The following data summarizes the consolidating results of IMI on the equity method of accounting as of December 31, 2017 and March 31, 2018 and for the three months ended March 31, 2017 and 2018 and are prepared on the same basis as the consolidated financial statements.

The Parent Notes, CAD Notes, the 6¹/₈% GBP Senior Notes due 2022 (the "GBP Notes due 2022") (which were redeemed in November 2017), GBP Notes due 2025, and the 5³/₈% Notes are guaranteed by the subsidiaries referred to below as the Guarantors. These subsidiaries are 100% owned by IMI. The guarantees are full and unconditional, as well as joint and several.

Additionally, IMI guarantees the CAD Notes, which were issued by Canada Company, the GBP Notes due 2022, which were issued by Iron Mountain Europe PLC ("IME"), the GBP Notes due 2025, which were issued by Iron Mountain (UK) PLC ("IM UK"), and the 5³/₈% Notes, which were issued by Iron Mountain US Holdings, Inc, which is one of the Guarantors. Canada Company, IME and IM UK do not guarantee the Parent Notes. The subsidiaries that do not guarantee the Parent Notes, the CAD Notes, the GBP Notes due 2022, the GBP Notes due 2025, and the 5³/₈% Notes, including IME, IM UK, the Accounts Receivable Securitization Special Purpose Subsidiaries and Iron Mountain Mortgage Finance I, LLC (the "Mortgage Securitization Special Purpose Subsidiary"), are referred to below as the Non-Guarantors. As discussed below, the results of the Non-Guarantors for the three months ended March 31, 2017 exclude the results of Canada Company, as those are presented in a separate column.

The CAD Notes due 2021 were issued by Canada Company and registered under the Securities Act of 1933, as amended (the “Securities Act”). The CAD Notes due 2023 have not been registered under the Securities Act, or under the securities laws of any other jurisdiction. We redeemed the CAD Notes due 2021 in August 2017 and, therefore, as of that date, Canada Company had no outstanding debt registered under the Securities Act that would require the presentation of Canada Company on a standalone basis in the accompanying consolidating financial statements. Accordingly, (i) the assets, liabilities and equity of Canada Company are presented as a component of the Non-Guarantor subsidiaries in the accompanying Condensed Consolidated Balance Sheets as of December 31, 2017 and March 31, 2018, respectively, (ii) the revenues, expenses and other comprehensive income (loss) of Canada Company are presented as a component of the Non-Guarantor subsidiaries in the Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2018, and (iii) the operating, investing and financing cash flows for Canada Company are presented as a component of the Non-Guarantor subsidiaries in the Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2018.

In the normal course of business, we periodically change the ownership structure of our subsidiaries to meet the requirements of our business. In the event of such changes, we recast the prior period financial information within this footnote to conform to the current period presentation in the period such changes occur. Generally, these changes do not alter the designation of the underlying subsidiaries as Guarantors or Non-Guarantors. However, they may change whether the underlying subsidiary is owned by the Parent, a Guarantor or a Non-Guarantor. If such a change occurs, the amount of investment in subsidiaries in the below Condensed Consolidated Balance Sheets and equity in the earnings (losses) of subsidiaries, net of tax in the below Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) with respect to the relevant Parent, Guarantors, Non-Guarantors and Eliminations columns also would change.

CONDENSED CONSOLIDATED BALANCE SHEETS



	December 31, 2017
	Parent		Guarantors		Non- Guarantors		Eliminations			Consolidated
Assets
Current Assets:
Cash and cash equivalents(1)	$	2,433	$	634,317	$	383,675	$	(94,726	)	$	925,699
Accounts receivable	—		32,972		802,770		—			835,742
Intercompany receivable	332,293		149,731		—		(482,024		)	—
Prepaid expenses and other	1,579		103,643		83,681		(29		)	188,874
Total Current Assets	336,305		920,663		1,270,126		(576,779		)	1,950,315
Property, Plant and Equipment, Net	316		2,030,875		1,386,488		—			3,417,679
Other Assets, Net:
Long-term notes receivable from affiliates and intercompany receivable	4,578,995		—		—		(4,578,995		)	—
Investment in subsidiaries	1,858,045		885,999		—		(2,744,044		)	—
Goodwill	—		2,577,310		1,492,957		—			4,070,267
Other	—		796,913		737,228		—			1,534,141
Total Other Assets, Net	6,437,040		4,260,222		2,230,185		(7,323,039		)	5,604,408
Total Assets	$	6,773,661	$	7,211,760	$	4,886,799	$	(7,899,818	)	$	10,972,402
Liabilities and Equity
Intercompany Payable	$	—	$	—	$	482,024	$	(482,024	)	$	—
Debit Balances Under Cash Pools	—		56,233		38,493		(94,726		)	—
Current Portion of Long-Term Debt	—		54,247		92,082		(29		)	146,300
Total Other Current Liabilities	235,062		527,549		421,262		—			1,183,873
Long-Term Debt, Net of Current Portion	4,232,759		758,166		1,906,046		—			6,896,971
Long-Term Notes Payable to Affiliates and Intercompany Payable	—		4,578,995		—		(4,578,995		)	—
Other Long-term Liabilities	—		113,024		241,974		—			354,998
Commitments and Contingencies (See Note 8)
Redeemable Noncontrolling Interests	8,402		—		83,016		—			91,418
Total Iron Mountain Incorporated Stockholders' Equity	2,297,438		1,123,546		1,620,498		(2,744,044		)	2,297,438
Noncontrolling Interests	—		—		1,404		—			1,404
Total Equity	2,297,438		1,123,546		1,621,902		(2,744,044		)	2,298,842
Total Liabilities and Equity	$	6,773,661	$	7,211,760	$	4,886,799	$	(7,899,818	)	$	10,972,402

______________________________________________________________


(1)	Included within Cash and Cash Equivalents at December 31, 2017 is approximately $38,400 and $62,000 of cash on deposit associated with our Cash Pools for the Guarantors and Non-Guarantors, respectively. See Note 5 for more information on our Cash Pools.

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)



	March 31, 2018
	Parent		Guarantors		Non- Guarantors		Eliminations			Consolidated
Assets
Current Assets:
Cash and cash equivalents(1)	$	3,194	$	75,061	$	395,283	$	(31,047	)	$	442,491
Accounts receivable	—		28,731		830,375		—			859,106
Intercompany receivable	172,289		82,219		—		(254,508		)	—
Prepaid expenses and other	—		125,373		97,932		(29		)	223,276
Total Current Assets	175,483		311,384		1,323,590		(285,584		)	1,524,873
Property, Plant and Equipment, Net	283		2,935,396		1,429,792		—			4,365,471
Other Assets, Net:
Long-term notes receivable from affiliates and intercompany receivable	4,662,099		—		—		(4,662,099		)	—
Investment in subsidiaries	1,875,464		893,419		—		(2,768,883		)	—
Goodwill	—		2,813,151		1,512,327		—			4,325,478
Other	—		1,027,985		754,342		—			1,782,327
Total Other Assets, Net	6,537,563		4,734,555		2,266,669		(7,430,982		)	6,107,805
Total Assets	$	6,713,329	$	7,981,335	$	5,020,051	$	(7,716,566	)	$	11,998,149
Liabilities and Equity
Intercompany Payable	$	—	$	—	$	254,508	$	(254,508	)	$	—
Debit Balances Under Cash Pools	—		4,287		26,760		(31,047		)	—
Current Portion of Long-Term Debt	—		60,778		76,449		(29		)	137,198
Total Other Current Liabilities	199,577		487,627		406,660		—			1,093,864
Long-Term Debt, Net of Current Portion	4,244,612		1,514,579		2,261,682		—			8,020,873
Long-Term Notes Payable to Affiliates and Intercompany Payable	—		4,662,099		—		(4,662,099		)	—
Other Long-term Liabilities	185		120,998		270,879		—			392,062
Commitments and Contingencies (See Note 8)
Redeemable Noncontrolling Interests	9,208		—		83,669		—			92,877
Total Iron Mountain Incorporated Stockholders' Equity	2,259,747		1,130,967		1,637,916		(2,768,883		)	2,259,747
Noncontrolling Interests	—		—		1,528		—			1,528
Total Equity	2,259,747		1,130,967		1,639,444		(2,768,883		)	2,261,275
Total Liabilities and Equity	$	6,713,329	$	7,981,335	$	5,020,051	$	(7,716,566	)	$	11,998,149

______________________________________________________________


(1)	Included within Cash and Cash Equivalents at March 31, 2018 is approximately $45,600 and $6,900 of cash on deposit associated with our Cash Pools for the Guarantors and Non-Guarantors, respectively. See Note 5 for more information on our Cash Pools.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)



	Three Months Ended March 31, 2017
	Parent			Guarantors			Canada Company			Non- Guarantors			Eliminations			Consolidated
Revenues:
Storage rental	$	—		$	349,351		$	32,006		$	190,922		$	—		$	572,279
Service	—			218,209			16,050			132,338			—			366,597
Intercompany revenues	—			1,097			—			22,342			(23,439		)	—
Total Revenues	—			568,657			48,056			345,602			(23,439		)	938,876
Operating Expenses:
Cost of sales (excluding depreciation and amortization)	—			239,329			7,550			179,828			—			426,707
Selling, general and administrative	79			162,705			3,561			73,821			—			240,166
Intercompany cost of sales	—			6,606			15,736			1,097			(23,439		)	—
Depreciation and amortization	46			76,161			4,238			44,262			—			124,707
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net	—			(548		)	2			87			—			(459		)
Total Operating Expenses	125			484,253			31,087			299,095			(23,439		)	791,121
Operating (Loss) Income	(125		)	84,404			16,969			46,507			—			147,755
Interest Expense (Income), Net	42,784			(3,279		)	11,670			34,880			—			86,055
Other Expense (Income), Net	81			2,519			(27		)	(8,937		)	—			(6,364		)
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes	(42,990		)	85,164			5,326			20,564			—			68,064
Provision (Benefit) for Income Taxes	—			12,744			(3,488		)	(36		)	—			9,220
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax	(101,115		)	(23,413		)	(157		)	(8,814		)	133,499			—
Income (Loss) from Continuing Operations	58,125			95,833			8,971			29,414			(133,499		)	58,844
Income (Loss) from Discontinued Operations	—			198			—			(535		)	—			(337		)
Net Income (Loss)	58,125			96,031			8,971			28,879			(133,499		)	58,507
Less: Net Income (Loss) Attributable to Noncontrolling Interests	—			—			—			382			—			382
Net Income (Loss) Attributable to Iron Mountain Incorporated	$	58,125		$	96,031		$	8,971		$	28,497		$	(133,499	)	$	58,125
Net Income (Loss)	$	58,125		$	96,031		$	8,971		$	28,879		$	(133,499	)	$	58,507
Other Comprehensive Income (Loss):
Foreign Currency Translation Adjustments	(1,072		)	—			635			51,221			—			50,784
Equity in Other Comprehensive Income (Loss) of Subsidiaries	52,406			28,540			287			635			(81,868		)	—
Total Other Comprehensive Income (Loss)	51,334			28,540			922			51,856			(81,868		)	50,784
Comprehensive Income (Loss)	109,459			124,571			9,893			80,735			(215,367		)	109,291
Comprehensive (Loss) Income Attributable to Noncontrolling Interests	—			—			—			(168		)	—			(168		)
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated	$	109,459		$	124,571		$	9,893		$	80,903		$	(215,367	)	$	109,459

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Continued)



	Three Months Ended March 31, 2018
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Revenues:
Storage rental	$	—		$	396,476		$	254,673		$	—		$	651,149
Service	—			230,230			161,079			—			391,309
Intercompany revenues	—			1,205			4,491			(5,696		)	—
Total Revenues	—			627,911			420,243			(5,696		)	1,042,458
Operating Expenses:
Cost of sales (excluding depreciation and amortization)	—			246,163			202,558			—			448,721
Selling, general and administrative	43			185,348			84,339			—			269,730
Intercompany cost of sales	—			4,491			1,205			(5,696		)	—
Depreciation and amortization	33			102,446			58,099			—			160,578
(Gain) Loss on disposal/write-down of property, plant and equipment (excluding real estate), net	—			(356		)	(774		)	—			(1,130		)
Total Operating Expenses	76			538,092			345,427			(5,696		)	877,899
Operating Income (Loss)	(76		)	89,819			74,816			—			164,559
Interest Expense (Income), Net	49,941			(1,508		)	49,193			—			97,626
Other Expense (Income), Net	(1,157		)	1,560			19,748			—			20,151
(Loss) Income from Continuing Operations Before Provision (Benefit) for Income Taxes	(48,860		)	89,767			5,875			—			46,782
Provision (Benefit) for Income Taxes	—			(6,712		)	7,880			—			1,168
Equity in the (Earnings) Losses of Subsidiaries, Net of Tax	(93,544		)	2,865			—			90,679			—
Income (Loss) from Continuing Operations	44,684			93,614			(2,005		)	(90,679		)	45,614
(Loss) Income from Discontinued Operations, Net of Tax	—			(422		)	(40		)	—			(462		)
Net Income (Loss)	44,684			93,192			(2,045		)	(90,679		)	45,152
Less: Net (Loss) Income Attributable to Noncontrolling Interests	—			—			468			—			468
Net Income (Loss) Attributable to Iron Mountain Incorporated	$	44,684		$	93,192		$	(2,513	)	$	(90,679	)	$	44,684
Net Income (Loss)	$	44,684		$	93,192		$	(2,045	)	$	(90,679	)	$	45,152
Other Comprehensive Income (Loss):
Foreign Currency Translation Adjustments	(5,635		)	—			37,286			—			31,651
Change in fair value of interest rate swap agreements	(185		)	—			—			—			(185		)
Equity in Other Comprehensive Income (Loss) of Subsidiaries	35,732			38,336			—			(74,068		)	—
Total Other Comprehensive Income (Loss)	29,912			38,336			37,286			(74,068		)	31,466
Comprehensive Income (Loss)	74,596			131,528			35,241			(164,747		)	76,618
Comprehensive (Loss) Income Attributable to Noncontrolling Interests	—			—			2,027			—			2,027
Comprehensive Income (Loss) Attributable to Iron Mountain Incorporated	$	74,596		$	131,528		$	33,214		$	(164,747	)	$	74,591

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS



	Three Months Ended March 31, 2017
	Parent			Guarantors			Canada Company			Non- Guarantors			Eliminations			Consolidated
Cash Flows from Operating Activities:
Cash Flows from Operating Activities—Continuing Operations	$	(41,288	)	$	136,411		$	5,291		$	21,760		$	—		$	122,174
Cash Flows from Operating Activities—Discontinued Operations	—			198			(535		)	—			—			(337		)
Cash Flows from Operating Activities	(41,288		)	136,609			4,756			21,760			—			121,837
Cash Flows from Investing Activities:
Capital expenditures	—			(53,175		)	(2,555		)	(17,472		)	—			(73,202		)
Cash paid for acquisitions, net of cash acquired	—			(6,380		)	—			(5,807		)	—			(12,187		)
Intercompany loans to subsidiaries	(1,187		)	(72,807		)	—			(478		)	74,472			—
Investment in subsidiaries	(16,170		)	—			—			—			16,170			—
Acquisitions of customer relationships and customer inducements	—			(20,653		)	(271		)	(479		)	—			(21,403		)
Net proceeds from Divestments (see Note 10)	—			—			—			2,423			—			2,423
Proceeds from sales of property and equipment and other, net (including real estate)	—			93			2			(29		)	—			66
Cash Flows from Investing Activities—Continuing Operations	(17,357		)	(152,922		)	(2,824		)	(21,842		)	90,642			(104,303		)
Cash Flows from Investing Activities—Discontinued Operations	—			—			—			—			—			—
Cash Flows from Investing Activities	(17,357		)	(152,922		)	(2,824		)	(21,842		)	90,642			(104,303		)
Cash Flows from Financing Activities:
Repayment of revolving credit, term loan facilities and other debt	(31,733		)	(1,495,558		)	(71		)	(1,154,986		)	—			(2,682,348		)
Proceeds from revolving credit, term loan facilities and other debt	94,811			1,423,653			—			1,196,319			—			2,714,783
Debit balances (payments) under cash pools	—			138,693			—			47,129			(185,822		)	—
Debt financing from (repayment to) and equity contribution from (distribution to) noncontrolling interests, net	—			—			—			10,668			—			10,668
Intercompany loans from parent	—			(9,305		)	(12,680		)	96,457			(74,472		)	—
Equity contribution from parent	—			—			—			16,170			(16,170		)	—
Parent cash dividends	(2,060		)	—			—			—			—			(2,060		)
Net (payments) proceeds associated with employee stock-based awards	(4,308		)	—			—			—			—			(4,308		)
Payment of debt financing and stock issuance costs	—			—			(73		)	—			—			(73		)
Cash Flows from Financing Activities—Continuing Operations	56,710			57,483			(12,824		)	211,757			(276,464		)	36,662
Cash Flows from Financing Activities—Discontinued Operations	—			—			—			—			—			—
Cash Flows from Financing Activities	56,710			57,483			(12,824		)	211,757			(276,464		)	36,662
Effect of exchange rates on cash and cash equivalents	—			—			(455		)	5,403			—			4,948
(Decrease) Increase in cash and cash equivalents	(1,935		)	41,170			(11,347		)	217,078			(185,822		)	59,144
Cash and cash equivalents, beginning of period	2,405			23,380			17,110			193,589			—			236,484
Cash and cash equivalents, end of period	$	470		$	64,550		$	5,763		$	410,667		$	(185,822	)	$	295,628

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)



	Three Months Ended March 31, 2018
	Parent			Guarantors			Non- Guarantors			Eliminations			Consolidated
Cash Flows from Operating Activities:
Cash Flows from Operating Activities—Continuing Operations	$	(66,516	)	$	96,674		$	61,410		$	—		$	91,568
Cash Flows from Operating Activities—Discontinued Operations	—			—			—			—			—
Cash Flows from Operating Activities	(66,516		)	96,674			61,410			—			91,568
Cash Flows from Investing Activities:
Capital expenditures	—			(62,148		)	(33,457		)	—			(95,605		)
Cash paid for acquisitions, net of cash acquired	—			(1,315,549		)	(113,425		)	—			(1,428,974		)
Intercompany loans to subsidiaries	157,737			208,443			—			(366,180		)	—
Investment in subsidiaries	—			—			—			—			—
Acquisitions of customer relationships, customer inducements and data center lease-based intangibles	—			(11,874		)	(6,172		)	—			(18,046		)
Proceeds from sales of property and equipment and other, net (including real estate)	—			(19,466		)	79			—			(19,387		)
Cash Flows from Investing Activities—Continuing Operations	157,737			(1,200,594		)	(152,975		)	(366,180		)	(1,562,012		)
Cash Flows from Investing Activities—Discontinued Operations	—			—			—			—			—
Cash Flows from Investing Activities	157,737			(1,200,594		)	(152,975		)	(366,180		)	(1,562,012		)
Cash Flows from Financing Activities:
Repayment of revolving credit, term loan facilities and other debt	—			(2,308,119		)	(2,102,537		)	—			(4,410,656		)
Proceeds from revolving credit, term loan facilities and other debt	—			3,067,988			2,428,503			—			5,496,491
Debit (payments) balances under cash pools	—			(51,946		)	(11,733		)	63,679			—
Debt financing from (repayment to) and equity contribution from (distribution to) noncontrolling interests, net	—			—			(561		)	—			(561		)
Intercompany loans from parent	—			(154,184		)	(211,996		)	366,180			—
Parent cash dividends	(169,006		)	—			—			—			(169,006		)
Net (payments) proceeds associated with employee stock-based awards	(5,950		)	—			—			—			(5,950		)
Net proceeds associated with the Over-Allotment Option exercise	76,192			—			—			—			76,192
Net proceeds associated with the At the Market (ATM) Program	8,716			—			—			—			8,716
Payment of debt financing and stock issuance costs	(412		)	(9,075		)	(487		)	—			(9,974		)
Cash Flows from Financing Activities—Continuing Operations	(90,460		)	544,664			101,189			429,859			985,252
Cash Flows from Financing Activities—Discontinued Operations	—			—			—			—			—
Cash Flows from Financing Activities	(90,460		)	544,664			101,189			429,859			985,252
Effect of exchange rates on cash and cash equivalents	—			—			1,984			—			1,984
Increase (Decrease) in cash and cash equivalents	761			(559,256		)	11,608			63,679			(483,208		)
Cash and cash equivalents, beginning of period	2,433			634,317			383,675			(94,726		)	925,699
Cash and cash equivalents, end of period	$	3,194		$	75,061		$	395,283		$	(31,047	)	$	442,491