1. © 2013 Iron Mountain Incorporated. All rights reserved. Iron Mountain and the design of the mountain are registered trademarks of Iron Mountain Incorporated.
All other trademarks and registered trademarks are the property of their respective owners.
March 26, 2014
Durable Platform and Deliberate Growth
Deliver Opportunity
2014 Investor Day

2. © 2013 Iron Mountain Incorporated. All rights reserved. Iron Mountain and the design of the mountain are registered trademarks of Iron Mountain Incorporated.
All other trademarks and registered trademarks are the property of their respective owners.
March 26, 2014
Welcome
Melissa Marsden, SVP Investor Relations
2014 Investor Day
2

3. 3
Safe Harbor Language and Reconciliation
of Non-GAAP Measures
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 shareholder returns in 2014 and through 2016 and statements
regarding our operations, economic performance, financial condition, goals, beliefs, future growth strategies, investment objectives, plans and current expectations, such as
projected revenues from our emerging market acquisition pipeline, valuation creation and returns associated with our data center business, our proposed conversion to a REIT
and the anticipated benefits of such conversion, 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 earnings and profits distribution. 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. For example, with regard to our proposed conversion to a REIT, even though we continue to pursue conversion to a REIT, we may not be able to convert to a REIT
effective January 1, 2014 or at all, our expected benefits of being a REIT may not be realized and the estimated range of our remaining earnings and profits distribution may be
incorrect for, among other reasons, the reasons described in Item 1A “Risk Factors - Risks Related to the Proposed REIT Conversion” in our Annual Report on Form 10-K filed
with the Securities and Exchange Commission (the “SEC”) on February 28, 2014 and other documents that we file with the SEC from time to time. In addition, important factors
that could cause actual results to differ from our other expectations include, among others: (i) the cost to comply with current and future laws, regulations and customer demands
relating to privacy issues; (ii) the impact of litigation or disputes that may arise in connection with incidents in which we fail to protect our customers' information; (iii) changes in the
price for our storage and information management services relative to the cost of providing such storage and information management services; (iv) changes in customer
preferences and demand for our storage and information management services; (v) the adoption of alternative technologies and shifts by our customers to storage of data through
non-paper based technologies; (vi) the cost or potential liabilities associated with real estate necessary for our business; (vii) the performance of business partners upon whom we
depend for technical assistance or management expertise outside the U.S.; (viii) changes in the political and economic environments in the countries in which our international
subsidiaries operate; (ix) claims that our technology violates the intellectual property rights of a third party; (x) changes in the cost of our debt; (xi) the impact of alternative, more
attractive investments on dividends; (xii) our ability or inability to complete acquisitions on satisfactory terms and to integrate acquired companies efficiently; (xiii) other trends in
competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xiv) other risks described more fully in our Annual
Report on Form 10-K filed with the SEC on February 28, 2014 under “Item 1A. Risk Factors” and other documents that we file with the SEC from time to time. Except as required
by law, we undertake no obligation to release publicly the result of any revision to these forward-looking statements that may be made to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events.
Reconciliation of Non-GAAP Measures:
Throughout this presentation, Iron Mountain will be discussing Adjusted Operating Income Before Depreciation, Amortization and Intangible Impairments (Adjusted OIBDA), Free
Cash Flows Before Acquisitions & Discretionary Investments (FCF) and Adjusted Earnings Per Share from Continuing Operations (Adjusted EPS), 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.

4. 4
Today’s Agenda
9:05 Investment Strategy to Deliver Enhanced Returns William Meaney, President and CEO
9:45 Emerging Markets Marc Duale, President International
10:00 Developed Markets – International Patrick Keddy, SVP Western Europe
10:15 Developed Markets – North America
John “JT” Tomovcsik, EVP and General Manager,
Records and Information Management
10:35 Data Management and Emerging Businesses
Harry Ebbighausen, EVP Data Management
and Emerging Businesses
10:50 Data Centers Mark Kidd, SVP and General Manager, Data Centers
11:10 Corporate Governance and Risk Management Ernie Cloutier, EVP and General Counsel
11:20 REIT Conversion, Value Creation and Financial Outlook
Rod Day, EVP and Chief Financial Officer
Jeff Lawrence, SVP and Treasurer
Q&A

5. 5
We Store & Manage Information Assets
74% 18% 8%
Records Management Data Management Shredding

6. 6
Diversified Global Business
 $3B annual revenues
 >155,000 customers
 Serving 95% of Fortune 1000
 67MM SF of real estate in >1,000 facilities
Compelling Customer Value Proposition
 Reduce costs and risks of storing and protecting
information assets
 Broadest range of footprint and services
 Most trusted brand
Leading Global Presence
36 Countries
5 Continents

7. 7
Large & growing
 59% of revenues ($1.8B)
 4% constant dollar growth
GDP correlated & inflation hedged
Diversified customer base
 No customer >2% of total revenues
Low customer turnover (<2% per
annum)
 Strong value proposition with related
services
Long average life of a box in storage
(~15 yrs)1
Storage Rental Stream is Key Economic Driver
(1) Based on annual volume churn rate of ~7%

8. 8
Durable, Growing Storage Rental Revenue
2013
$1,785
Storage Rental ($MM)
25 Consecutive Years of Storage Rental Growth

9. © 2013 Iron Mountain Incorporated. All rights reserved. Iron Mountain and the design of the mountain are registered trademarks of Iron Mountain Incorporated.
All other trademarks and registered trademarks are the property of their respective owners.
March 26, 2014
Leveraging The Brand To Extend Our
Platform and Deliver Enhanced Returns
Bill Meaney, President and CEO
2014 Investor Day

10. 10
Leveraging the Brand
Deliver Opportunity

11. 11
What You Will Hear Today
Iron Mountain is a durable, high-return business that will generate
significant excess free cash flow
Our strategy extends the durability and stability of our business
Successful REIT conversion will enhance stockholder payouts
Low-risk platform supports long-term S&P 500 average total returns
with upside from Emerging Business Opportunities

12. 12
Stable Incoming Storage Volume
 Consistent 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%
-5%
-3%
-6%
-3%
0%
3%
6%
Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13
New Volume From Existing Customers NA Paper Demand
1%
-1%
1%
-6%
-3%
0%
3%
6%
9%
12%
15%
Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13
New Volume From Existing Customers Global Paper Demand
Developed MarketsEmerging Markets
Source for paper trends data: Resource Information Systems Inc. (RISI)

13. 13
Increased Use of Technology Driving Secular Trends
Main impact of technology is on service activity
 Archival data – Documentation or Proof
 Active File – Business process or Query
1.0% 2.8%
-5.0% -4.3%
$0
$50
$100
$150
$200
$250
$300
$350
2011 2012 2013
Storage Service
Healthcare Vertical
Storage & Service YoY Growth
“Query”
2013 NA RM Storage and
Handling Transport Services
$0 $500 $1,000 $1,500
File (Active)
Box
(Archival)
Storage Service
$MM
“Proof”

14. 14
Overall business trends similar
to healthcare vertical trend
 Storage rental larger portion of
total revenue
 Storage rental margins are 2x
service margins
Various initiatives to offset
declines in service revenue
Mix Shift Toward Higher Margin Storage Rental
56% 58% 59%
44% 42% 41%
$-
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
2011 2012 2013
Storage Service
Storage and Service Revenue
% of total Revenue

15. 15
Large & Diversified Global Market Opportunity Remains
 Substantial un-vended opportunity remains in Developed Markets
 ~70% un-vended globally
 Emerging Markets beginning first-time outsourcing wave
 Diversified end-user market segments
Un-Vended
Vended
Un-Vended
Vended
$15B Developed Markets $8B Emerging Markets
Source: Company estimates

16. 16
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
Organization and Culture
Organizational Capabilities, Talent and Processes
COREPILLARSENABLERS

17. 17
Getting More out of Developed
Markets
 Sales force excellence
 Revenue management
 Speed & agility
 Acquisitions
Stable Base Supports Moderate Growth with Low Risk
$2,694
$2,810-
$2,870
$1,047
$1,100-
$1,150
2013 Actual 2016 Targets
Developed Market Targets
($MM)
Revenue Adjusted OIBDA
2013 Adjusted OIBDA excludes restructuring charges

18. 18
Capturing Opportunity in
Emerging Markets
 Investing to drive leadership in
key 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
Significant Opportunity for Enhanced Growth and Returns
$319
$510-$550
$65
$100-
$150
2013 Actual 2016 Targets
Revenue Adjusted OIBDA
2013 Adjusted OIBDA excludes restructuring charges
Emerging Market Targets
($MM)

19. 19
 Developed Markets
 Optimize storage growth
opportunities while maintaining
attractive returns
 Emerging Markets
 Invest to build a strong
leadership position
 Market leadership drives superior
returns as markets develop
Strategic Focus: Investing for Profitable Growth
Average Performance
Net cube growth 7%
Adj. OIBDA 30%-35%
ROIC ~12%
Net cube growth 0%
Adj. OIBDA 38%-42%
ROIC ~14%
Net cube growth 5%
Adj. OIBDA 24%- 26%
ROIC ~9%
Higher Growth Lower Growth
Market MaturityLowerHigher
MarketLeadership
Net cube growth 12%
Adj. OIBDA 6%- 8%
ROIC ~1%
ROIC Excludes Corporate and International head office

20. 20
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Emerging Businesess Opportunities
Data Management - Storage
Records Management - Storage
Emerging Business Opportunities
 Demonstrated ability to leverage
customer relationships and platform
 EBOs are adjacent to the core
but sufficiently different – large
enough to be a meaningful
contributor to growth
 Identifying and scaling new
businesses – each potentially
representing 3% - 5% of total
revenues and exceeding
hurdle rates
Leveraging Brand and Core Capabilities in New Ways
History of Sustainable Growth
Emerging Business Opportunities

21. 21
Aligning the Organization for Success
 Organizing for profitable growth informed by markets
and customers in core business
 Enabling emerging businesses to thrive
 Simplifying the organization
 Leveraging global scale where practical
 Enhancing operating infrastructure

22. 22
New Organization Structure
Finance
Strategy
& Talent
Legal, Risk
& Security
Global
Support
Services
Commercial
/ CMO
Records &
Information
Management
NA
Data
Management
NA
International
P&L
Emerging
Businesses
CEO

23. 23
Strategic Plan Drives Solid Revenue Growth
$3,026
$3,360-
$3,470
$2,200
$2,400
$2,600
$2,800
$3,000
$3,200
$3,400
$3,600
2013 Base Incremental M&A 2016 E
($MM)
$200 - $265
$135 - $175

24. 24
Low-risk, Moderate Growth with Attractive Yield
Driving Total Shareholder Returns - projected to be between 8% to 9%
$919
$50-$75
$20-$45
$20-$30 $1,010 - $1,070
Adj. OIBDA 2013 Base Incremental M&A Speed and Agility Adj. OIBDA 2016 E
2013 excludes restructuring charges
ROIC 9.7% 9% - 10%
Avg. Inv.
Capital
~$5.5B ~$6.3B
($MM)

25. 25
Generating Consistent Returns with Upside Potential
Deliver Opportunity

26. © 2013 Iron Mountain Incorporated. All rights reserved. Iron Mountain and the design of the mountain are registered trademarks of Iron Mountain Incorporated.
All other trademarks and registered trademarks are the property of their respective owners.
March 26, 2014
Emerging Markets
Marc Duale, President International
2014 Investor Day

27. 27
Attractive, growing International business
 $846MM in revenues for 2013
 $474MM in storage rental for 2013
10% C$ storage rental growth for 2013
 Storage margin ~70%
 Service margin ~25%
Network supports North American-based
global accounts
 ~60 of Top 100 US customers are
active International customers
Large, Growing International Portfolio
28% of Consolidated
Revenues
Countries: 34 Facilities: 354 Customers: ~30,000

28. 28
Achieved 3-year profitability and
ROIC goals
 700 bps Adjusted OIBDA margin
improvement
 400 bps ROIC improvement
 All Developed Market returns
above hurdle rate
Strong exit trajectory to support
transition to profitable growth
 Team with proven execution
culture in place
 Core business focus driving
strong performance
International Strategic Plan: “Mission Accomplished”
$725
$846
2010* 2013
$134
$210
18%
25%
5%
9%
2010* 2013**
Adj. OIBDA
Adj. OIBDA %
ROIC %
Adj. OIBDA ($MM)Revenue ($MM)
*Reflect figures prior to the disposition of our operations in Italy and New Zealand
**Excludes $3.7 million of restructuring charges
+5%
CAGR

29. 29
Growing International Portfolio with Attractive Returns
72%
18%
7%
3%
NA Europe Latin America Asia Pac
7%
10%
International Emerging
Markets
International Developed
Markets
Total International Portfolio = 9% ROIC (after-tax)
% of Global Revenues 2013 Consolidated After-Tax ROIC*
*Excludes International head office, except for total International

30. 30
Build high performance leadership teams
Drive organic growth
 Continued strong storage growth
 Enhanced retention and account
management
 Pricing discipline and leadership
Invest in real estate and infrastructure
 Continue to improve facility quality
 Innovative capacity solutions
Rapid execution of rich M&A pipeline
 Build relative market share
 Drive a quick and routine integration process
Investing for Profitable Growth: Emerging Markets
Central Europe
Poland
Mexico
Peru
Chile
Colombia
Turkey
Brazil
Argentina
India
Russia
China
Higher Growth Lower Growth
Market MaturityLowerHigher
MarketLeadership

31. 31
M&A Key Driver of Emerging Market Leadership Strategy
10%
16%
2013 2016 E
$319
2013 2016 E
Base Acquisitions
$100-
$120
$410-
$430
$510-$550
Emerging Market Revenue Emerging Market % Global Revenues

32. 32
 $500 MM+ revenue pipeline
 Diversified portfolio of targets
 Streamlined acquisition process
M&A Pipeline is Strong and Execution Well Underway
$160
$50
$145
$55
$85
$30
IMLA EMEA Asia
New Territories Current Territories
Projected Annualized Revenues from
Emerging Market M&A Pipeline

33. 33
$1
$13
2011 2014 E
1%
15%
$51
$87
2011 2014 E
• 2 acquisitions in last 18 months
• Revenue nearly doubled
• 3,000 new customers
• No business disruption
• No major customer loss
• 12 legal entities integrated
• On IRM systems within 8 months
• 20% reduction in headcount
• Synergies 2.5x deal model
• Significant portfolio consolidation
benefit in FY16/17
Strong Integration Process and Solid Track Record
 Standard integration strategy and
process leveraging global know-how
 Protect what we buy and deliver
accelerated value quickly and fully
 Robust deal model and review
process
Brazil Snapshot
Revenue ($MM)
Adj. OIBDA %

34. © 2013 Iron Mountain Incorporated. All rights reserved. Iron Mountain and the design of the mountain are registered trademarks of Iron Mountain Incorporated.
All other trademarks and registered trademarks are the property of their respective owners.
March 26, 2014
Developed Markets – International
Patrick Keddy, SVP Western Europe
2014 Investor Day
34

35. 35
Similar Business Fundamentals Globally
81%
10%
6%
3%
NA UKI Continental Western Europe AUS
10%
13%
International Developed
Markets
North America
% of Developed Market Revenues 2013 Consolidated After-Tax ROIC*
*Excludes International head office and corporate overhead

36. 36
 Sustained growth in storage volumes
 Revenue management
 Sales productivity efficiency and
effectiveness
 Customer segmentation and value
differentiation
 Proactive customer retention and
experience
Strategy to Sustain Storage Revenue Growth
$293 $313
0
50
100
150
200
250
300
350
2013 2016E
Storage Revenues ($MM)
All figures at C$ rate. 2016 assumes no acquisition activity beyond 2013

37. 37
Adj. OIBDA ($MM)Continuous improvement in operational
efficiency
 Storage network consolidation
and utilization
 Warehouse and transport optimization
 Productivity and process
improvement
Continuous improvement in support-
cost efficiency
 Flat structures, effective/efficient use
of resources
 Opportunities to outsource/
off-shore and variablize costs
 Working capital efficiency
Strategy to Maintain Attractive Returns
$153
$170
28% 30%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50
70
90
110
130
150
170
190
2013 2016E
Adj. OIBDA Adj. OIBDA %
All figures at C$ rate. 2013 excludes restructuring charges. 2016 assumes no acquisition activity beyond 2013

38. © 2013 Iron Mountain Incorporated. All rights reserved. Iron Mountain and the design of the mountain are registered trademarks of Iron Mountain Incorporated.
All other trademarks and registered trademarks are the property of their respective owners.
March 26, 2014
Developed Markets – North America
John “JT” Tomovcsik, EVP and General Manager, Records and Information Management
2014 Investor Day

39. 39
$2.2B in annual revenues
 $1.3B in annual storage rental
Unparalleled secure logistics platform
 Secure chain of custody
 51 MM SF real estate network
Continual optimization through
strong execution
 Investments in business process re-
engineering to continue to optimize
work streams
High-return business
 Delivers high profits and strong cash flows
North America Overview
North America
Markets: 85 Facilities: 687 Customers: ~125,000

40. 40
C$ Storage Rental Growth Invest to sustain high-return
platform
 Grow storage rental as a priority
 Drive strong cash flow
 Maintain margins and capital
efficiency
North America Delivers Sustained Growth
0%
1%
2%
3%
4%
Q1
11
Q2
11
Q3
11
Q4
11
Q1
12
Q2
12
Q3
12
Q4
12
Q1
13
Q2
13
Q3
13
Q4
13
Sustain 1.5% to 2.5% Storage Rental Growth

41. 41
Records and Information Management (RIM)
$1.8B in total NA RIM revenues
 $1.4B in Records Management (RM)
 $1B in storage rental revenue
 $400MM in service revenue
RIM is Largest Business Segment
Records Management
Secure Shredding
Document Management Solutions
Fulfillment Services
Intellectual Property Management
Consulting
RIM – Revenue by Product Line

42. 42
Consistent Records Management Volume Growth
6.0% 6.1% 6.1% 6.1% 5.9% 5.6% 5.6% 5.5%
1.0% 0.9% 0.9% 0.9% 1.0% 1.2% 1.3% 1.3%
0.2% 0.1% 0.1% 0.1% 0.2% 0.2% 1.1%
4.0%
-7.4% -7.6% -7.5% -7.3% -7.3% -7.2% -7.3% -7.1%
-0.2% -0.5% -0.4% -0.2% -0.2% -0.2% 0.7% 3.7%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13
Organic New Sales Acquisitions Outperm/Terms & Destructions
North America Year-Over-Year Net Volume Growth Rates(1):
(1) 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
Net Change

43. 43
RIM Market
~$8 B
Opportunity within our Customer Base
 Addressable and targeted
 Commercial segments: 303MM CF
 National and vertical segments: 205MM CF
Large Market Opportunity Remains
Un-vended
Private Sector
Government
Vended
Source: Company commissioned study conducted by Bain Consulting Source: Company estimates for records management, data protection and shredding

44. 44
RIM Business Unit
Eastern US
Region
Western US
Region
Canada Other Sales
Business
Office
Operations
Support
Corporate
Functions
Territories
(8)
Territories
(8)
Territories
(3) P&L
General Manager
Records & Information Management

45. 45
2012 2013
RM Bookings Total Pipeline
2012 2013
RM Bookings Total Pipeline
 Focus on top tier customers in each vertical
 Solutions based offering for top 100-200 customers
 Industry expertise sales and account management resources
 Knowledge shared with territory sales force serving remaining customers
2012 2013
RM Bookings Total Pipeline
Healthcare Legal Government
Vertical Focus Allows More Targeted Solutions
and Drives Growth

46. 46
Sales Force Excellence Initiative
Five Major Objectives
Bottom-Up
Market Database Accountability and Best Practices
Transition to
“Hunter” model
Institutionalize
account strategy
and planning
Improve sales
representative
efficiency and
effectiveness
Improve
solutions
sales training
Market
intelligence
capability
1 2 3 4 5

47. 47
 Long-term real estate
commitment
 Broaden service capability
and establish operations in
markets offering strong
long-term growth prospects
 Synergized returns: 11%+
 Recent Example:
 Purchase price: $2.6MM
 Revenue: $930K
 Synergized Adj. OIBDA:
$330K
 Integration/CapEx: $300K
Acquisition
Fragmented Market with Further Consolidation Potential
 Focus on capacity utilization;
no new real estate
 Small, profitable acquisition of
inventory and customers
 Adj. OIBDA margins > 60% yr. 2
 Synergized returns: ~17%
 Recent Example:
 Purchase price: $850K
 Revenue: $290K
 Synergized Adj. OIBDA: $190K
 Integration/CapEx: $250K
Customer Acquisition
 Opportunistic
 Integration proceeding on course:
 Revenue just below plan
but Adj. OIBDA ahead of plan
 Deal details
 Purchase Price: $190MM
 Revenue: $50-$55MM
 Synergized Adj. OIBDA: $30MM
 Integration/CapEx: $35MM
 Synergized returns:10%+
Cornerstone

48. 48
 Transportation Efficiency
 Co-sourcing specific
routine operational
functions
 Consolidation - Imaging
Center Footprint
Optimizing Cost of Sales and Overhead

49. 49
$2,694
$2,810-
$2,870
$1,047
$1,100-
$1,150
2013 Actual 2016 Targets
Revenue Adjusted OIBDA
Developed Market Targets
($MM)
Driving profitable growth
Enhanced cube volume growth
 Sales force excellence
 Acquisitions
Speed & Agility drives profitability
Getting More out of Global Developed Markets
Stable Base Supports Moderate Growth with Low Risk
2013 Adj. OIBDA excludes restructuring charges

50. © 2013 Iron Mountain Incorporated. All rights reserved. Iron Mountain and the design of the mountain are registered trademarks of Iron Mountain Incorporated.
All other trademarks and registered trademarks are the property of their respective owners.
March 26, 2014
Data Management
Harry Ebbighausen, EVP Data Management and Emerging Businesses
2014 Investor Day

51. 51
Tape Vaulting Other*
Sizable North American Data Management Business
(1) Note: Insert note text
~$400MM in revenue
18% of Consolidated North
America Revenues
75 Markets
90+ Facilities
~30,000 Customers
*Other includes Entertainment Services, Digital Records Center Medical Imaging and Tech Services
59MM tapes stored (DPUs)
3MM transportation stops in 2013
1.2MM DPUs volume growth in 2013

52. 52
The Role of Tape is Changing
Backup of Last Resort
Data Archiving
(Cold Storage)
Long-term Retention for Compliance
and Discovery
Hybrid
Disk-Tape-Cloud Solution
Backup Archive
Mainstream
Innovators
Primary
Backup

53. 53
Tape in Data Center
What role will tape play in enterprise
data protection strategies?
85% Used as part of a hybrid backup strategy
that includes other storage technologies
(e.g. cloud and disk)
22% Used for long-term retention to meet
regulatory requirements
10% Used for cold storage of inactive data
10% Other
What characteristics will most
contribute to tape’s continued use in
enterprise data protection?
33% Low total cost of ownership
24% High capacity
14% Reliability
14% Long-term retention capabilities
12% New tape technologies (LTO, LTFS, Etc.)
3% Other
Source: Company End-User Research

54. 54
Tape Continues to be Key Element of Data Storage
2-4 Orders of magnitude more reliable
than disk drives NERSC
15 Tape storage 15x less expensive
than alternatives Clipper Group
78 Percentage of enterprises that use
tape for backup Gartner

55. 55
Our Solutions Support Ongoing Need
Problems
Addressed
Products
Solutions
- Backup
- Recovery
- Server
backup
- PC backup
- Business
continuity
- Resiliency
Tape
services
Long-term
storage
- Tape services
- Archive Tape
Management
- Restoration
services
- Medical image
archive
- M&E archive
- Compliance
- Cost
- Colocation
- Managed
services
- Compliance
- Green
initiatives
- Asset
disposition
- Media
destruction
Backup
Disaster
Recovery
Archive Datacenter Destruction

56. 56
Helps companies manage data from
legacy systems
Optimal data protection and cost savings
 Data is off-line to protect from virus attacks
and data corruption
Allows data to be archived and restored
without the additional cost of maintaining
legacy systems software and tape backup
subsystems
 Provides encryption of legacy data for
compliance purposes and protects it from
inadvertent disclosures
 Frees up valuable data center space
Archival Tape Solutions Targeted to Existing Customers

57. 57
Securely Manage End-of-Life IT Assets
Destroy, recycle or repurpose various
IT equipment
All types of IT assets
 Tapes
 Laptops
 Office equipment
 Hard drives
 Mobile devices
Reliable
Environmentally friendly
Secure
Customer Relationships Support Adjacent Businesses

58. © 2013 Iron Mountain Incorporated. All rights reserved. Iron Mountain and the design of the mountain are registered trademarks of Iron Mountain Incorporated.
All other trademarks and registered trademarks are the property of their respective owners.
March 26, 2014
Harry Ebbighausen, EVP Data Management and Emerging Businesses
2014 Investor Day
Emerging Businesses

59. 59
EBO team incubates and pilots ideas and manages handoff to business
EBOs
 Large enough to move the dial in 3
to 5 years – scalable to $100 MM+
 Have significant long-term growth
and market leadership potential
 Are sufficiently different from the
core business
Core Incremental Opportunities
 “Value enhancers” for selling
more of the core – packaging
existing solutions, product
extensions or products from
partners
 Potential to significantly augment
sales productivity
Ensuring Promising Opportunities Are Supported

60. 60
How We Think About Emerging Businesses
Markets to be
Created
Current IRM
Markets
Existing
Markets but
New to IRM
MARKETS
CAPABILITIES
Existing Stretched New
1. Core
Incremental
Innovation
2. EBO
Development
Avoiding for
now as too risky
“Traditional” product and
service stage-gate
development process
Corporate business
development process
that leverages innovation
thinking and lean start
-up methodology

61. 61
 Meaningful physical storage
component for low-velocity assets
 Strong need to manage meta-
data about the physical asset
 Benefits from IRM brand’s tenets
such as security and trust
 Existing market with acquisitions
gets meaningful scale in 3-5
years
 In a trend-favored industry
Our Criteria: Emerging Business Opportunities

62. 62
One We Scrapped
 Co-developed solution with
Crossroads’ StrongBox solution
for lower-cost data storage
 Technology was on-premise
solution vs. services solution
 Could become enabling
technology, but customer
adoption still in early stages
 Not meeting return hurdle,
so halted development
One We Will Scale
 Focused on solutions where there
is greater near-term market
opportunity
 Data center experience dates
back to 1986 in underground
 Closer fit with EBO objectives,
customer-driven with sales force
synergies
 Attractive returns
Not All EBOs Are Created Equal
Willing to “Fail Fast” and Redeploy Resources as Warranted

63. © 2013 Iron Mountain Incorporated. All rights reserved. Iron Mountain and the design of the mountain are registered trademarks of Iron Mountain Incorporated.
All other trademarks and registered trademarks are the property of their respective owners.
March 26, 2014
Data Centers
Mark Kidd, SVP and General Manager, Data Centers

64. 64
We know more about our
customers’ data centers than
anyone
Customers seek our help due
to long relationship of trust,
compliance and security
We’ve been in the industry for
more than 15 years
Well Positioned to Succeed in Data Center Market
We Service Over 30,000 Data Center Locations in North America

65. 65
The Opportunity is Big
Multi–Tenant
Colocation
Capturing 5% Market Share of New Market Growth Adds ~1% to IRM Growth
$8.4
$9.7
$11.2
$12.9
$14.8
2012 2013 2014 2015 2016
15.4%
2012-2016
CAGR
Source: 451 Research
North American MTDC Market Revenue
Projections ($B)
Wholesale
Retail
Cloud
Managed Services
$10B+
$5B+
$5B+

66. 66
Hiring team with deep
experience
Minimizing capital at risk
Avoiding markets where there
is supply / demand imbalance
Walking Before we Run in 2013-2014
>100 years of data center experience in a 15-year old industry

67. 67
2014 Capital Deployment Focused in Current Footprint
Location Phase Timeframe KW SF
Current Planned
Investment
Boyers, PA
(Underground)
Pre - 2013 2008-2013 4,100 85,000
2013 Dec. 2013 500 6,000
2014 Oct. 2014 1,500 20,000 ~$15 - $20MM
Kansas City Legacy 1,400 15,000
Boston Phase 1 May 2014 1,200 21,000 ~$15MM

68. 68
Cost to Build and Fill Inventory In-line with Competition
 Slightly higher construction costs
 Lower selling costs
 Lower financing/ carry costs
$/SF $/KW
Benchmark(1) IRM(2) Benchmark(1) IRM(2)
Land & enabled shell $158 $240 $2,827 $4,065
Mechanical, electrical
& other
407 450 7,310 7,130
Construction Subtotal $565 $690 $10,137 $11,195
Capitalized interest(3) 26 20 468 371
Capitalized sales
expense(4) 53 17 945 270
Total costs $644 $727 $11,550 $11,836
(1) Benchmark includes publically available construction cost information plus land assumed at $200k / acre
(2) IRM costs are average current projects underway in Northeast corridor
(3) Capitalized interest includes cost of each module and shell investments until stabilized
(4) Capitalized sales expense includes commissions at ~15% of annual revenue and 4% contract value for benchmark
Fill rate = 1MW/Yr.

69. 69
 Stabilized investments through
2014 will drive $100MM
in value creation
 Delivers pre-tax un-levered
returns of 15%+
 ROIC 10% - 14%
Compelling Returns from Capital Investment
Illustrative Value Creation and
Estimated Stabilized Returns Post-2014
($ MM)
Revenue $27
Adjusted OIBDA ~$15
NOI ~$16
Capital invested ~$100
Data center cap rate 7.5% - 8.5%
Implied value $185 - $215
Implied Adjusted OIBDA multiple ~13x
Implied value creation $85 - $115
Adjusted OIBDA reflects stabilized SG&A expenses

70. 70
Big opportunity through sales
channel to accelerate growth –
existing and new markets in NA
Capacity investment decisions a
function of returns, cost and speed
to market
Compelling international growth
markets where we have strong
customer base
Future Acceleration
Well positioned to pursue large opportunity with disciplined approach

71. © 2013 Iron Mountain Incorporated. All rights reserved. Iron Mountain and the design of the mountain are registered trademarks of Iron Mountain Incorporated.
All other trademarks and registered trademarks are the property of their respective owners.
March 26, 2014
Corporate Governance and Risk Management
Ernie Cloutier, EVP and General Counsel
2014 Investor Day
71

72. 72
A Disciplined Approach
A brand built upon Security and
Compliance
A strong employee culture committed to:
 Earning customer trust and protecting
customer assets
 Helping customers manage information
risks and meet regulatory requirements
Utilizing our scale to implement industry
leading standards
Applying a continuous improvement
philosophy to risk management and
corporate governance

73. 73
Comprehensive Risk Management for Emerging Markets
We assess and manage a range of potential risks,
including those unique to each country
We partner with third parties to study and develop
industry-leading risk management strategies
A strong compliance program
 Built around the company’s core values
 Supported by a strong ethical culture and tone at
the top
Acquisitions and joint ventures
 Building relationships to know the businesses
before we acquire
 Execute due diligence best practices
 Integration, training and education, and on-going
monitoring

74. 74
Track Record of Good Corporate Governance
Governance best practices
 Majority voting standard for director elections
 Anti-hedging policy for officers and directors
 Pay for performance philosophy; ROIC measurement criteria
 Officer and director stock ownership guidelines
 Close oversight of enterprise risk management
Board composition and related policies reflect good governance
 11 independent directors with core business, international and REIT experience
 All directors stand for election annually
 Separation of Board Chair (Independent) and CEO roles
 Board committees consist exclusively of independent directors
 Policies ensure low potential for conflicts of interest

75. 75
Additional REIT Governance Controls and Practices
Board and management oversight of REIT requirements
Intend to implement REIT charter with customary provisions through merger
to ensure compliance
 5 individuals under 50% ownership limitation
 Affiliated income rule
REIT charter provisions will replace the stockholder rights plan implemented
to protect 2014 tax benefit for stockholders
If successful in converting to a REIT, additional governance measures will be adopted

76. © 2013 Iron Mountain Incorporated. All rights reserved. Iron Mountain and the design of the mountain are registered trademarks of Iron Mountain Incorporated.
All other trademarks and registered trademarks are the property of their respective owners.
March 26, 2014
REIT Value Creation and Financial Outlook
Rod Day, EVP and Chief Financial Officer
Jeff Lawrence, SVP and Treasurer
2014 Investor Day
76

77. 77
How a Successful REIT
Conversion Will Enhance
Value Creation
How Our Investment
Strategy Flows into Value
Creation

78. 78
REIT Conversion
Began operating in manner consistent with REIT effective 1/1/2014
REIT structure aligns with operating strategy
Consistent with capital allocation approach
Significant benefits from REIT structure
Refined dividend and E&P estimates

79. 79
Able to execute strategy within
REIT framework
Significant global real estate
footprint – over 1,000 facilities in
67MM square feet worldwide
Successfully structured the
business to deliver services and
aligned international businesses
within structure
REIT Structure Aligns with Operating Strategy

80. 80
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 Income
Storage rental revenue $ 27
Direct operating costs (3)
Allocated field overhead (3)
Storage rental income $ 21
Pre-Tax Storage Rental ROIC(2) ~14%
High storage rental revenues
per square foot
Storage rental value creation drivers
 Facility design expertise
 Network utilization
 Portfolio management of
multiple tenants
 Related services
Strategic Plan Supports Growth in High-Return
Storage Rental Businesses
(1) Reflects average portfolio pricing and assumes an owned facility
(2) Includes maintenance CapEx, assumed at 2% of revenue

81. 81
“Enterprise Storage” Compares Favorably
Iron Mountain Self-Storage Industrial
North America annual rental revenue/SF $27.00 $13.80 $5.50
Tenant Improvements/SF N/A N/A $1.96
Recurring Capex(1)
~7% 5.3% 12%
Average lease term
Large customers: 3 Yrs.
Small customers: 1 Yr.
Month-to-Month ~4-6 Yrs.
Customer retention ~98% ~85% ~75%
Customer concentration Very Low Very Low Low
Customer type Business Consumer Business
Non-Real Estate %(2)
30% 20% 10%
Stabilized Occupancy (building & racking utilization)
Building: 80% to 85%
Racking: 90% to 95%
90% 93%
Operating Margin(3)
Storage: 70% - 75% 68% 70%
(1) IRM non-growth CapEx as a percentage of total revenue. Self-Storage and Industrial recurring CapEx as a percentage of NOI. Excludes leasing commissions.
(2) Non-Real Estate % for IRM is as a % of Adj. OIBDA. Self-Storage and Industrial are as a % of Assets.
(3) Operating margin for IRM is storage gross margin
Source: Company estimates. Benchmark data provided by Green Street Advisors

82. 82
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Same Store NOI Growth
(Historical and Estimated)
Industrial average
Self-storage average
IRM storage rental internal growth
Compared with industrial and self-
storage REITs, storage rental has:
 Lower volatility – predictable
storage rental growth has
weathered all storms
Strong recurring earnings
Excellent dividend coverage
Storage Rental Revenue is Stable Throughout Cycles
Source: Benchmark data provided by Green Street Advisors
Midpoint of expected
2014-2016 range

83. 83
REIT Aligns with Capital Allocation Strategy
Committed to returning excess capital
to shareholders
Significant stockholder benefits
 Single level of US tax
 Efficient structure to repatriate foreign
storage rental income
 Disciplined mechanism for capital allocation
The right tool for maximizing total returns
to stockholders
 REIT structure drives higher dividends
Strong cash flows support dividend
coverage

84. 84
$MM (except per share data) 2014
FFO $435 - $485
FFO/share(2) $2.27 - $2.53
AFFO $565 - $615
AFFO/share(2) $2.94 - $3.20
Dividends(3) $400 - $430
Dividends/share(2) $2.08 - $2.24
Pro Forma REIT Metrics(1)
(For illustrative purposes only)
Higher dividends over time supported by:
 US federal and state income tax savings
 Higher distributable income due to lower
tax vs. book D&A
 Both US and international storage rental
(QRS) income
Potential to create value and reduce
financing cost through acquisition of
select leased facilities
Potential to expand investor base through
higher yield and attractive business
characteristics
REIT Will Provide Significant Stockholder Benefits
(1) Excludes $150MM cash portion of the E&P distribution
(2) Based on 192MM shares outstanding
(3) Includes ~$70MM benefit from book / tax difference for
depreciation associated with racking

85. 85
NA Leased (47%) Owned (36%) INTL Leased (17%)
Acquisition opportunity of $700MM
to $1B over 10-year timeframe
Solid investment return potential
Reduces borrowing costs
over time
Supports REIT Asset Test
Higher real estate residual value
Opportunity to Create Value by Acquiring Leased Space
Potential $2.5B - $3.0B Purchase Universe

86. 86
REIT Supported By Strong Cash Flow
FFO 2014 Pro forma Estimate*
Net income attributable to Iron Mountain (pro forma) $ 250
Real estate depreciation 180
(Gain) Loss on disposal/write-down of PP&E ----
FFO (NAREIT) $ 430
REIT Costs 30
Normalized FFO (Iron Mountain) $ 460
AFFO 2014 Pro forma Estimate*
Normalized FFO (Iron Mountain) $ 460
Non-real estate depreciation 120
Amortization expense (including deferred financing costs) 65
Rent normalization 5
Stock option compensation expense 30
Business support CapEx (maintenance) (90)
AFFO $ 590
*Metrics represent approximate midpoint of the estimated range
($MM)

87. 87
Potential for Broadened Investor Base and
Enhanced Valuation
13.0
14.7
15.0
15.4
16.2
17.6
21.4
16.2
18.6
19.8
11.7x
LRY
DCT
FR
PSB
DRE
EGP
PLD
EXR
PSA
CUBE
IRM
Price-to-2014 Pro Forma FFO
5.8%
3.8%
2.0%
4.5%
3.6%
3.0%
3.8%
3.3%
2.5%
7.7%
LRY
DCT
FR
PSB
DRE
EGP
PLD
EXR
PSA
CUBE
IRM*
Pro Forma Current Dividend Yield
*Based on a pro forma 2014 dividend of $2.16 per share, and 192MM shares outstanding and a stock price of $27.77 as of12/2/2013. REIT pricing as of 12/2/2013
Source: Company estimates. Benchmark data provided by Green Street Advisors
16.2
20.4
19.9
22.4
18.8
22.0
27.6
20.3
21.2
18.5
9.1x
LRY
DCT
FR
PSB
DRE
EGP
PLD
EXR
PSA
CUBE
IRM
Price-to-2014 Pro Forma AFFO
SELF-STORAGEINDUSTRIAL

88. 88
REIT Conversion Costs In Line with Expectations
$MM 2012 2013
2014
Outlook
Total
Operating Expense $34 $83 $27 -- $37 $145 - $155
Capital Expense $13 $23 $5 -- $10 $40 - $45
Total $47 $106 $32 -- $47 $185 - $200
Tax Payment Related
to D&A Recapture
$80 $53 $77 -- $92 $210 - $225
Annual on-going REIT compliance expenses would be $10-$15 million

89. 89
Cash Stock Total
Regular
Dividend
$415 -- $415
E&P $135 $540 $675
Total $550 $540 $1,090
Increase regular dividend and distribute
remaining E&P purge by year end,
assuming 2014 REIT conversion
 Regular dividend: $400MM - $430MM
 E&P purge:
 $600MM - $750MM
 20% cash / 80% stock likely
Refined Dividend and E&P Estimates
2014 Expected Payouts
(midpoints of ranges)

90. 90
Plan to reduce consolidated leverage and cost of financing over time
 No tax advantages related to deductibility of interest expense in US QRS
Naturally leads to shift toward more equity financing to support real estate
investment and lower leverage over time
Several options available to affect this shift:
 At-The-Market (ATM) equity drawdown programs
 Opportunistic follow-on equity offerings
 Dividend Reinvestment Program (DRIP)
Expected Shift in Debt/Equity as a REIT Over Time

91. 91
How a Successful REIT
Conversion Will Enhance
Value Creation
How Our Investment
Strategy Flows into Value
Creation

92. © 2013 Iron Mountain Incorporated. All rights reserved. Iron Mountain and the design of the mountain are registered trademarks of Iron Mountain Incorporated.
All other trademarks and registered trademarks are the property of their respective owners.
March 26, 2014
2014–2016 Outlook
2014 Investor Day

93. 93
2014 – 2016 Outlook: Key Messages
Maintaining consistent Adjusted OIBDA margins
Well Positioned to Continue
Significant Distributions to
Shareholders

94. 94
Strategic Plan Drives Stable Revenue Growth
$2,694
$2,810 –
$2,870
$319
$510 -$550
$13
$40 - $50
$3,026
$200-$265
$135-$175
$3,360 - 3,470
$(10,000)
$(8,000)
$(6,000)
$(4,000)
$(2,000)
$-
$2,000
$4,000
$6,000
2200
2400
2600
2800
3000
3200
3400
3600
2013 Base Incremental M&A 2016 E
Emerging Businesses - Data Centers Emerging Markets Developed Markets
51.3%
18.4%
1.8%
($MM) CAGR

95. 95
Continued Solid Growth Outlook
Enterprise
C$ Growth Rates
2014-2016 Outlook
Total Revenue 2% - 5%
Storage Rental 3% - 5%
Services 1% - 3%
Developed Markets
C$ Growth Rates
2014-2016 Outlook
Total Revenue 0% - 2%
Storage Rental 1% - 3%
Services (1)% - 1%
Emerging Markets
C$ Growth Rates
2014-2016 Outlook
Total Revenue 12% - 18%
Storage Rental 15% - 20%
Services 10% - 15%

96. 96
$919
$50-$75
$20-$45
$20-$30
$1,010 -
$1,070
2013 Base Incremental M&A Speed and Agility 2016 E
Plan Supports Similar Growth in Adjusted OIBDA
Excludes restructuring charges
($MM)

97. 97
10%-15% 10% - 20% 20% - 30%+
Incremental Racking
New Facility
Acquisitions
EBOs
Strategic Investments Yield Attractive Returns
Average After-tax Returns for Key Value-Driving Activities

98. 98
 Improvement in capital efficiency
from 2008 – 2012 driven by
enhanced controls, lower
business investment levels and
M&A activity
 Capital investment to drive future
Adj. OIBDA growth
 Expect capital expenditures for
2014 – 2016 to be consistent with
2013 levels
Capital Spending to Support Strategic Plan
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Business Growth Business Support
Operational Efficiency & Other
Capital Expenditures (ex RE and REIT
CapEx) as a % of Revenues
*Excludes capital expenditures related to headquarter move
6%-8%

99. 99
2.0
3.0
4.0
5.0
6.0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Excluding
Payouts &
Conv
Costs
Target
Range
Stockholder Payouts, REIT Costs & Distributions Have
Temporarily Increased Leverage
$MM 2010 - 11 2012 2013 2014 E Total
Share Repurchases $1,097 $38 --- --- $1,135
Quarterly Dividends $211 $179 $207 $400 - $430 $997 - $1,027
E&P Dist. --- $140 --- $120 - $150 $260 - $290
Total Cash $1,308 $357 $207 $520 - $580 $2,392-$2,452
E&P Stock Dist. --- $560 --- $480 - $600 $1,040-$1,160
Total Value
Distributed to
Shareholders
$1,308 $917 $207 $1,000-$1,180 $3,432-$3,612
Other Expenditures (1) --- $127 $159 $109-$139
2010 - 2014 Estimated Distributions ($MM)
Assuming REIT Conversion
(1) Represents REIT costs
(2) As defined under company’s senior credit facility, assumes no equity issuances
Net Lease Adjusted Leverage Ratio(2)
Assuming REIT Conversion

100. 100
 Committed to returning excess
FCF to shareholders
 $1.9B of cash returned to
shareholders since 2009
through 2013
 Plan drives high dividend payout
 Growth CapEx generates high,
predictable returns
 Robust pipeline of attractive
investment opportunities –
acquisitions & real estate
2016 Potential Cash Available for
Investment
$MM
Adjusted OIBDA ~$1,040
Add: Other Non-Cash Items & Adjustments
Borrowings to Maintain Leverage at 5.0X
~$40
~100
Less: Interest
Cash Taxes
Maintenance CapEx
~$285
~$165
~$90
$640
Core Growth & Other CapEx / CAC ~$190
Cash Available for Discretionary Investments $450
Strong Cash Flow Supports Capital Allocation Strategy
Real Estate
~$20MM
Core Acquisitions
~$150MM
Shareholder Payouts*
Current Dividends
~$250 MM
Figures represent midpoint of estimated range
*Assumes 196 MM shares outstanding, 10.5x enterprise multiple and ~4% yield

101. 101
Summary
Maintaining consistent Adjusted OIBDA margins
Well Positioned to Continue
Significant Distributions to
Shareholders

102. 102
Questions?
2014 Investor Day

103. © 2013 Iron Mountain Incorporated. All rights reserved. Iron Mountain and the design of the mountain are registered trademarks of Iron Mountain Incorporated.
All other trademarks and registered trademarks are the property of their respective owners.
March 26, 2014
Appendix
2014 Investor Day

104. 104
Definitions
Funds From Operations, or FFO (NAREIT) and FFO (Normalized)
FFO is a non-GAAP measure commonly used in the real estate industry. Although the National Association of
Real Estate Investment Trusts (“NAREIT”) has published a definition of FFO, modifications to the NAREIT
calculation of FFO are common among REITs as companies seek to provide financial measures that
meaningfully reflect their business. Our most directly comparable GAAP measure to FFO is net income
attributable to Iron Mountain. Net income assumes that the value of real estate assets diminishes predictably
over time as reflected through depreciation and amortization expense. The value of real estate assets fluctuates
due to market conditions, and the company believes FFO more accurately reflects the value of its real estate
assets. FFO is defined by NAREIT as net income excluding gains and losses on the sale or write-down of real
estate assets and depreciation on real estate assets. FFO (Normalized) excludes other non-recurring or unusual
items that the company believes do not accurately reflect its underlying operations. FFO (Normalized) is defined
as FFO (NAREIT) excluding intangible impairment charges, other income and expense (including foreign
exchange gains and losses), income and losses from discontinued operations, provision or benefit from deferred
taxes and REIT costs.
Adjusted Funds From Operations, or AFFO: defined as FFO as adjusted excluding non-cash rent expense or
income plus depreciation on non-real estate assets, amortization expense (including amortization of deferred
financing costs) and stock option compensation expense less maintenance capital expenditures. 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 shareholders and voluntary prepayments of indebtedness.

105. 105
Definitions
Adjusted OIBDA: defined as operating income before depreciation, amortization, intangible impairments, (gain)
loss on disposal/write-down of property, plant and equipment, net, and REIT Costs
Free Cash Flow (FCF): FCF is defined as Cash Flows from Operating Activities from continuing operations less
capital expenditures (excluding real estate and capital expenditures associated with the REIT conversion), net of
proceeds from the sales of property and equipment and other, net, and additions to customer relationships and
acquisition costs. REIT costs are also excluded from FCF.
ROIC: defined as net operating profit after tax (NOPAT) plus depreciation & amortization less non-growth CapEx
divided by Average Invested Capital. NOPAT is defined as Adjusted OIBDA less depreciation & amortization, at
the structural tax rate of approximately 40% for Enterprise, but varies by region. Average Invested Capital is
defined as the average of interest bearing debt plus equity less cash plus accumulated depreciation on racking.
Total Shareholder Return (TSR): TSR – Total Shareholder Return is calculated by taking the total dividend yield
plus stock appreciation of a three year period (assuming dividends are reinvested at the current year TSR rate
using a mid-year convention) divided by the Base Share Price and annualized for the three year period. Base
Share Price is approximately $29 and assumes constant multiple of 10.5x.
Synergized Returns: Synergized returns are calculated on an un-levered, pre-tax basis by taking synergized
Adjusted OIBDA and dividing it by purchase price as well as capital and operational integration costs.

106. 106
Global Real Estate Portfolio
Buildings Sq. Ft. Buildings Sq. Ft. Buildings Sq. Ft.
North America 182 19,448 505 31,214 687 50,662
Europe 53 2,676 195 6,820 248 9,496
Latin America 33 1,912 56 2,768 89 4,680
Asia Pacific 1 31 48 2,058 49 2,089
International 87 4,619 299 11,646 386 16,265
Total 269 24,067 804 42,860 1,073 66,927
TotalLeased Facilities
As of 12/31/2013
Owned Facilities