IRON MOUNTAIN INC — Director's Dealing 2016

May 2, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: IRON MOUNTAIN INC (IRM)
CIK: 0001020569
Period of Report: 2016-04-28

Reporting Person: Cloutier Ernest W (EVP, Gen. Counsel, Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-04-28	Common Stock, par value $.01 per share	M	13712	$14.585	Acquired	50156	Direct
2016-04-28	Common Stock, par value $.01 per share	F	5534	$36.135	Disposed	44622	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-04-28	Employee Stock Option (Right to Buy)	$14.585	M	13712	Disposed	2019-03-05	Common Stock (13712)	Direct

Footnotes

F1: This transaction is reported to reflect the exercise of a stock option for a total of 13,712 shares of Iron Mountain common stock ("Common Stock") by means of a stock swap whereby the Reporting Person disposed of 5,534 shares of Common Stock to the Issuer as consideration for the Reporting Person's exercise of stock options to purchase 13,712 shares of Common Stock. The stock swap was completed pursuant to the terms of the Reporting Person's Iron Mountain Incorporated 2002 Stock Incentive Plan Stock Option Agreement.

F2: This stock option, representing a right to purchase a total of 36,953 shares, is fully vested. The number of stock options granted includes previously reported adjustments effective on September 26, 2014 made in connection with the special distribution declared by the Board of Directors of the Issuer on September 15, 2014 and paid on November 4, 2014.