Momentum to GO BEYOND

Capital allocation strategy • Sustain the dividend at current level • Long-term target AFFO payout ratio of low to mid-60s • Long-term target leverage ratio of 4.5x-5.5x • Reinvest in the business through growth Capital Expenditures Invest in accretive M&A . Growth capital from capital recycling as well as debt finance in line with Adjusted EBITDA growth 23 23 IRON MOUNTAINⓇ

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