REITWeek 2015

2015 REITWeek: NAREIT’s Investor Forum
June 15, 2015

2
Safe Harbor Language
Reconciliation of Non-GAAP Measures:
Throughout this presentation, Iron Mountain will be discussing Adjusted Operating Income Before Depreciation, Amortization and Intangible Impairments (Adjusted OIBDA),Storage
Net Operating Income (NOI), which do not conform to accounting principles generally accepted in the United States (GAAP). For additional information and the reconciliation of
these measures to the appropriate GAAP measure, as required by Securities and Exchange Commission Regulation G, please access the Supplemental Data link on the Investor
Relations page of the Company’s website at www.ironmountain.com.
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, and the anticipated benefits of our conversion to a real estate investment
trust for federal income tax purposes, including the opportunity to create value by acquiring leased space, our potential for a broadened investor base and enhanced valuations and
the estimated range of our remaining special distribution and our ordinary dividends. 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. Important factors
that could cause actual results to differ from our other expectations include, among others: (i) our expected ordinary dividends may be materially different from our estimates; (ii) the
cost to comply with current and future laws, regulations and customer demands relating to privacy issues; (iii) the impact of litigation or disputes that may arise in connection with
incidents in which we fail to protect our customers' information; (iv) changes in the price for our storage and information management services relative to the cost of providing such
storage and information management services; (v) changes in customer preferences and demand for our storage and information management services; (vi) the adoption of
alternative technologies and shifts by our customers to storage of data through non-paper based technologies; (vii) the cost or potential liabilities associated with real estate
necessary for our business; (viii) the performance of business partners upon whom we depend for technical assistance or management expertise outside the U.S.; (ix) changes in the
political and economic environments in the countries in which our international subsidiaries operate; (x) claims that our technology violates the intellectual property rights of a third
party; (xi) changes in the cost of our debt; (xii) the impact of alternative, more attractive investments on dividends; (xiii) our ability to qualify or remain qualified for taxation as a real
estate investment trust (“REIT”); (xiv) our ability or inability to complete acquisitions on satisfactory terms and to integrate acquired companies efficiently; (xv) other trends in
competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xvi) 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. 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.

3
Leading enterprise storage rental-driven business with durable fundamentals
Organizational Realignment Supports Significant Cost Reductions
Strategic Plan Drives Solid Constant Dollar Growth and Durable Cash Flow
Global leader in records management and storage with ~1,100 facilities
Investment Highlights
1
2
3
4

4
We Store & Manage Information Assets
75% 17% 8%
Records & Information
Management (2) Data Management(2) Shredding(2)
Storage: 70%
Service: 30%
Storage: 60%
Service: 40%
Service: 100%
 Diversified Global Business (1)
 $3.1 billion annual revenue
 155,000+ customers
 Serving 92% of Fortune 1000
 68 million square feet of real estate in
~1,100 facilities
 Operations in 36 countries across 5
continents
 Compelling Customer Value
Proposition
 Reduce costs and risks of storing and
protecting information assets
 Broadest range of footprint and services
 Access to deep network of facilities and talent
to address complex storage & information
needs
 Most trusted brand(1) Figures are based on FY2014 Results
(2) Represented as a percentage of revenue, based on FY 2014 results
1

5
36 Countries
5 Continents
 Solid track record of enhancing
shareholder value
 Share buybacks, pursuing REIT
conversion, dividend enhancement
 Most expansive global platform
 Strong international expansion
opportunity
 Attractive real estate characteristics
 Low turnover costs
 Low maintenance capex
 High retention, low volatility
 Formal corporate responsibility
program and inclusion in SRI
Indexes
Leading Global Presence1

6
2014
$1,860
Storage Rental ($MM)
-4%
-2%
0%
2%
4%
6%
8%
2007 2008 2009 2010 2011 2012 2013 2014
Same Store Revenue Growth
(Historical)
 Large & growing
 60% of revenues ($1.9B)
 4% - 5% constant dollar growth 2012-2014
 Inflation hedged
7-Year
Average
IRM Internal Storage Revenue Growth (1) 4.4%
Self-Storage Average Same Store Revenue(2) 3.3%
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).
26 Consecutive Years of Storage Rental Growth1

7
Consistent Incoming Storage Volume
 6-7% new volume from existing customers globally
 Cut sheet paper demand growth flat, but documents still being produced
and stored
 Records becoming more archival in nature
-4%
-2% -3%
-6%
-3%
0%
3%
6%
Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14
New Volume From Existing Customers
NA and WE Paper Demand
2% 1% 2%
-6%
-3%
0%
3%
6%
9%
12%
15%
Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14
New Volume From Existing Customers
Emerging Markets Paper Demand
Developed MarketsEmerging Markets
Source for paper trends data: Resource Information Systems Inc. (RISI). 2014 demand figures are estimates
1

8
Improved Retention and Acquisitions Drive Net Volume
Growth
6.3% 6.3% 6.3% 6.2% 6.1% 6.1% 5.9% 5.9%
2.1% 2.2% 2.4% 2.3% 2.5% 2.4% 2.4% 2.4%
0.2% 2.0%
4.2% 5.0% 5.5%
3.4%
1.5% 1.6%
-4.6% -4.6% -4.6% -4.5% -4.7% -4.5% -4.4% -4.4%
-2.6% -2.6% -2.5% -2.3% -2.0% -1.9% -1.9% -2.0%
1.4% 3.2% 5.8% 6.7% 7.6% 5.5% 3.6% 3.5%
Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15
New Volume from Existing Customers New Sales Acquisitions Destructions Outperm/Terms
Net Volume
Growth Rate
Solid Improvement in Organic Growth from 1.2% in Q2’13 to 1.9% in Q1’15
Year-over-Year Global Net Volume Growth Rates (Records Management Only)
Note: Chart represents year-over-year change in volume as of the end of each period presented. The quarterly percentages are calculated by dividing the trailing four quarters’ total activity by the ending balance of the
same prior year period. Includes acquisitions of customers and businesses. In addition, customer acquisitions are now included in new sales as the nature of these transactions is similar to new customer wins.
1

9
3%
9%
15%
8%
4%
4%
3%
37%
18%
North America Revenue by Vertical
Other (2)
Insurance
Financial
Healthcare
Federal
Legal
EnergyBusiness
Services
Life Sciences
Strong, Highly Diversified Customer Base
 155,000 customers
 No single customer represents greater than 2%
of total revenue
 Top 20 customers have historically represented
between 6% to 7% of consolidated revenues
 Customer retention is consistently high with
annual losses of roughly 2% (on a volume basis)
attributable to customer terminations
 50-year history with some tenants
 Long average life of a box in storage (15.6 yrs.) (1)
Note: North America Revenue by vertical is based on Q1 2015 Trailing Twelve Months Data
(1) Based on annual volume churn rate of 6.4% as of 1Q15.
(2) No single vertical within ‘Other’ comprises more than 1% of North America Revenue
1

10
“Enterprise Storage” Compares Favorably
Iron Mountain
Actual
Self-Storage Industrial
North America annual rental
revenue/SF
$27.28 $13.80 $5.50
Tenant Improvements/SF N/A N/A $1.96
Maintenance CapEx(1) 3.8% 5% 12%
Average lease term
Large customers: 3 Yrs.
Small customers: 1 Yr.
Average Box Age : 16 Yrs.
Month-to-Month ~4-6 yrs.
Customer retention 98.1% ~85% ~75%
Customer concentration Very low Very Low Low
Customer type Business Consumer Business
Stabilized Occupancy
(building & racking utilization)(2)
Building: 83%
Racking: 91%
90% 93%
Storage Net Operating Margin (3) Storage: 81.0% 68% 70%
Largest Public REITs
1Q’15 NOI Annualized (4)
IRM: Storage: $1,494 million PSA: $1,478 million PLD: $1,535 million
Source: Company estimates and filings. Benchmark data provided by Green Street Advisors and J.P. Morgan.
(1) IRM CapEx represents real estate maintenance CapEx as a percentage of storage NOI. Comps represent recurring CapEx as a percentage of NOI. Excludes leasing commissions.
(2) Building utilization represents total potential building capacity and racking utilization represents installed racking capacity for the Records Management business
(3) Excludes rent expense.
(4) Represents annualized 1Q15 storage net operating income for IRM, self-storage net operating income for PSA, and net operating income for PLD source from the companies’ supplemental disclosure
2

11
Sizable Real Estate Portfolio
 68 million total square footage
 Owned: 24 million sq. ft. / 264 Buildings
 Leased: 44 million sq. ft. / 833 Buildings
 Owned/Controlled: 35.9% of real estate by
sq. ft.
 Average size: 62k sq. ft
 Records Management Utilization rates (1)
 Building: 83%
 Racking: 91%
 Data Protection Utilization Rates (1)
 Building: 68%
 Racking: 81%
Storage
(1) Building utilization represents total potential building capacity and racking utilization represents installed racking capacity . Rates based on Q1 2015 results
2

12
Major Market Presence Supports Durable Revenues and Value
$5 to $20mm
>$20mm
<$5mm
NY0086JT / 645841_1.wor
Denver-
Boulder
San Francisco
Los Angeles
Phoenix-Mesa-
Scottsdale
Dallas-Fort Worth-
Arlington
Chicago
Washington
D.C.
Philadelphia
Boston
New York
$1.4bn
United States
Owned Real Estate
$0.6bn
International
Owned Real Estate
Seattle
San Diego
Metro
Book value including
leasehold improvements
and racking
Owned
SF
40%Leased
SF
60%
Owned
SF
26%
Leased SF
74%
Owned Gross Assets
Source: Company filings, based on FY 2014.
Source: Company filings., based on FY2014
Top Owned International Markets by Square Feet
Square Feet Total %
City Country (000s) Int'l SF
1. London United Kingdom 779 13.3%
2. Montreal Canada 488 8.3%
3. Buenos Aires Argentina 470 8.0%
4. Toronto Canada 414 7.0%
5. Edinburgh United Kingdom 289 4.9%
6. Mexico City Mexico 286 4.9%
7. Calgary Canada 270 4.6%
8. Lima Peru 260 4.4%
9. Paris France 218 3.7%
10. Vancouver Canada 213 3.6%
11. Santiago Chile 212 3.6%
12. Madrid Spain 187 3.2%
13. Gillingham United Kingdom 174 3.0%
14. Rio de Janiero Brazil 144 2.5%
15. Kings Lynn United Kingdom 121 2.1%
16. Ottawa Canada 118 2.0%
17. Diegem Belgium 104 1.8%
18. Dublin Ireland 103 1.7%
19. Gloucester United Kingdom 103 1.7%
20. Birmingham United Kingdom 100 1.7%
Total 5,054 86.0%
2

13
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)
Storage NOI $ 21
Storage Rental ROIC(2) ~14%
Attractive, High-Return Storage Rental Business
 High storage rental revenue / SF
 Most occupancy costs incurred by the
SF; revenue earned by the cubic foot
 Storage rental value creation drivers
 Racking investment supports ability to drive
higher NOI
 Low maintenance capex requirements
 Network utilization
 Portfolio management of
multiple tenants
 Related services
(1) Reflects average portfolio pricing and assumes an owned facility.
(2) Includes maintenance CapEx, assumed at 2% of revenue.
2

14
Strategy to Extend Durability of Business
Speed and Agility
Simplification, Process Automation and Efficiency
Developed
Markets
Drive Profitable Revenue
Growth; Grow Tape and
Cube Volume
Strategic Plan
Emerging Markets
Expand and Leverage
Emerging
Businesses
Identify, Incubate,
Scale or Scrap
(Data Center)
Organization and Culture
Organizational Capabilities, Talent and Processes
COREPILLARSENABLERS
3

15
Three-Year Plan Progress
 Achieved 2 million cubic feet of net volume growth in North America in 2014, prior to
acquisitions and improved customer retention
 Organizational realignment to further align customer service and enhance efficiencies
 Strengthened core storage with launch of new products in collaboration with
technology industry leaders
Developed
Markets
 Represented 14% of total revenues at the end of 2014 on a C$ basis
 Total internal and internal storage rental growth in excess of 10% in 2014
 Pipeline of potential acquisition opportunities represents more than four times total
needed to achieve goal of 16% of total revenues by the end of 2016
 Identified opportunities that leverage our unique platform as a leader in
Enterprise Storage
 Invested $35 million in 2014 to expand capacity in the underground facility
and deliver our first phase of an above ground data center in Boston
 Attracted a number of new data center customers across the financial,
healthcare and federal government verticals
Emerging
Markets
EBOs
3
C$: Constant Dollar

16
Improved Retention and Acquisitions Drive Net Volume
Growth in Developed Markets
5.8% 5.7% 5.7% 5.5% 5.4% 5.4% 5.3% 5.3%
1.8% 1.9% 2.1% 2.1% 2.3% 2.1% 2.2% 2.2%
0.7%
3.2% 3.2% 3.3% 2.5% 0.2% 0.8%
-4.7% -4.7% -4.7% -4.7% -4.8% -4.7% -4.5% -4.6%
-2.5% -2.6% -2.5% -2.2% -1.9% -1.7% -1.7% -1.8%
0.3% 1.1% 3.8% 3.9% 4.3% 3.6% 1.3% 1.8%
Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15
New Volume from Existing Customers New Sales Acquisitions Destructions Outperm/Terms
Net Volume
Growth Rate
Solid improvement in organic growth from 0.3% in Q2’13 to 1.1% in Q1’15
Year-over-Year Global Net Volume Growth Rates (Records Management Only)
Note: Chart represents year-over-year change in volume as of the end of each period presented. The quarterly percentages are calculated by dividing the trailing four quarters’ total activity by the ending balance of the
same prior year period. Includes acquisitions of customers and businesses. In addition, customer acquisitions are now included in new sales as the nature of these transactions is similar to new customer wins.
3

17
 Emerging markets represented 14% of
our total revenues at the end of 2014 on
a C$ basis
 Continue to see attractive growth
potential in both storage and services in
emerging markets
 Key drivers of emerging market growth
 First wave of outsourcing
 Enterprise customers demand global
service
 Benefits to having consistent
standards and records management
programs across the globe
Capturing Opportunity in Emerging Markets
Emerging Market Target
10%
14%
16%
2013 2014 2016
Target
3

18
Emerging Business Opportunities:
Evaluating Data Centers
Illustrative Value Creation and
Estimated Stabilized Returns Post-2015
($ MM)
Revenue $27
Adjusted OIBDA (1) ~$15
NOI ~$16
Capital invested ~$100
Data center cap rate 7.5% - 8.5%
Implied value $185 - $215
Implied value creation $85 - $115
Unlevered ROIC 10% - 14%
(1) Adjusted OIBDA reflects stabilized SG&A expenses.
3

19
C$ Adj. OIBDA Growth Since 2013 Consistent with
Strategic Plan
3
932
-2.0% +4.6% +3.8%
2015 Estimate2014
898
2013
858
2012
876
-3.8%
2011
910
C$
-0.3%
2015 – Guidance
Midpoint
925
2014
928
2013
919
2012
912
2011
950
+0.8%-4.0% +1.0%
R$
Constant dollar based on 2015 FX Rates as of May 2015
Adjusted OIBDA for 2013 and 2014 are prior to restructuring charges of $23 million and $3 million respectively

20
High Returns on Investment Offset by Service Margin
Decline
3
 Core business is growing strongly and providing a 13%+ return on investment
 Working to address the service margin decline
140
50
110
65
Service
Margin
Decline
FXStorage
Growth
M&A2011 OIBDA
950
2015E OIBDAOverhead
Increases
10 925
$1.3B Total Invested Capital
$645M M&A
$655M Growth CapEx
$175M growth
Invested capital includes: M&A, real estate and non-real estate investments

21
Organization Aligned to Strategy
Finance
Strategy
& Talent
Legal, Risk
& Security
Global
Support
Services
Commercial
/ CMO
Records &
Information
Management
NA
Data
Management
Western
Europe
P&L
Emerging
Businesses
CEO
Developed
Markets
Other
International
3
Real Estate
Investment

22
Updated Speed and Agility Initiative to Deliver Significant
Savings
 Evolve from SG&A representing 28% of revenues to mid-twenties
• Expect to realize a minimum of $100 million in savings by the end of 2018,
incremental to current strategic plan
 Actions underway:
• Accelerate our adoption of shared services/offshore support functions
• Automate payments and billing
• Centralize contracts administration
• Further integrate overhead costs across developed markets
 Transformational initiatives combined with continuous improvement
3

23
Service Margin Improvement Initiative Underway
$134
$210
18%
25%
2010* 2013**
Adj. OIBDA Adj. OIBDA %
Adj. OIBDA ($MM)
*Reflect figures prior to the disposition of our operations in Italy and New Zealand
**Excludes $3.7 million of restructuring charges
Achieved 3-year profitability goal in the
International segment (2011– 2013)
 700 bps Adjusted OIBDA margin improvement
3
Track Record of Margin Improvement Decline in Worldwide Service Margins
 Service gross margins have declined since
2011, driven by decline in related activity
• North American service margin were
impacted the most
• Continental Western Europe service
margins were relatively flat
 Launching plan to align service business cost
structure with activity decline
(2.5%)
(5.4%)
(3.7%) (4.0%)
(6.0%)
(4.0%)
(2.0%)
0.0%
2.0%
2011 2012 2013 2014
TotalServiceGross
Margin

24
Compelling Investment Opportunities
■ Business Acquisitions – typically includes customer contracts, inventory, storage
facilities and personnel
11% - 14%+
1 – 3 yrs to stabilize■ Customer Acquisitions -- includes customer contracts and associated inventory;
generally does not include personnel or storage facilities on a permanent basis
■ Consolidation -- Investments in land, buildings, building improvements, leasehold
improvements and racking structures that create operational efficiencies
■ Investments in land, buildings, building improvements, etc. that replace a long-term
lease obligation
9% - 10%+
Stabilizes immediately
■ Investments outside the core business that leverage our brand and reputation for
secure chain of custody (e.g., data center, consistent with performance to date)
10% - 14%+
Project-specific stabilization
Investment Type Strategic Rationale Targeted IRR
Business and
Customer
Acquisitions
Real Estate
Consolidation and
Growth
Lease Conversion
Program
Emerging
Businesses
Anticipated 2015
Investment
$75 – $125mm
$40 - $60mm
$20 - $30mm
RealEstateInvestmentsM&A
14% – 16%Total $275 – $365mm
■ Growth -- Investments in land, buildings, building improvements, leasehold
improvements and racking structures that expand revenue capacity in existing or
new geographies
14% - 19%+
3 – 5 yrs to stabilize
$140 - $150mm
4

25
Cornerstone Acquisition
. Acquisition Overview
 Acquired Cornerstone in October 2013
 $191 million purchase price
 $16.1 million Adj. OIBDA before synergies
 36 facilities with 11.8 million cubic feet of storage capacity
 10.7 million cubic feet of inventory
 Acquisition Highlights
 Fourth largest U.S. private records management
business provides opportunity for capacity growth
 Increased presence in key markets throughout New
York / NJ, Southern California, Denver and Houston
 Complementary product mix overlap
 Attractive transportation and G&A cost synergies
Integration Success
2014(1)
(Under IRM)
2013
(Before IRM)
Adj.
OIBDA
Margin
Adj.
OIBDA
$16.1 MM $26.0 MM
29.3% 52.3%
12%+ IRR Since Acquisition
(1) 2014 excludes $6 million in costs related to headcount reduction and consolidation of 10 facilities
4

26
Real Estate: Growth
.
 Investment in New Building and Racking - Overview
 Mexico City, Mexico
 Capacity: 4.7M cu. ft. in 6 buildings all fully utilized
 Expected annual average growth CF 250K CF
 Own additional land that can be used for development
 Construct “3 Wall Addition” building and first phase of racking to
accommodate growth
 Expansion Highlights
 Building size: 63K sq. ft. / 1.2M cu. ft. of capacity
 Approximately 19 cu. ft. per sq. ft. due to 46 ft. clear height
 Construction cost: $3.0M ($48/sq. ft.) includes underlying land cost
 Racking cost: $6.4M ($102/sq. ft.)
 $80K annual maintenance capex or approximately 2.6%
 Assume ~$0.21 per cu. ft. per month in storage rental revenue as well as full
utilization
17.5% IRR
4

27
Real Estate: Lease Conversion Program
. Leased Facilities
 44 million sq. ft. / 839 facilities
 Buyout option: ~3.5 million sq. ft.
 5.6 years without extension options
 Unique International Expertise
 13 million sq. ft. / 343 facilities
50k – 200k sq.ft.
>200k sq.ft
<50k sq.ft.
86JT: 646847_1.wor
Seattle
San Francisco
Los Angeles
San Diego
Denver-
Boulder
Dallas-Fort Worth
Arlington
Chicago
Metro
Boston
New York
Philadelphia
Washington
D.C.
Miami
Detroit
Overview
Market Chicago, IL
Building size 222K sq. ft.
Type Records Management
Lease expiration 08/31/15
Storage 4M cu. ft.
Height 42 ft. clear height
Rent per sq. ft.
IRM: $5
Market: $4
 Purchased building for $12.9 M or $58.1/ sq. ft.
 Going in cap rate: 8.5%
 Market cap rate: 7.0%
9.1% IRR
4

28
$3,026
$3,360-
$3,470
$2,200
$2,400
$2,600
$2,800
$3,000
$3,200
$3,400
$3,600
2013 Base Incremental M&A 2016 E
Strategic Plan Drives Solid Revenue Growth
($MM)
$200 - $265
$135 - $175
+ Potential
Upside from
EBOs
+
Potential
Upside
from
Additional
EBOs
Growth projection is on a constant dollar basis based on 2014 C$ budget rate
4

29
Low-volatility, Moderate Growth with Attractive Yield
$919 $35-$60
$20-$45
$20-$30 $995 - $1,055
Adj. OIBDA 2013 Base Incremental M&A Speed and Agility Adj. OIBDA 2016 E
*Assumes a 4% dividend yield
2013 excludes restructuring charges. Growth projection is on a constant dollar basis based on 2014 C$ budget rate
ROIC 9.7% 10% - 11%
Avg. Inv.
Capital
~$5.5B ~$6.2B
($MM)
Driving Total Shareholder Returns - projected to be between 8% to 9%*
+ Potential
Upside from
EBOs
+
Potential
Upside
from
Additional
EBOs
+
$100
MM
+
$100
MM
Updated Speed and Agility Initiative.
Minimum of $100 million of savings
to be achieved by 2018
4

30
Plan continues to support
dividend per share growth in
line with operating performance
Ordinary distribution covered by
cash flow
Real Estate investments and
business acquisitions funded by
potential incremental equity
proceeds and/or borrowing
Cash Available for Distributions and Investment ($MM)
Normalized
2015(1)
Adjusted OIBDA $925
Add: Other Non-Cash Items & Adjustments ~$45
Less: Interest
Cash Taxes (run rate)
Maintenance CapEx
Non-Real Estate Investment
Customer Acquisition Costs
~$260
~$45
~$80
~$80
~$35
Cash Available for Distributions and Investment $470
Normalized, Growing Cash Flows Support Ongoing
Distributions
Ordinary Distributions(2) ~$405
Excess Cash Flow Available for Investment: ~$65
(1) Cash interest expense, cash taxes, customer acquisition costs and dividends are not intended to represent
specific projections for 2015
(2) Subject to board approval and total for the year reflects annualized first quarter dividend of $0.475 per share
and assumes 212 million shares outstanding.
Real Estate
(Building, Leasehold
improvements, and Data
Centers)
$150 mm
Business
Acquisitions
$100 mm
Core Real Estate
(Growth Racking)
$70 mm
Estimates
4

31
Updated 2015 Capital Allocation Guidance4
$MM in USD As of 06.02.15 As of 04.28.15
Estimated Capital Allocation 2015 Guidance 2015 Guidance
Real Estate Investment $200 - $240 $230 - $270
Non-Real Estate Investment $70 - $90 $70 - $90
Real Estate and Non-Real Estate
Maintenance
$70 - $90 $70 - $90
Business and Customer Acquisitions $75 - $125 $150 - $250
 No changes to 2015 operating performance guidance
 Updating Real Estate investment to reflect the integration of the two global platforms
 Reducing acquisition spend to reflect the benefit of the Recall transaction

32
Leading enterprise storage rental-driven business with durable fundamentals
Organizational Realignment Supports Significant Cost Reductions
Strategic Plan Drives Solid Constant Dollar Growth and Durable Cash Flow
Global leader in records management and storage with ~1,100 facilities
Investment Highlights
1
2
3
4

34
Investments
Region
Total Expected
Investment
Investment in
Current Period
Cumulative
Investment to Date
Estimated
CuFt / DPUs
Historical
NOI/CuFt or DPU
Average Stabilization Period
Racking Installations(1)
North America 23,332 4,758 13,524 5,322 $ 2.13
Europe 32,103 3,691 23,128 9,927 $ 2.13
Latin America 17,431 1,283 10,252 4,645 $ 2.19
Asia Pacific 6,773 869 3,774 2,208 $ 2.19
Worldwide 79,639 10,600 50,678 22,102 $ 2.14 8 - 12 months
Region
Total Expected
Investment
Investment in
Current Period
Cumulative
Investment to Date
Estimated
CuFt / DPUs
Total
Square Feet
Historical
NOI/CuFt or DPU
Average Stabilization Period
Building Development Projects(2)
North America 11,028 2,551 7,770 1,054 88 $ 2.13
Europe 2,609 361 361 403 22 $ 2.13
Latin America 10,683 884 8,294 2,741 275 $ 2.19
Asia Pacific 1,600 16 16 200 16 $ 2.19
Worldwide 25,921 3,812 16,441 4,398 401 $ 2.14 24 - 36 months
Region
Purchase
Price
Total
Square Feet
Building
CuFt Capacity
Building
CuFt Utilization
Building
DPU Capacity
Building
DPU Utilization
Expected IRRs
FY15 Building Acquisitions(3)
North America 15,728 301 244 96% 309 66% 9% - 11%
Worldwide 15,728 301 244 96% 309 66% 9% - 11%
(1) Racking Installations excludes consolidation spend in Total Expected Investment, Investment in Current Period and Cumulative Investment to Date of $34.8 million, $8.1 million and $21.9 million respectively
(2) Building Development Projects excludes consolidation spend in Total Expected Investment, Investment in Current Period and Cumulative Investment to Date of $36.5 million, $0.8 million and $17.4 million respectively
(3) Includes a large building development project with a longer than average stabilization period
(4) Not related to M&A

35
Components of Value
Annualized
NOI $
North America
Records Management $ 847,708
Data Protection 205,415
Other 44,819
Europe 239,538
Latin America 116,479
Asia Pacific 40,184
Total Portfolio Storage NOI $ 1,494,143
Service Adjusted OIBDAR(1) $ 212,660
Balance at
3/31/2015
Cash, Cash Equivalents & Other Tangible Assets (2) $ 887,473
Building & Racking Investment 106,399
Business and Customer Acquisition Consideration $ 7,688
Less
Debt, Gross Book Value $ 4,721,842
Non-Controlling Interests 13,647
Annualized Rental Expense(3) 202,417
Estimated Tax Liability $ 34,612
(1) Trailing four quarter prior to rental expense
(2) Includes Cash, Cash Equivalents, Restricted Cash, Accounts Receivable, Other Tangible Current Assets, Deferred Income Taxes and Prepaid Expenses
(3) Includes Storage and Service
 Components to calculate Net Asset Value (NAV) – the net “market value” of all company assets, including but not limited to
properties, after subtracting all liabilities and obligations
• Market value of income producing real estate is derived by applying market capitalization rates to net operating income (NOI)
• NAV also applies multiples to recurring revenue streams that are not real estate operating income (i.e. fee/service revenues),
which is why we provide Service Adjusted OIBDAR
• Storage NOI and Service OIBDA excluding rent expense in order to present storage economics on a consistent basis whether
leased or owned

36
Strong Corporate Governance Profile
 Demonstrated responsiveness to investors
 Low potential conflicts of interest
Provision/Statute IRM
Non-staggered, independent Board
No poison pill
No supermajority vote to remove directors (only majority vote)
No supermajority vote to amend certain provisions in the charter
Shareholders can amend bylaws
Directors may be removed without cause
No supermajority vote required to approve extraordinary transactions

REITWeek 2015

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REITWeek 2015