Fourth Quarter 2014 Earnings Conference Call

February 19, 2015

This presentation contains forward-looking statements, including our

expectations for revenue, adjusted EBITDA and capital expenditures in 2015

and our ability to deliver growth from our high-performance, hybridized Internet

infrastructure services. Because such statements are not guarantees of future

performance and involve risks and uncertainties, there are important factors

that could cause Internap's actual results to differ materially from those in the

forward-looking statements. These include statements related to our

expectations regarding performance of our IT infrastructure services and the

benefits we expect our customers to receive from them, our ability to execute

our strategy, deliver growth and generate cash, our ability to leverage data

center expansions and continue to build positive operating leverage in the

business model, our ability to sell into available data center capacity, our ability

to renegotiate key IP transit contracts on favorable terms and our ability to

successfully migrate customers to new data center space. Internap discusses

these factors in its filings with the Securities and Exchange Commission. Given

these risks and uncertainties, investors should not place undue reliance on

forward-looking statements as a prediction of future results. Internap

undertakes no obligation to update, amend, or clarify any forward-looking

statement for any reason.2

Forward-looking Statements

Financial Summary: Revenue

Revenue

3$ in millions.

• Consolidated revenue increased 14% Y/Y and flat Q/Q

• Data center services revenue increased 23% Y/Y and decreased 1% Q/Q

• Strategic mix shift to data center services 73% of consolidated revenue

• IP services revenue decreased 6% Y/Y and flat Q/Q

Data Center Services Drive Top Line Growth

Revenue Churn

Data Center Churn 1.6% 0.8% 1.5% 2.1% 1.8% 1.7% 3.0% 2.3%

IP Revenue Churn 1.4% 1.9% 1.8% 1.6% 1.2% 1.2% 1.8% 1.4%

Total Revenue Churn 1.5% 1.2% 1.6% 1.9% 1.6% 1.6% 2.7% 2.0%

64% 65% 65% 67%71% 73% 73% 73%

36% 35% 35%33%

29% 27% 27% 27%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14

IP ServicesData Center Services

$70.0 $69.6$74.1

$82.0$84.1 $84.7 $84.3

$69.7

4

Strategic Mix Shift Engine for Growth

• 23% 5-year adjusted EBITDA CAGR

• Adjusted EBITDA margin expanded 1,260

basis points over the same time-frame

Strong Adjusted EBITDA Growth

and Margin Expansion

• 4Q14 Core increased 33% Y/Y

• Core revenue represents 81% of data

center services revenue and 59% of

consolidated revenue

• 4Q14 ‘organic’ (excluding iWeb) core

revenue increased 12% Y/Y

• 24% 5-year revenue CAGR

Core Data Center Services

Drive Revenue Growth

Favorable Revenue Mix

Profitable Growth

$ in millions. Core data center services defined as company-controlled colocation, hosting, cloud services and iWeb. Legacy revenue defined as IP services and partner colocation

data center services. CAGR is compound annual growth rate. Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. Adjusted EBITDA is loss from

operations plus depreciation and amortization, (loss) gain on disposals of property and equipment, exit activities, restructuring and impairments, stock-based compensation and

acquisition costs. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of revenues. A reconciliation of Adjusted EBITDA to GAAP loss from operations can be found in

the attachment to our fourth quarter and full-year 2014 earnings press release, which is available on our website and furnished to the Securities and Exchange Commission.

Core Legacy

$28.0

$39.2 $43.4

$51.9 $58.0

$78.7

10.9% 16.1%

17.7%19.0%

20.5%

23.5%

2009 2010 2011 2012 2013 2014

Adj. EBITDA Margin

$67.1 $69.2

$82.8

$113.4

$134.0

$195.4 $189.2

$174.9

$161.9 $160.2 $149.4

$139.6

2009 2010 2011 2012 2013 2014

Financial Summary: Segment Profit and

Segment Margin

Segment Profit

5

$ in millions. Segment profit and segment margin are non-GAAP measures. Segment profit is segment revenues less direct costs of network, sales and services, exclusive of

depreciation and amortization. Segment profit does not include direct costs of customer support, direct costs of amortization of acquired technologies or any other

depreciation or amortization associated with direct costs. Segment margin is segment profit as a percentage of segment revenues. A presentation of segment profit and

segment margin can be found in the attachment to our fourth quarter and full-year 2014 earnings press release, which is available on our website and furnished to the

Securities and Exchange Commission.

Strong Segment Profit and Segment Margin Results

• Segment profit increased 21% Y/Y and 3% Q/Q

• Segment margin expanded 340 bps Y/Y and increased 180 bps Q/Q

$36.8 $37.3 $36.8

$40.4

$46.2 $47.5 $47.5 $48.8

52.8%53.3% 52.9%

54.5%

56.4% 56.5% 56.1%

57.9%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14

Segment Margin %

Data Center Services Segment Profit and Segment

Margin

6

Data Center Services Segment Profit

• Data center segment profit increased 38% Y/Y and 4% Q/Q

• Data center segment margin expanded 610 basis points Y/Y and 260 basis

points Q/Q

• Core segment profit increased 44% Y/Y and 3% Q/Q

• Core segment margin expanded 500 basis points Y/Y and 190 basis points Q/Q

Core Data Center Services Engine for Long-Term Profitable Growth

$ in millions.

$21.7 $22.9

$22.3

$25.6

$32.4 $34.8 $33.9

$35.3

49.0%50.3%

49.1%

51.5%

55.6%56.7%

55.0%

57.6%58.6%

58.9% 58.1%59.2%

63.4%64.8%

62.3%64.2%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14

Partner Colo Segment Profit Core Segment Profit

DC Segment Margin % Core Segment Margin %

IP Services Segment Profit and Segment Margin

7

IP Services Segment Profit

• IP segment profit decreased 9% Y/Y and 1% Q/Q

• Component of competitive differentiation for high-performance, hybrid

Internet infrastructure service offerings

Solid Profitability and Cash Generation

$ in millions.

$15.1 $14.4 $14.5 $14.8 $13.8

$12.7 $13.6 $13.5

59.6%59.0%

60.0%60.7%

58.3%

55.9%

59.0%58.7%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14

Segment Margin %

8

Financial Summary: Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA

$ in millions.

Continued Strong Adjusted EBITDA Results

• Adjusted EBITDA increased 45% Y/Y and 15% Q/Q

• Adjusted EBITDA margin expanded 590 bps Y/Y and 370 bps Q/Q

$14.1 $14.1 $14.2 $15.7

$17.8 $18.5

$19.7

$22.7

20.3% 20.1% 20.4%21.1%

21.7% 22.0%

23.3%

27.0%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14

Adj. EBITDA Margin

9

Financial Summary: Accelerated Rate of Margin Expansion

Adjusted EBITDA Margin

$ in millions.

Multiple Drivers to Adjusted EBITDA Margin Expansion

• Favorable mix shift towards selling more core data center services

• Positive product mix shift within our core data center services

• High incremental margins associated with selling into our company-controlled data

center capacity

• Tight operational controls and positive operating leverage

20.3%21.7%

20.1%

22.0%

20.4%

23.3%

21.1%

27.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

1Q13 1Q14 2Q13 2Q14 3Q13 3Q14 4Q13 4Q14

+140 Bps +190 Bps+290 Bps

+590 Bps

2014 Recap: Revenue and Profit Growth

10

Revenue Segment Profit Adj. EBITDA

2010 20112013 2014 2013 2014

Data center services growth

drives record revenue

Revenue increased 18% Y/Y

Strategic product shift

delivering results

Segment profit up 26% and

segment margin up 330 BPS

Y/Y

Positive operating leverage

Adj. EBITDA up 36% and Adj.

EBITDA margin up 300 BPS Y/Y

$283.3

$335.0

2013 2014

$151.3

$190.0

53.4%

56.7%

$58.0

$78.7

20.5%

23.5%

Our Go-to-Market Strategy

11

Leverage Internap’s competitively differentiated products & services

through all available/relevant routes-to-market

to target customers who value infrastructure performance.

PRODUCT

PORTFOLIODIFFERENTIATION ROUTES TO MARKET TARGET MARKET

Companies for

whom

infrastructure

performance

is business-critical

• Cloud/IaaS

• Managed Hosting

• Colocation

• Network

PERFORMANCE

• Hybrid/best fit

• Bare-metal Cloud

• High density DCs

• Network

• Global footprint

Direct sales

Channel sales

E-comm/On-line

12

Industry Need and Context

High Power Density Infrastructure Supports Performance

Demands of Media & Entertainment Workloads

a leading global entertainment company

Internap Solution

IP & CDN

Scalable, reliable infrastructure to support

content being acquired, edited and

produced in digital format

High-performance networking to support

latency sensitive applicationsPerformance IPTM ensures

low latency with built-in

redundancy

ResultCustomers achieve higher power density and low

latency with the option to hybridize for future projects

ColocationHigh-density (up to 18kW per

rack) and concurrently

maintainable design

preeminent visual effects studio

Hybridization options for future-proofing

*Cash Operating Expense and Normalized Net Loss are non-GAAP measures. Cash Operating Expense is GAAP operating expense less direct cost of network

and sales, depreciation and amortization, restructuring and impairments, stock-based compensation and acquisition costs. Normalized Net Loss is net loss plus

exit activities, restructuring and impairments, stock-based compensation and acquisition costs. A reconciliation to GAAP total operating costs and expenses can

be found in the attachment to our fourth quarter and full-year 2014 earnings press release, which is available on our website and furnished to the Securities and

Exchange Commission.

Financial Review: Income Statement

13

Income Statement Summary (in millions)

4Q14 3Q14 4Q13 2014 2013

Total Revenue $84.3 $84.7 $74.1 $335.0 $283.3

Total Segment Profit $48.8 $47.5 $40.4 $190.0 $151.3

Total Segment Margin % 57.9% 56.1% 54.5% 56.7% 53.4%

Cash Operating Expense $26.1 $27.8 $24.7 $111.3 $93.3

Cash Opex % 30.9% 32.8% 33.4% 33.2% 32.9%

Adj. EBITDA $22.7 $19.7 $15.7 $78.7 $58.0

Adj. EBITDA % 27.0% 23.3% 21.1% 23.5% 20.5%

GAAP Net Loss $(8.3) $(9.4) $(10.4) $(39.5) $(19.8)

Loss per fully-diluted share $(0.16) $(0.18) $(0.21) $(0.77) $(0.39)

Normalized Net Loss $(5.2) $(7.5) $(4.1) $(27.7) $(7.5)

Loss per fully-diluted share $(0.10) $(0.15) $(0.09) $(0.54) $(0.15)

Financial Review: Cash Flow and Balance Sheet

14

Cash Flow Summary (in millions)

Balance Sheet Summary (in millions)

4Q14 3Q14 4Q13 2014 2013

Adj. EBITDA $22.7 $19.7 $15.7 $78.7 $58.0

Less: Capital Expenditures

Less: Capital Lease Payments

25.1

1.7

14.8

1.5

28.5

1.2

77.4

5.9

63.6

4.7

Adj. Cash Flow $(4.1) $3.4 $(14.0) $(4.6) $(10.3)

4Q14 3Q14 4Q13

Cash & Cash Equivalents* $20.1 $25.5 $35.0

Less: Debt (net of discount) 299.0 294.4 290.6

Less: Capital Leases 60.1 60.2 55.3

Equals: Net (Debt) Cash $(339.0) $(329.1) $(310.9)

Net Debt to Adj. EBITDA (LQA)* 3.7x 4.2x 4.4x

$ in millions. * LQA = Last Quarter Annualized

2015 Financial Guidance

15

Revenue

Adjusted EBITDA

$339 - $353

$89 - $95

Range

(in millions)

2015 financial guidance constitutes forward-looking statements which involve risks and uncertainties. Please refer to slide 2 for more information

regarding forward-looking statements.

Capital Expenditures

Expansion

Maintenance

$70 - $80

$55 - $60

$15 - $20

Results:

• Highest annual levels of revenue, segment profit, adjusted EBITDA and adjusted

EBITDA margin

• Positive operating leverage improving profitability

– 14% revenue growth delivers 45% adjusted EBITDA growth and 590 basis points

expansion of adjusted EBITDA margin in 4Q14

• Core data center services strategy drives profitable growth

– Core data center services revenue increased 46% in 2014

• Productive iWeb acquisition and integration

– Accelerated transition to core data center services and added E-commerce/On-line

route to market

• Successful New York Metro data center migration improves profitability

Looking forward:

• Deliver growth from high-performance, hybridized Internet infrastructure services:

– Sell into available data center capacity

– Performance-based product launches

– Leverage diverse routes to market across a common platform of IT infrastructure

services

Strong Profitable Growth 4Q14 and FY 2014

4Q14 Summary

16