Durable Business Drives Cash Flow and Supports Dividend Growth - - PowerPoint PPT Presentation

Durable Business Drives Cash Flow and Supports Dividend Growth

November 15-16, 2016

Safe Harbor Language and Reconciliation of Non-GAAP Measures

2

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws and be subject to the safe-harbor created by such Act. Forward-looking statements include, but are not limited our financial performance outlook and statements concerning our operations, economic performance, financial condition, goals, beliefs, future growth strategies, investment

• bjectives, plans and current expectations, such as 2016 guidance, 2020 outlook, expected shareholder returns and cash available for distribution, 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 Iron Mountain uses words such as "believes," "expects," "anticipates," "estimates" or similar expressions, it is making forward-looking statements. You should not rely upon forward-looking statements except as statements of Iron Mountain’s present intentions and of Iron Mountain’s present expectations, which may or may not occur. The forward-looking statements are based on Iron Mountain’s estimates based on information available to it as of the date indicated in connection with such statement (and if no such date is indicated, the date of this Investor Presentation). Iron Mountain’s expected results may not be achieved, and actual results may differ materially from its expectations. Important factors that could cause actual results to differ from Iron Mountain’s expectations include, among others: (i) Iron Mountain’s ability to remain qualified for taxation as a real estate investment trust for U.S. federal income tax purposes; (ii) the adoption of alternative technologies and shifts by Iron Mountain’s customers to storage of data through non-paper based technologies; (iii) changes in customer preferences and demand for Iron Mountain’s 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 Iron Mountain’s customers' information; (vi) changes in the price for Iron Mountain’s 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 Iron Mountain’s international subsidiaries operate; (viii) Iron Mountain’s ability or inability to complete acquisitions on satisfactory terms and to integrate acquired companies efficiently; (ix) changes in the amount of Iron Mountain’s capital expenditures; (x) changes in the cost of Iron Mountain’s debt; (xi) the impact of alternative, more attractive investments on dividends; (xii) the cost or potential liabilities associated with real estate necessary for Iron Mountain’s business; (xiii) the performance of business partners upon whom we depend for technical assistance or management expertise outside the United States; and (xiv) other trends in competitive or economic conditions affecting Iron Mountain’s financial condition or results of operations not presently contemplated. In addition, the benefits of the l Recall transaction, including potential cost synergies, accretion and other synergies (including tax synergies), may not be fully realized or may take longer to realize than expected. Additional risks that may affect results are set forth in Iron Mountain’s filings with the Securities and Exchange Commission, including under the caption “Risk Factors” in our periodic reports, or incorporated

• therein. Any forward-looking statements contained herein are based on assumptions that Iron Mountain believes to be reasonable as of the date indicated in connection with such statement

(and if no such date is indicated, the date of this Investor Presentation) and Iron Mountain undertakes no obligation, except as required by law, to update these statements as a result of new information or future events. Non-GAAP and 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

• perations (as determined in accordance with GAAP). For additional information please see the appendix of this presentation, and for additional definitions and a reconciliation of these

measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, please see the Iron Mountain’s supplemental reporting package under Investor Relations\Financial Information\Quarterly Reporting at www.ironmountain.com. 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.

Table of Contents

Topic Pages

Q3 Highlights and Iron Mountain Overview 4 – 9 Business Durability 10 – 13 Strategic Plan Performance and 2020 Vision 14 – 23 Capital Allocation and Real Estate Strategy 24 – 34 Recall Acquisition and Transformation 35 – 38 Guidance and Summary 39 – 43 Appendix 44 – 54

3

Q3 Highlights and Iron Mountain Overview

Q3 2016 Financial Performance Highlights

• Strong internal storage rental revenue growth of 2.6% reflecting the solid underlying

business fundamentals

• Adjusted OIBDA margins improved 150 basis points to 31.2% from Q2, driven by

transformation program and Recall synergies

• Actioned $68M of 2017 run-rate Recall synergies; expect to action more than 85% of 2017

expected synergies by year-end.

• Board of directors increased quarterly dividend per share by 13%

5

$ in Millions (R$)

Q3-15 Q3-16 Growth Revenue $747 $943 26% Adjusted OIBDA(1) $228 $294 29% AFFO(1) $134 $169 27% Dividend $0.485/share $0.550/share 13%

(1) Reconciliations from Net Income to Adjusted OIBDA and Net Income to FFO and AFFO can be found in the appendix.

We Store & Manage Information Assets

6

75% 15% 10%

Records & Information Management(2) Data Management (2) Shredding (2)

Storage: 70% Service: 30% Storage: 60% Service: 40% Service: 100%

Diversified Global Business (1)

• More than $3.7 billion annual

revenue(1)

• 220,000+ customers
• Serving 94% of Fortune 1000
• More than 85 million square feet
• f real estate in more than 1,400

facilities

Compelling Customer Value Proposition

• Reduce costs and risks of storing and

protecting information assets

• Broadest footprint and range of

services

• Most trusted brand

(1) Annualized revenues reflect midpoint of normalized for FY 2016 guidance (2) Based on Q3-2016 results

Leading Global Presence

7 Most expansive global platform

• Compelling customer proposition
• Strong international expansion
• pportunity

Attractive real estate characteristics

• Low turnover costs
• Low maintenance capex
• High retention, low volatility

Solid track record of enhancing shareholder value

• Share buybacks, REIT conversion,

dividend enhancement Formal corporate responsibility program

• FTSE4Good and Dow Jones

Sustainability Index constituent

6 CONTINENTS 45 COUNTRIES

Storage Rental Stream is Key Economic Driver

8

• 4%
• 2%

0% 2% 4% 6% 8% 2007 2008 2009 2010 2011 2012 2013 2014 2015

Coming off higher inflation and pricing catch up

8-Year Average IRM Internal Storage Revenue Growth (1)

3.8%

Self-Storage Average Same Store Revenue(2)

3.8%

Industrial Average Same Store Revenue(3)

1.0%

Source: Company filings. (1) Represents the weighted average year-over-year growth rate of the Company’s revenues after removing the effects of acquisitions, divestitures and foreign currency exchange rate fluctuations. Local currency used for international operations. (2) Represents the annual same-store revenue growth average for Public Storage (PSA), Extra Space Storage (EXR), CubeSmart (CUBE) and Sovran (SSS) (3) Represents the annual same-store revenue growth average for DCT Industrial (DCT), Duke Realty (DRE), First Industrial (FR), Liberty Property (LPT), Prologis (PLD) and PS Business Parks (PSB).

Illustrative North America RM Storage Annual Economics(1)

(per square foot, except for ROIC)

Investment

Customer acquisition $ 42 Building and outfitting 54 Racking structures 54 Total investment $ 150

Storage Rental NOI

Storage rental revenue $ 27 Direct operating costs (3) Allocated field overhead (3) Stabilized Storage NOI $ 21

Storage Rental ROIC(2) ~14%

(1) Reflects average portfolio pricing and assumes an owned facility. (2) Includes maintenance CapEx, assumed at 2% of revenue.

Historical Same-store Revenue Growth

“Enterprise Storage” Compares Favorably

9

Iron Mountain Actual Self-Storage Industrial North America annual rental revenue/SF(1) $27.7 $13.8 $5.5 Tenant Improvements/SF N/A N/A $1.96 Maintenance CapEx(2) 2% 5% 12% Average lease term Large customers: 3 Yrs. Small customers: 1 Yr. Average Box Age : 15 Yrs. Month-to-Month ~4-6 yrs. Customer retention 98% ~85% ~75% Customer concentration Very low Very Low Low Customer type Business Consumer Business Stabilized Occupancy (building & racking utilization)(3) Building: 86% Racking: 92% 90% 93% Storage Net Operating Margin (4) Storage: 81% 68% 70% Largest Public REITs 3Q’16 NOI Annualized (5) IRM Storage: $1,882 PSA: $1,829 PLD: $1,794

Source: Company estimates and filings. Benchmark data provided by Green Street Advisors and J.P. Morgan. (1) Annualized rental revenue / SF is based on 3Q16 results. (2) IRM CapEx represents real estate maintenance CapEx as a percentage of storage NOI. Comps represent recurring CapEx as a percentage of storage revenue. Excludes leasing commissions. Based on YTD 3Q16 results (3) Building utilization represents total potential building capacity and racking utilization represents installed racking capacity for the Records Management business (4) Excludes rent expense. (5) Represents annualized 3Q16 storage net operating income for IRM, self-storage net operating income for PSA, and net operating income for PLD source from those companies’ supplemental disclosures

($ in M)

Business Durability

Global Document Storage Continues to Demonstrate Strong, Steady Growth

11

5.9% 5.9% 5.9% 5.7% 5.8% 5.8% 6.0% 6.2% 2.4% 2.4% 2.3% 2.4% 2.5% 2.6% 2.6% 2.7% 1.5% 1.6% 1.0% 1.1% 0.7% 1.6% 25.9% 25.9%

• 4.4%
• 4.4%
• 4.3%
• 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%

Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16

New Volume from Existing Customers New Sales Acquisitions Destructions Outperm/Terms

Year-over-Year Global Net Volume Growth Rates (Records Management Only)

(1) Acquisitions of customer relationships are included in new sales as the nature of these transactions is similar to new customer wins. (2) Represents Cu.Ft. acquired at close. Cu.Ft. activity post close flows through new sales, new volume from existing customers, destructions,

• utperms / terms as appropriate

2.1% 2.0% 1.8% 1.6% 1.6% 1.6% 1.7% 1.8% Internal Growth 3.6% 3.6% 2.8% 2.7% 2.3% 3.2% 27.6% 29.2% Net Growth

(1) (2)

BCG Study Estimates NA Vended Document Storage at ~700M CuFt Excluding Government and SMB

40 40 20 20 60 100 80 100 80 60

190M (11%) 38% 34% 175M (11%) Share of Cuft (%) 55% 60M (2%) 22% 38% 23% Life Sciences 90M (4%) Health care 44% 25% 36% 31% 41% 29% Vended Wholly Unvended Other 1,000M (53%) 31% 42% In-house at Vended Customers Legal Energy 11% Financial services 385M (20%) 45% 33% 21%

Segmentation of NA box storage volume(1)

(1) Excludes government and SMB (<250 employees), except Legal which includes 100+ employees. BCG analysis is as of April 2016. Source: BCG document storage survey; Avention; BCG analysis

~720M ~700M Cubic Feet ~480M

Total ~1.9 B cu ft Vended ~700 M cu ft

Share of Cuft (%)

12

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0% 20% 40% 60% 80% 100% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Retention rate

Predictable and Steady Box Retention Rate

IRM Retention Rate – North America As of March 31, 2016

50% of boxes that were stored 15 years ago still remain 25% of boxes that were stored 22 years ago still remain

Box Age

13

Strategic Plan Performance and 2020 Vision

Strategic Plan Delivering Expected Results

15

(1) Reflects net volume growth (prior to initial volume related acquisitions of Records Management businesses) in North America Records Management and Western Europe from Jan 2014 through September 2016 (2) Data as of Q3 2016 and on a 2014 C$ basis

DEVELOPED MARKETS

10M cu. ft. Net RM Volume prior to Acquisitions(1)

OUR PLAN FOR GROWTH

EMERGING MARKETS

Emerging Markets = 17.1% of Total Revenues on a C$ basis(2)

ADJACENT BUSINESSES

New Data Center Customers and Expanded into Art Storage

TRANSFORMATION, INTEGRATION AND TALENT

Drive process improvements, simplification, efficiencies, and develop and enable talent to support business strategy

Leverage Real Estate Platform to Create Long-Term Value

GROWTH and VALUE PILLARS ENABLERS Consolidate properties for maximum efficiency, leverage development and lease conversion opportunities

Strategic Plan Drove Improved Performance Since Year-end 2013

16

$1.08 $1.91 2013 2015 $2,894 $3,011 $3,078 2013 2014 2015

Worldwide Revenue (C$ in M) Adjusted OIBDA (C$ in M) Regular Dividend per Share

$861 $898 $940 2013 2014 2015

2013 - 2015 Revenue C$ CAGR

1% 33% 20%

DEVELOPED MARKETS

EMERGING

MARKETS ADJACENT BUSINESSES

STRATEGIC PLAN

Based on 2015 C$ Rates Note: 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 compensation is aligned with these strategic goals, as noted in our annual meeting of stockholders proxy

2020 Vision Changes Mix and Enhances Growth

17

75% Developed Portfolio 25% Growth Portfolio

Emerging Markets = 20% Adjacent Businesses = 5%

3% Adj. OIBDA 10% Adj. OIBDA

~5% Average Internal Adj. OIBDA Growth ROIC = 14%

81% Developed Portfolio 19% Growth Portfolio

Emerging Markets = 17% Adjacent Businesses = 2%

2% Adj. OIBDA 10% Adj. OIBDA

~3% Average Internal Adj. OIBDA Growth ROIC = 12%

Q3’16 2020

Summary of Financial Roadmap 2015 – 2020

18 Growing Storage Revenues And Margins Grow Service Gross Profits Improved SG&A Efficiency Efficient Capital Allocation

Dividend Growth Per Share Accretive Acquisitions, Real Estate and Adjacent Businesses

Consistent Contribution and Cash Flow Improvement

2.1% 2.2% 2.7% 2.5%

2013 2014 2015 2016E

Total Internal Storage Rental Growth

Growing Storage Revenues and Gross Profits

19

(1) Data as of 09/30 YTD 2016 and based on reported dollar results (2) Includes rent expense and doesn’t include termination and permanent withdrawal fees. 2016 reflects lower margin as a result of the Recall acquisition, as Recall leased most of its real estate

61% 39%

Storage Service

Total Worldwide Revenue(1) 83% 17%

Storage Service

Total Worldwide Gross Profit(1)

75.3% 76.6% 76.6% 74.9%

2013 2014 2015 2016 09/30 YTD

Storage Gross Margin(2)

Maintain annual growth

• f 2.5% to 3% through 2020

Modest annual growth through 2020 Maintain annual growth

• f 2.5% to 3% through 2020

Modest decline in storage gross margin for 2016 due to increased rent expense, as Recall leased 90% of facilities

Stabilized Service Revenue with Focus on Enhancing Gross Profits

20 Expect internal service revenue to be net positive for 2016; mix shift to drive higher gross profit

(1) Data as of 09/30 YTD 2016 and based on reported dollar results

39% 61%

Service Storage

Total Worldwide Revenue(1) 17% 83%

Service Storage

Total Worldwide Gross Profit(1)

(3.4%) (0.7%) (0.4%) (0.2%)

2013 2014 2015 2016 09/30 YTD

Total Internal Service Revenue Growth

• Expect internal service revenue to be roughly

flat for 2016

• Service mix shift to drive higher gross profit

Offsetting Core Service Declines with Continued Shift in Revenue Mix

21 Total Company Service Revenue (All years reflect 2016 C$ in M) Area / CAGR

RM – Activity-Based -3% Shred Non-Paper +4% DM – Activity-Based -10%

• Info. Gov. & Digital Solutions +17%

Shred Paper -2% Other Services +4%

Note: Examples of activity based service include retrieval refile; other services include library moves and Secure IT Asset Disposition

38% 39% 38% 35% 16% 15% 13% 12% 7% 8% 8% 11% 15% 15% 14% 17% 2015 $1,134 6% $1,147 2014 2013 $1,128 6% 6% 17% 17% 20%

• Shifting revenue mix to project-

based and other complementary services

• Generate growth in service gross

profit, margins may be lumpy

• New offerings have lower

average gross margin than activity-based services

• However, less capital

intensive, therefore have similar expected returns

2016E 19% 7% $1,360

• $1,400

Collaborating with Technology Providers to Enhance Data Management Offerings

22

Secure e-Waste and IT Asset Disposition: a structured, secure, cost- effective program to manage outdated IT assets that provides business value, while being compliant and green Restoration Assurance Program allows customers to archive data securely offsite and restore it on-demand when needed, through an auditable, repeatable and defensible process Cloud Seeding and Migration a cost-effective and efficient method to move large data sets to the cloud, while providing security and chain-of-custody throughout the entire process Cloud Archive Solution: highly secure and cost-effective off site storage, available on demand and accessible by dedicated, secure network bandwidth. Scalable and resilient storage infrastructure offers full spectrum of backup, replication, archive and disaster recovery solutions to protect, preserve, and manage data for compliance, legal or value-creation purposes

• New offerings in data management drive both

storage and service revenue

• Diversification of service revenues beginning

to offset decline in activity based services

• Early days, however, gaining traction among

customers in North America

Highlights

Improved SG&A Efficiencies – Transformation Initiative

23

• Improvement driven by offshoring, outsourcing,

automation, procurement effectiveness, and reducing complexity

• Target levels of SG&A consistent with median level

benchmarks for companies of similar scale

• Actions taken in July 2015 generating run-rate savings of

$50M for 2016

• Year-to-date, through September 30, executed on $32M
• f $50M of run-rate savings in 2017

$50 $100 $125 2016 2017 2018

Estimated Cumulative SG&A Savings ($ in M)

$50M, targeted 2016 Run-Rate $25M $75M Line of Sight for 2016 Executed in 2015 and 2016 $100M $125M Validating Opportunity

Capital Allocation and Real Estate Strategy

Attractive Discretionary Investment Opportunities

25 DEVELOPED AND EMERGING MARKETS BUSINESS ACQUISITIONS ADJACENT BUSINESSES REAL ESTATE DISCRETIONARY INVESTMENTS

Strong Stabilized Returns

26 Acquisition Spend/Yr. $100M Ongoing Topline Growth 10% + Storage Rental Expected Returns 13% – 14%

Emerging Markets Acquisition Economics*

Acquisition Spend/Yr. $50M Ongoing Topline Growth 2 -3% + Storage Rental Expected Returns 11% – 13%

Developed Markets Acquisition Economics*

Tuck-in deals offer predictable return and quickly synergize Strong returns, supports progress to increase exposure to higher growth markets

M&A Delivers Solid Growth and Returns

* Reflects assumptions for 2016 - 2020

Adjacent Businesses Offer Potential Further Upside

27

Capital Invested $78M in 2015 Expected Returns 13% Stabilization 18 months

Capital Invested Per Year $35M/Yr. Expected Returns 12-15% Stabilization 2-3 years

Data Center Economics(1)

• 2020 Target = 5% of total Revenue
• 10% long-term organic growth
• Data center continued organic growth offering good returns
• Art storage through Crozier acquisition

Art Storage Economics

(1) Data center economics represent invested capital in existing facilities and business and exclude large specific development projects and acquisitions.

Formalizing Art Business with Acquisition of Premier Brand

28

• $1 billion industry with solid growth(1)
• Global and Fragmented
• Consolidation opportunity
• Durable REIT-friendly storage
• High per-square foot rates (~$60/SF)
• Durable storage (90% renewal rate)
• Leading brand in North America
• Driver of global industry standards
• Strong storage (58%) and storage related

services (34%) mix(2)

• ~$30M annual revenue(2) expected
• Year 1 accretive

Crozier Acquisition Fine Art Attractive Space for IRM

(1) Source: Proprietary industry research (2) Based on 2015 results

• Secure storage expertise
• Legacy of trust
• Chain of custody and logistics
• Global footprint
• Roll-up experience
• Marquee clients in entertainment and government

And Bring Some Critical Advantages We Complement Crozier

Expanding Data Center Capacity

29

Current Portfolio Future Add’l Expansion Location SF(1) MW Utiliza- tion(2) SF(1) MW Boyers 100K 9.0 80% 75K 12 Northborough 10K 1.2 100% 20K 2.4 Kansas City 11K 0.9 100% 5K 1.3 Northern VA 265K 42 Total 121K 11.1 85% 365K 58

• Operating limited data center footprint for ~15

years in Boyers, PA, underground facility

• Formalized as a business line in April 2013
• Target underserved segments of financial

services, government, healthcare and enterprise clients with heavy compliance needs

• Logical progression of IRM service offering to

existing customer base:

• Protecting sensitive customer data; trusted partner
• Defined process, procedures to comply with data

center operating standards

• Current data center space 85% committed
• Long-term internal growth of 20%-25%
• Expansion to Northern Virginia represents 4x

current capacity

(1) Represents rentable data center square footage (2) Based on year-end 2016 projections

Northern Virginia Site Supports Scale and Long-Term Growth

30

Site Opportunity

• 83 acre site allows for 640,000 square feet in four

buildings using a single-story design

• Power capacity utilizing multiple underground

feeds from a nearby substation, with additional capacity available

• Abundant fiber on site and low latency to the major

exchange points in nearby Ashburn, VA

• Flexibility to support custom government

requirements with high security standards

• Each building is designed for 10.5 MW of critical IT

load using a Tier III certified N+1 concurrently maintainable design

• Building 4 will be constructed first with Buildings 1,

2 and 3 planned for future development

• Leasing velocity will determine ultimate timing of

capital spend

11650 Hayden Road, Manassas, VA Proposed Site Plan

Northern Virginia Data Center Financial Projections & Assumptions

31

• Capital Partners
• Engaged with development partner to finance Phase I

development, July 2017 expected completion

• Purchase option 3 years following completion
• Development costs in line with industry and market
• $700 - $800 per rentable square foot
• $10M - $11M per MW
• Ranges based on final density of the building; opportunity

to out-perform

• Conservative lease-up assumptions
• Reflect new entrant status in a well-established market
• Rental rates consistent with major providers; $135 -

$145/kW/month; stable for last 2-3 years

• Forecast returns meet or exceed adjacent business targets
• Mid-teens projected IRR
• Stabilized NOI Yield of 10 - 12%

Estimated Stabilized Returns on Full Development Project

($ in M)

Storage Revenue $71 Storage Adjusted OIBDA $47 Storage NOI $53 Estimated Total Investment (IRM and Partners) $441

Assuming full build-out and 100% ownership of all 4 buildings

Sizable Real Estate Portfolio

32

Storage

(1) Building utilization represents total potential building capacity and racking utilization represents installed racking capacity. Rates and data based on Q3 2016 results. (2) Reflects data for IRM only. Recall’s unit of measurement for tapes is not consistent with IRM’s methodology. IRM is in the process of converting Recall’s data to be able to report DPUs.

88M total square footage (1)

• Owned: 28M sq. ft. / 305 Buildings
• Leased: 60M sq. ft. / 1,184 Buildings
• Owned: 31% of real estate by sq. ft.
• Average size: 60K sq. ft

Records Management Utilization rates (1)

• Building: 86%
• Racking: 92%

Data Protection Utilization Rates (1),(2)

• Building: 69%
• Racking: 81%

Real Estate Value Creation Opportunities

33

Lease Consolidation

• Scope: 5 –10 markets in NA
• Stabilized Return Range: 10 – 15 %
• Example: Philadelphia, PA

Development

• Scope: Control land, development JVs
• Stabilized Return Range: Competitive BTS rents, low teens IRR
• Example: Manassas, VA / Ezeiza II, Argentina
• Scope: enhance active management of former Recall portfolio
• Potential improvement in facility costs

Property Mgt. Lease Conversion

• Scope: Initial analysis ~ 50 assets w/o LT renewal options (3-3.5MSF)
• Stabilized Return Range: 8 – 10 %
• Example: Church St, Morrisville, NC

Higher better use

• Scope: Maximizing value of existing asset base through sale or conversion (~ 10 potential conversion assets)
• Stabilized Return Range: 15 – 20 % +
• Example: Sale for redevelopment, convert for consumer or art storage

Racking

• Scope: Growth racking
• Stabilized Return Range: 25 % +
• Example: Harris Tech Blvd, Charlotte, NC

Lease Consolidation Opportunity Post-Recall

34

Scope and Return Market characteristics for consolidations

• Initial Analysis
• Chicago, Cleveland, Detroit, Houston, Dallas,

Jacksonville, Portland

• France, Spain, the United Kingdom and Australia
• Projected IRRs: 10% - 15%
• 1. Strategic, long-term market
• 2. Multiple leased facilities with

low density and/or utilization

• 3. Significant capital expenditure

requirements for facility upgrades/rack remediation

• 4. Leases with significant risk of

rent inflation

Recall Acquisition and Transformation

Successfully Integrating the Recall Business

36 Leadership teams engaged; strong collaboration across legacy companies Retained legacy Recall talent to lead key areas such as SMB sales Completed conversions to support REIT structure Completed sale of 13 U.S. markets and legacy AUS RM business Terms agreed in US and Canada; undergoing regulatory approval Reviewed service offerings to determine optimal platforms Conducted real estate reviews to identify initial consolidation opportunities

Strong Integration Progress and Pulling Forward of Synergies (as of 11/01/16)

37

Estimated Recall Synergies and Costs to Achieve

38 $145 $250 $280 $220 $80 $300

2016 2017 2018 Fully Synergized Operating Expense Capital Expense

$18 $80 $100 $105

2016 2017 2018 Fully Synergized

Overhead Cost of Sales Tax Real Estate

(1) Synergies are net of divestitures but do not reflect impact of costs to achieve synergies and integrate businesses. Synergy estimates are preliminary and may change as ongoing analysis and integration planning progresses. (2) Cost to achieve synergies and integrate businesses includes moving, racking, severance costs, Facilities Upgrade Program, REIT conversion costs, system integration costs and costs to complete the divestitures and any transitional services required to support the divested business during a transition period. This is in line with guidance as of 04/2016 but excludes one-off deal close and divestments costs of approximately $80M. (3) 2016 incudes approximately $22M of incurred in 2015 to prepare for integration

Estimated Total Net Synergies(1) Anticipated at Full Integration Estimated Cumulative One-time Costs to Achieve and Integrate(2) Includes Operating and Capital Expenditures and In Line with Prior Guidance

Debt financed as incurred

(3)

Estimates are as of 11/01/16

Guidance and Summary

Recall Expected to Significantly Enhance Estimated Financial Performance (as of 11/01/16)

40

$1,140 – $1,180 $1,600 – $1,700

2016E - Normalized to Reflect REC FY Benefit 2020E

$1.91 $2.00 $2.20 $2.35 $2.54 2015 2016 2017 2018 2020

$3,680 – $3,780 $4,365 – $4,465

2016E - Normalized to Reflect REC FY Benefit 2020E

Worldwide Revenue ( $ in M)

(1) Assumes 265M shares outstanding at closing of Recall transaction. (2) 2016E reflects midpoint of 2016 Guidance.

79% 70%

2016E 2020E

Lease Adjusted Leverage Ratio(2) Dividend as % of AFFO(2) Adjusted OIBDA ($ in M)

Projected Minimum Dividend per Share (1) 5.8x 5.0x

2016E 2020E

2016 Guidance and Preliminary 2017 Guidance (as of 11/1/16)

41

($ in millions, except per share data)

2016 Guidance Preliminary 2017 Guidance 2017 % Change YOY(3) Revenue $3,450 – $3,550 $3,750 – $3,870 6% - 12%

• Adj. OIBDA

$1,075 – $1,110 $1,250 – $1,310 13% - 22%

• Adj. EPS

$1.10 – $1.20(1) $1.15 – $1.35(2) (4)% - 23% Normalized FFO/Sh. $1.82 – $1.90(1) $2.10 – $2.35(2) AFFO $610 – $650 $675 – $735 Capital Expenses and Investments 2016 Guidance Maintenance $85 Non-RE Investment $60 Total Capital Expenses $145 Real Estate Investments $225 Business and Customer Acquisitions $140 – $180 Total Capital Investments $365 – $405

(1) Assumes weighted average shares of 247 million shares for full year 2016 (263 million shares outstanding at closing). Adj. EPS and FFO/share includes purchase price accounting adjustments (2) Assumes weighted average shares of 265 million shares for full year 2017 (3) YoY growth compared to 2016 reported dollar (R$) expected results; includes 1.5%-2.0% internal revenue growth

Estimated Cash Available for Dividends and Discretionary Investment

42

Cash Available for Distribution and Investment ($M) on 2016C$ Basis Numbers reflect midpoint of guidance

2016E As of 11/01/16 IRM + REC Pro Forma Adj. OIBDA $1,040 Benefit from Transformation $50 PF IRM Adj. OIBDA $1,090 Add: Stock Compensation/Other 45

• Adj. OIBDA, Transformation and Other Non Cash Expenses

$1,135 Less: Cash Interest 310 Normalized Cash Taxes 50 Real Estate and Non-Real Estate Maintenance Capex 85 Non-Real Estate Investment 60 Customer Acquisition Costs(1) 50

Cash Available for Dividends and Investments

$580 Expected Total Regular Dividend $503 Racking Investment for on-going growth $70 Cash Available for Discretionary Investments $7 Lease Adjusted Leverage Ratio 5.8X

(1) Includes costs associated with the acquisition of customer relationships and customer inducements such as move costs and permanent withdrawal fees.

Driving Durable Cash Flow to Support Business and Dividend Growth

43

Durable cash flow and Strong Dividend Growth

Durable business generates significant cash, supports dividend growth and investments

Strategic Plan: 2020 Vision

On track and delivering per guidance; 2020 Vision to accelerate growth

Leading Global Presence

Large, global and diversified business underpinned by more than 85M sq. ft. of real estate

Appendix

Potential for Broadened Investor Base and Enhanced Valuation

45

16.3 16.3 17.6 19.6 19.2 20.4 20.6 17.7 19.4 21.1 17.4 x

LPT EGP FR PSB PLD DCT DRE CUBE EXR PSA IRM

Price-to-2016 Estimated FFO

4.9% 3.8% 3.0% 2.8% 3.4% 2.6% 3.1% 3.4% 4.4% 3.5% 6.8%

LPT EGP FR PSB PLD DCT DRE CUBE EXR PSA IRM

Pro Forma Current Dividend Yield

18.7 19.9 20.8 22.2 21.3 26.6 24.9 25.2 26.3 29.3 12.7 x

LPT EGP FR PSB PLD DCT DRE CUBE EXR PSA IRM

Price-to-2016 Estimated AFFO

SELF-STORAGE INDUSTRIAL

Based on a pro forma annualized Q4 2016 dividend of $2.20 per share, and 247 MM shares outstanding and a stock price of $34. REIT pricing as of 11/07/2016 Source: Company estimates and FactSet mean FFO and AFFO estimates.

Business Services Spreads Across Various Ratings (5yr+ Maturities)

46

Source: Bank of America Merrill Lynch - Bloomberg, FactSet. Market data as of May 24, 2016. (1) Where a company has mixed ratings, the lower of Moody’s or S&P ratings is depicted. (2) Excludes IRM. IRM Debt to LTM EBITDA is 5.0X

Recent debt pricing reflects favorable view of predictable cash flow from business IRM 5-year unsecured debt priced at spreads similar to business services issuers rated two notches higher and at top of spread range for investment grade issuers

Q3 and YTD 2016 Financial Highlights

47

Q3 2015 Q3 2016 % Change YTD 2015 YTD 2016 % Change 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 Revenues $746,529 $942,822 26.3% $2,255,549 $2,577,260 14.3% Gross Profit $428,866 $513,014 19.6% $1,289,949 $1,425,698 10.5% Gross Margin 57.4% 54.4%

• 300 bps

57.2% 55.3%

• 190 bps

Gross Profit $428,866 $513,014 19.6% $1,289,949 $1,425,698 10.5% Less: Recall Costs included in Cost of Sales

• 4,457

n/a

• 4,788

n/a Adjusted Gross Profit $428,866 $517,471 20.7% $1,289,949 $1,430,486 10.9% Adjusted Gross Profit Margin 57.4% 54.9%

• 250 bps

57.2% 55.5%

• 170 bps

Storage and Service Profit and Margin Storage Gross Profit $347,197 $425,360 22.5% 1,059,107 1,181,185 11.5% Storage Gross Margin 75.5% 73.8%

• 170 bps

76.7% 74.9%

• 180 bps

Service Gross Profit $81,669 $92,111 12.8% 230,842 249,301 8.0% Service Gross Margin 28.5% 25.1%

• 340 bps

26.4% 24.9%

• 150 bps

Storage Net Operating Income (NOI)(1) $368,838 $470,477 27.6% $1,120,727 $1,290,931 15.2% Operating Income $126,822 $135,454 6.8% $401,258 $362,146 (9.7%) Operating Income Margin 17.0% 14.4%

• 260 bps

17.8% 14.1%

• 370 bps

Adjusted OIBDA $227,835 $294,203 29.1% $682,281 $790,783 15.9% Adjusted OIBDA Margin 30.5% 31.2% 70 bps 30.2% 30.7% 50 bps Income (Loss) from Continuing Operations $23,517 $5,759 (75.5%) $119,262 $54,080 (54.7%) Reported EPS - Fully Diluted from 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 $69,130 2.3% $252,866 $222,420 (12.0%) FFO (Normalized)(2) $116,645 $117,494 0.7% $326,322 $342,504 5.0% FFO (Normalized) per Share(2) $0.55 $0.44 (20.0%) $1.54 $1.42 (7.8%) AFFO(2) $134,036 $169,496 26.5% $403,461 $484,532 20.1% Ordinary Dividends per Share $0.475 $0.485 2.1% $1.425 $1.455 2.1% Weighted Average Fully-diluted Shares Outstanding 211,917 264,502 24.8% 212,081 241,520 13.9%

(1) See slide 28 of the Q3 2016 Supplemental 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.

Q3 and YTD 2016 Revenue Growth

48

Revenue Growth Rates Reported 25.3% 27.9% 26.3% 14.2% 14.3% 14.3% Less: Impact of FX Rate Changes and Adjustments (1.0)% (1.3)% (1.1)% (2.2)% (2.7)% (2.4)% Constant Currency 26.3% 29.2% 27.4% 16.4% 17.0% 16.7% Less: Impact of Acquisitions and Dispositions 23.7% 29.8% 26.0% 14.1% 17.2% 15.3% Internal Growth Rate 2.6% (0.5)% 1.4% 2.3% (0.2)% 1.3% Service Revenue Total Revenue Q3 2016 YTD 2016 Storage Rental Revenue Service Revenue Total Revenue Storage Rental Revenue

49

Reconciliation of Operating Income to Adjusted OIBDA

Q3 2015 Q3 2016 % Change YTD 2015 YTD 2016 % Change Net Income (Loss) Attributable to Iron Mountain Incorporated $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) from 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 (Benefit) for 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% Operating Income (Loss) $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 Adjusted OIBDA $227,835 $294,203 29.1% $682,281 $790,783 15.9%

(1) Net of tax provision of $0.3mm and $0.6mm for Q3 2016 and YTD 2016, respectively. (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. (3) Includes realized and unrealized FX (gains) losses.

50

Reconciliation of Net Income to FFO and AFFO

Q3 2015 Q3 2016 % Change YTD 2015 YTD 2016 % Change Net Income $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 Deferred Income Taxes and REIT Tax Adjustments(5) (685) (6,976) n/a (7,175) (15,035) n/a Loss (Income) from 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 (Normalized)(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% Per Share Amounts (Fully Diluted Shares) 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% (1) 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. (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. (3) Includes realized and unrealized FX (gains) losses. (4) Excludes realized and unrealized FX (gains) losses. (5) 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. (6) Reflects amortization of customer acquisition intangibles, transportation and permanent withdrawal fees in addition to amortization of deferred financing charges. (7) 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. (8) Represents actual cash taxes less current tax provision and other one-time cash tax items.

2016 FFO (Normalized) Guidance

51

$540 $460 2016 FFO (Normalized) (Guidance as of 08/04/2016) Tax Expense Amortization of Customer Intangibles Interest Expense 2016 FFO (Normalized) (Guidance as of 11/1/2016)

• Reduction of FFO (Normalized) guidance at

the midpoint of $80 million driven by:

• Increase in tax expense expectations;

initial Recall integration costs incurred in Qualified REIT subsidiary

• Refining amortization expense estimate

related to Recall customer intangibles

• Reduced interest expense savings due

to timing/amount of divestiture proceeds compared with initial estimates

Definitions

52

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,

• ther 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 Adj. 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.

Definitions

53

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

• ur 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

• perations, net of tax.

Definitions

54

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. Stabilized Returns: Represents return on investment following complete funding of the related investment and achieving expected levels of occupancy or utilization. For additional definitions and for a reconciliation of these Non-GAAP measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, please see the company’s supplemental reporting package under Investor Relations\Financial Information\Quarterly Reporting at www.ironmountain.com.