million of savings in overhead expenses by 2018. Actions taken in July 2015 will improve the overhead year - end 2015 exit rate and are expected to deliver the full $50 m illion of benefit in 2016 . In addition, the company intends to take actions early in 2016, which will result in a cumulative net benefit of $100 million of savings in 2017. · I mplement ed an initiative to align the service business cost structure with activity decline s with the goal of maintaining and improving service gross margins. Total service margins improved to 28. 5 % in the third quarter of 2015 including one - time items. On a normalized basis prior to accounting reclassifications , third quarter service margins were 26.8%, up fro m 24.6% in the second quarter of 2015 and on track with our 2015 exit rate guidance of 27% to 27.5% . Our third quarter operating results continue to reflect the durable nature of our business, punctuated by solid constant dollar and internal growth in st orage rental revenue, while at the same time we are beginning to see the benefits of our increased focus on our service profitability , said William L. Meaney, Iron Mountains president and chief executive officer. Contribution also improved across the board, as we begin implementing our Transformation program . These savings , combined with anticipated Recall synergies following a successful close, will drive significant growth in cash that support s growth in dividend s and continued investment in the business . Operations and Financial Review Operating performance continued to demonstrate resilience, with t hird quarter C$ to tal storage rental growth of 4. 2 % reflecting : · S trong increases of 15. 2 % in the companys Other International segment, · 2.0 % in the Western Europe segment, and · 0.9 % and 5. 6 % in North American Records and Information Management (RIM) and North American Data Management (DM), respectively. Foreign currency rate changes reduced reported worldwide storage rental revenue growth rates by approximately 6.3% in the thi rd quarter compared with the prior year. W orldwide i nternal storage rental growth was 2. 8 % in the third quarter of 2015 compared with 2.2 % in the third quarter of 2014 . By segment, i nternal storage rental revenue : · Increased by 11. 5 % in the Other International segment, · Increased by 1.4 % in the Western Europe segment , and · Decreased by 0. 3 % in North American RIM and increased by 5. 4 % in North American DM

Earnings Commentary 6 Consolidated Adjusted OIBDA margin for the quarter was 30.5%, reflecting continued strong Adjusted OIBDA margins of 39.7% in North American RIM, 51.6% in North American DM, 31.2% in Western Europe and 20.3% in Other International. Year - to - date , total real estate investment including racking was $ 1 06 million, acquisition spend ing was $ 45 million and other non - real estate investment was $ 35 million. Maintenance capital expenditure s w ere $ 44 million, or 2 . 0 % of revenues. At quarter end, t he company had liquidity of approximately $ 1. 7 billion , primarily under its revolving credit facility , prior to the October 2015 redemption of its outstanding 6.75% Euro Senior Subordinated Notes due 2018, 7.75% Senior Subordinated Notes due 2019 and 8. 375% Senior Subordinated Notes due 2021. Following the red emption , liquid ity would be approximately $0.9 b illion . The companys net total lease adjusted leverage r atio was 5. 7 a t quarter end, as compared to a maximum allowable ratio of 6.5x . 2015 Guidance On October 14, the company adjusted its guidance for 2015 Revenue and Adjusted OIBDA to reflect the continued impact of foreign currency on reported results, but maintained its C$ guidance for these metrics. In addition, the company introduced 2016 C$ guidance for T otal R evenue , Adjusted OIBDA , Adjusted EPS, FFO (NAREIT) per share, FFO (Normalized) per share and AFFO . D etail s are available on page 12 .

Company Profile Iron Mountain is a global leader in enterprise storage with a high-return, real estate-based, business model, yielding revenues over $3 billion per annum. The company provides storage and information management services to a high-quality, diversified customer base across numerous industries and government organizations. Iron Mountain serves over 155,000 customers, including more than 92% of the Fortune 1000, and no single customer accounts for more than 2% of revenues. Iron Mountain provides storage and information management services in 36 countries on five continents, storing 530 million cubic feet of records in a portfolio of approximately 1,100 facilities containing more than 67 million square feet of space. The company employs over 20,000 people. Iron Mountain is organized as a REIT and its financial model is based on the recurring nature of its storage rental revenues and the resulting storage net operating income (NOI). Supported by its consistent, predictable storage rental revenues, which have increased for 26 consecutive years, the company generates predictable, low volatility growth in key metrics such as storage NOI and AFFO. This fundamental financial characteristic provides stability through economic cycles. Iron Mountain has the opportunity to invest capital at attractive returns both domestically and internationally. The company believes that there remains a large un-vended opportunity that can support sustained storage volumes in developed markets such as North America and high growth opportunities in emerging markets that are just beginning to outsource their storage of physical documents. Diversification of Total Revenue (As of 9/30/2015) 7 Countries Served (1) Includes Fulfillment Services, Document Management Services, Intellectual Property Management, Data Center, Consulting, Entertainment Services and other ancillary services 3.0% 7.6% 16.6% 72.8% 68.2% 8.2% 7.9% 15.7% Asia Pacific Latin America Europe North America Records Mgmt Other Shredding Data Protection 2014 C$ Storage Rental Growth 5.4% 25-year Compound Annual Growth Rate 17.2% 26 YEARS OF STORAGE RENTAL GROWTH 11 14 13 10 09 08 07 06 05 04 03 02 01 00 99 98 97 96 12 95 94 93 92 91 90 89 (1) Product Region $1,860

Financial Highlights 8 (1) Excludes $0.6 million of CapEx in Q3 2014 and $4.1 million YTD 2014 related to the companys conversion to a REIT (2) Includes Land, Buildings, Improvements, and Racking Structures (3) In Q3 2014, we reclassified certain maintenance CapEx to Real Estate Investment; this reclassification is immaterial to our results. Q3 2014 Q3 2015 % Change YTD 2014 YTD 2015 % Change Storage Rental $469,064 $460,052 (1.9)% $1,394,842 $1,380,133 (1.1)% Service 313,633 286,477 (8.7)% 944,873 875,416 (7.4)% Total Revenues $782,697 $746,529 (4.6)% $2,339,715 $2,255,549 (3.6)% Gross Profit $447,191 $428,866 (4.1)% $1,332,103 $1,289,949 (3.2)% Gross Margin % 57.1% 57.4% 30 bps 56.9% 57.2% 30 bps Adjusted OIBDA $235,391 $227,835 (3.2)% $705,764 $682,281 (3.3)% Adjusted OIBDA % 30.1% 30.5% 40 bps 30.2% 30.2% 0 bps Adjusted EPS $0.35 $0.31 (11.4)% $1.10 $0.89 (19.1)% FFO Applicable to Iron Mountain (Normalized) per Share $0.57 $0.55 (3.5)% $1.75 $1.53 (12.6)% Ordinary Dividends per Share $0.475 $0.475 0.0% $1.015 $1.425 40.4% Weighted Average Fully-diluted Shares Outstanding 194,905 211,917 8.7% 193,833 212,081 9.4% Storage Net Operating Income (NOI) $363,213 $347,200 (4.4)% $1,069,371 $1,059,112 (1.0)% Storage Profit and Margin Storage Gross Profit 363,213 347,200 (4.4%) 1,069,371 1,059,112 (1.0%) Storage Gross Margin 77.4% 75.5% -190 bps 76.7% 76.7% 0 bps Service Profit and Margin Service Gross Profit 83,979 81,668 (2.8%) 262,734 230,841 (12.1%) Service Gross Margin 26.8% 28.5% 170 bps 27.8% 26.4% -140 bps Capital Expenditures (1) and Investments Real Estate: Investment (2) 56,414 $34,052 (39.6)% $145,410 $105,531 (27.4)% Maintenance 17,422 12,269 (29.6)% 31,230 28,111 (10.0)% 73,836 46,321 (37.3)% 176,640 133,642 (24.3)% Non-Real Estate: Investment 10,698 10,633 (0.6)% 33,464 34,956 4.5% Maintenance (3) (3,252) 5,431 n/a 13,371 16,043 20.0% 7,446 16,064 115.7% 46,835 50,999 8.9% Business and Customer Acquisitions 26,238 10,868 (58.6)% 92,195 44,559 (51.7)% Total Capital Expenditures and Investments $107,520 $73,252 (31.9)% $315,670 $229,200 (27.4)%

Year-over-Year Revenue Growth 9 Revenue Growth Rates Reported (1.9)% (8.7)% (4.6)% (1.1)% (7.4)% (3.6)% Less: Impact of FX Rate Changes and Adjustments (6.1)% (7.3)% (6.6)% (5.3)% (6.3)% (5.7)% Constant Currency 4.2% (1.3)% 2.0% 4.3% (1.1)% 2.1% Less: Impact of Acquisitions and Dispositions 1.5% (0.5)% 0.7% 1.4% (0.5)% 0.7% Internal Growth Rate 2.8% (0.9)% 1.3% 2.8% (0.6)% 1.5% Service Revenue Total Revenue Q3 2015 YTD 2015 Storage Rental Revenue Service Revenue Total Revenue Storage Rental Revenue

Records Management Volume Growth 10 2.0% 3.5% -2.0% -4.4% 5.9% 2.4% Q4-14 4.2% -1.9% -4.4% 5.9% 2.4% 1.5% Q3-14 3.6% Q3-15 2.7% -2.1% -4.5% 5.8% 2.5% 1.1% Q2-15 2.8% -2.1% -4.4% 5.9% 2.3% 1.0% Q1-15 5.5% -1.9% -4.5% 6.1% 2.4% 3.4% Q2-14 7.6% -2.0% -4.7% 6.1% 2.5% 5.5% Q1-14 6.7% -2.3% -4.5% 6.2% 2.3% 5.0% Q4-13 5.8% -2.5% -4.6% 6.3% 2.4% Outperm/Terms Destructions New Volume from Existing Customers New Sales Business Acquisitions Total Iron Mountain (528 CuFt MM) North America (376 CuFt MM) Net Volume Growth Rate 1.7% Q3-14 3.3% -1.6% -4.7% 5.2% 1.7% 2.7% Q2-14 4.1% -1.8% -4.8% 5.3% 1.7% 3.7% Q1-14 3.8% -2.2% -4.7% 5.4% 1.7% 3.6% Q4-13 3.7% -2.4% -4.7% 5.5% 1.7% 3.6% -4.6% 5.1% -4.5% 5.1% 1.6% 0.8% Q1-15 1.2% -1.7% -4.6% 5.1% 1.7% Q4-14 0.5% -1.6% Q3-15 1.1% -1.8% -4.7% 4.9% 1.7% 1.0% Q2-15 1.2% -1.8% 0.7% (1) (1) Customer acquisitions are now included in new sales as the nature of these transactions is similar to new customer wins 1.6%

Records Management Volume Growth 11 3.6% 5.4% Q1-15 0.7% 3.6% 5.4% 5.6% 4.7% 5.3% -4.5% -2.2% 4.0% -4.5% Q3-15 0.7% Q2-15 -4.6% 4.9% -2.3% 3.0% -2.1% 5.5% 4.6% 1.8% Q2-14 6.2% -2.6% -3.9% 5.4% 5.5% 1.8% Q1-14 4.4% -2.6% -4.0% 5.7% 4.3% 1.0% Q4-13 4.7% -2.6% -4.1% 5.9% 4.7% 0.8% -4.1% -2.3% 5.7% Q4-14 -2.4% 5.4% 5.5% Q3-14 1.8% 4.8% 1.6% -4.2% New Volume from Existing Customers Destructions Outperm/Terms Business Acquisitions New Sales Western Europe (62 CuFt MM) Other International (90 CuFt MM) Net Volume Growth Rate 4.1% 10.7% 10.3% 4.5% 9.5% Q3-14 16.8% -2.8% -3.8% 10.8% 4.4% 8.3% Q2-14 28.2% -2.7% -4.4% 11.6% 4.4% 19.2% Q1-14 24.8% -2.6% -4.2% 11.4% 4.2% 15.9% 1.5% 9.6% 4.3% -3.4% -3.4% 9.8% 4.3% Q1-15 12.9% -3.2% -3.5% 9.9% 5.5% -3.6% -3.0% 17.6% Q4-14 2.4% Q4-13 Q2-15 4.1% Q3-15 8.7% -3.5% -3.4% 9.8% 18.9% -3.0% -4.1% 11.3% (1) (1) Customer acquisitions are now included in new sales as the nature of these transactions is similar to new customer wins

Guidance Summary 12 Financial Performance Outlook (1) YOY growth compared to 2015 constant dollar (C$) budget rates; includes 1% - 2% internal revenue growth (2) Assumes 212 million shares outstanding (3) AFFO (New Definition) is defined in the appendix (page 36) and deducts Non-Real Estate Investments from how AFFO was previously calculated (4) YOY growth compared to the 2015 constant dollar (C$) budget rates; includes 1% - 3% internal revenue growth (5) 2016 excludes potential Recall acquisition (6) Real Estate Investment guidance range has been lowered by approximately $30 million at the midpoint relative to the guidance provided at our Investor Day on October 14th, 2015 (4) (4) $MM 2015 Guidance as of July 30, 2015 2015 Revised Guidance as of October 14, 2015 2015 C$ Guidance as of October 14, 2015 C$ YOY Growth Preliminary C$ 2016 Guidance (5) C$ YOY Growth (5) Operating Performance Revenue $3,030 - $3,150 $3,000 - $3,060 $3,050 - $3,110 1% - 3% (1) $3,165 - $3,265 4% - 5% Adjusted OIBDA $905 - $945 $905 - $930 $925 - $945 3% - 5% (1) $990 - $1,030 7% - 9% Adjusted EPS Fully Diluted $1.15 - $1.30 (2) $1.15 - $1.30 (2) $1.20 - $1.30 (2) $1.28 - $1.43 (2) 7% - 10% FFO Applicable to Iron Mountain(Normalized) $425 - $465 $425 - $465 $425 - $465 $455 - $520 FFO Applicable to Iron Mountain (Normalized) per share $2.00 - $2.20 (2) $2.00 - $2.20 (2) $2.00 - $2.20 (2) $2.15 - $2.45 (2)...


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