Second Quarter 2015 Earnings Conference Call

August 4, 2015

This presentation contains forward-looking statements, including our ability to drive sales productivity, our expectations for reduced churn, our expectations for revenue, adjusted EBITDA and capital expenditures in 2015 and our ability to accelerate profitable growth through the introduction and customer adoption of new performance-based product offerings and greatly improved execution. 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, reduce churn and generate cash, our ability to leverage data center expansions and continue to build positive operating leverage in the business model, our ability to drive product launches and enhancements, 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

• Consolidated revenue of $80.4M decreased 4% Y/Y and flat Q/Q

• Data center services revenue of $59.4M decreased 3% Y/Y and increased 1% Q/Q

• Core data center services revenue of $48.7M decreased 1% Y/Y and increased 2% Q/Q

• Segment profit of $47.5M unchanged Y/Y and Q/Q

• Segment margin of 59.0% expanded 250 bps Y/Y and 30 bps Q/Q

• Adjusted EBITDA* of $19.1M increased 3% Y/Y and 7% Q/Q

• Adjusted EBITDA margin* of 23.8% expanded 180 bps Y/Y and 160 bps Q/Q

Improved Financial Performance

2Q15 Highlights

3

* 2Q15 adjusted EBITDA and adjusted EBITDA margin include executive transition costs of $1.5M. Core data center services defined as company-controlled colocation, hosting and cloud services. 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. 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. Segment profit and segment margin are non-GAAP measures. A presentation of segment profit and segment margin and a reconciliation of Adjusted EBITDA to GAAP loss from operations and can be found in the attachment to our second quarter 2015 earnings press release, which is available on our website and furnished to the Securities and Exchange Commission.

Product

MarketExecution

Building a Great Company

4

• Salesforce productivity initiatives

• Proactive churn mitigation and account management

• Targeted data center utilization

• Channel programs – sales force multiplier

• Lead generation and targeted marketing initiatives

• New/enhanced product and service offerings

Focus on Growth

5

Focus on Growth

6

Sales Productivity Enhancements

• Sales compensation plan improvements to provide incentive to cross sell Internap products to existing customers

• Retooling partner channel to accelerate bookings and increase data center utilization

- Expanding breadth of partners aligned with our high performance value proposition

- Created channel neutral programs and compensation

- Hired several new channel veterans with proven track records of building successful channel programs

• Expect sales rep tenure, compensation plan improvements and channel enhancements to drive sales productivity

Focus on Growth

7

Churn Mitigation Initiatives

• Sales compensation plan improvements to provide incentive to renew existing customer contracts

• Global Account Management Program

• “White Glove” service with executive sponsorship for top tier accounts

• Closer aligns Internap decision makers with customer decision makers

• Provides the highest priority and expert level of support available

• Appointed a senior executive, Internap veteran to head a newly created customer retention/churn mitigation position

• Experiencing positive early results and expect churn to decline beginning 3Q15

Financial Summary: Revenue

Revenue

8$ in millions.

• Consolidated revenue decreased 4% Y/Y and flat Q/Q

• Data center services revenue decreased 3% Y/Y and increased 1% Q/Q

• Strategic mix shift to data center services 74% of consolidated revenue

• Small number, large data center services customers churned

• IP services revenue decreased 7% Y/Y and 3% Q/Q

Data Center Services Return to Top Line Sequential Growth

Revenue ChurnData Center Churn 1.5% 2.1% 1.8% 1.7% 3.0% 2.3% 2.1% 2.4%IP Revenue Churn 1.8% 1.6% 1.2% 1.2% 1.8% 1.4% 1.9% 1.8%Total Revenue Churn 1.6% 1.9% 1.6% 1.6% 2.7% 2.0% 2.1% 2.3%

65% 67%71% 73% 73% 73% 73% 74%

35%33%

29% 27% 27% 27% 27% 26%

3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15

IP ServicesData Center Services

$74.1$82.0

$84.1 $84.7 $84.3 $80.8 $80.4

$69.6

9

Strategic Mix Shift Engine for Growth

• 16% 3-year adj. EBITDA CAGR

• Adjusted EBITDA margin expanded 610 basis points over the same time-frame

Solid Adj. EBITDA Growth and Margin Expansion

• Core decreased 1% Y/Y and increased 2% Q/Q

• Core revenue represents 82% of data center services revenue and 61% of consolidated revenue

• 21% 3-year revenue CAGR

Core Data Center Services Resume Sequential Growth

Favorable Revenue Mix

Profitable Growth

$ in millions. Core data center services defined as company-controlled colocation, hosting and cloud services. Legacy revenue defined as IP services and partner colocation data center services. CAGR is compound annual growth rate.

$40.9

$31.7 $27.8

$48.7

2Q1

2

3Q1

2

4Q1

2

1Q1

3

2Q1

3

3Q1

3

4Q1

3

1Q1

4

2Q1

4

3Q1

4

4Q1

4

1Q1

5

2Q1

5

Core Legacy

$12.2

$19.1

17.7%

23.8%

2Q1

2

3Q1

2

4Q1

2

1Q1

3

2Q1

3

3Q1

3

4Q1

3

1Q1

4

2Q1

4

3Q1

4

4Q1

4

1Q1

5

2Q1

5

Adj. EBITDA Margin

Data Center Services Segment Profit and Segment Margin

10

Data Center Services Segment Profit

• Data center segment profit increased 1% Y/Y and 1% Q/Q

• Data center segment margin expanded 230 basis points Y/Y and 10 basis points Q/Q

• Core segment profit increased 1% Y/Y and 3% Q/Q

• Core segment margin expanded 160 basis points Y/Y and 80 basis points Q/Q

Core Data Center Services Engine for Long-Term Profitable Growth

$ in millions.

$22.3 $25.6

$32.4 $34.8 $33.9 $35.3 $34.9 $35.1

49.1%51.5%

55.6%56.7%

55.0%

57.6%58.9% 59.0%

58.1%

59.2%

63.4% 64.8%

62.3%64.2%

65.6% 66.4%

3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15

Partner Colo Segment Profit Core Segment Profit

DC Segment Margin % Core Segment Margin %

Solid Trends within Data Center Services

Data Center Services ARPU

11

• MRR/Square Foot increased 6% 2-year CAGR

• Filling company-controlled data centers with mix of colocation, hosting and cloud customers

• Successfully leveraging hybrid Internet infrastructure services in support of customer requirements

Increasing MRR in Company-Controlled Data Centers

• ARPU increased 9% 2-year CAGR

• Increasing customer wallet share from target enterprise customers

MRR Per Company-Controlled Occupied Square Foot

All figures are ‘organic’ (excluding iWeb) ARPU = Average Revenue Per User MRR = Monthly Recurring Revenue

Rising ARPU in Data Center Services

$3,000

$4,000

$5,000

$6,000

$7,000

3Q1

3

4Q1

3

1Q1

4

2Q1

4

3Q1

4

4Q1

4

1Q1

5

2Q1

5

3Q1

3

4Q1

3

1Q1

4

2Q1

4

3Q1

4

4Q1

4

1Q1

5

2Q1

5

$60.00

$70.00

$80.00

$90.00

$100.00

IP Services Segment Profit and Segment Margin

12

IP Services Segment Profit

Solid Profitability and Cash Generation

$ in millions.

• IP segment profit decreased 2% Y/Y and 2% Q/Q

• IP segment margin expanded 300 basis points Y/Y and 80 basis points Q/Q

• Component of competitive differentiation for high-performance, hybrid Internet infrastructure service offerings

$14.5 $14.8 $13.8

$12.7 $13.6 $13.5

$12.6 $12.4

60.0%60.7%

58.3%

55.9%

59.0% 58.7%58.1%

58.9%

3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15

Segment Margin %

13

Financial Summary: Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA*

$ in millions.

• Adjusted EBITDA increased 3% Y/Y and 7% Q/Q

• Adjusted EBITDA margin expanded 180 bps Y/Y and 160 bps Q/Q

• Positive results reflect impact of favorable product mix shift

• Tight operational controls and positive operating leverage support margin expansion

Continued Solid Adjusted EBITDA Results

* 2Q15 adjusted EBITDA and adjusted EBITDA margin include executive transition costs of $1.5M.

$14.2 $15.7

$17.8 $18.5 $19.7

$22.7

$17.9 $19.1

20.4%21.1%

21.7% 22.0%23.3%

27.0%

22.2%

23.8%

3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15

Adj. EBITDA Margin

2Q15 1Q15 2Q14

Adj. EBITDA $19.1 $17.9 $18.5

Less: Capital Expenditures 15.8 15.7 13.1

Unlevered Free Cash Flow $3.3 $2.2 $5.4

Less: Cash Interest Expense $6.6 $6.5 $6.1

Levered Free Cash Flow $(3.3) $(4.3) $(0.7)

Financial Review: Cash Flow and Balance Sheet

14

Cash Flow Summary

Balance Sheet Summary

$ in millions. * LQA = Last Quarter Annualized.

2Q15 1Q15 2Q14

Cash & Cash Equivalents $16.4 $16.2 $27.9

Less: Debt (net of discount) 315.2 311.6 294.8

Less: Capital Leases 56.9 58.7 60.6

Equals: Net Debt $(355.7) $(354.1) $(327.5)

Net Debt to Adj. EBITDA (LQA)* 4.7x 4.9x 4.4x

2015 Financial Guidance

15

Revenue

Adjusted EBITDA*

$331 - $337

$87 - $93

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 Growth Maintenance

$70 - $80$55 - $60$15 - $20

* Adjusted EBITDA includes executive transition costs of $2.0M

SHARED AND DEDICATED

BACKUP

BARE METAL ON OPENSTACK (Beta)

OPENSTACKHEAT AND GLANCE

2015 New Product Development

Increasing Velocity of Innovative Product Launches and Enhancements

16

Jan Feb Mar Apr May Jun Jul

||||||

Next-GenerationAgileCLOUD (NYM) MANAGED DNS MIRO

CONTROLLER

Managed Internet Route Optimizer (MIRO) Controller

17

Standard Multi-homed Architecture (Simplified)

MIRO Controller user Internap’s Managed Internet Route Optimizer (MIRO), a product that enhances BGP by evaluating path characteristics such as:

• Latency• Packet Loss

MIRO Controller measures round-trip performance and then balances a combination of competing cost/performance metrics to determine optimal routes. This allows you to:• Fully utilize network infrastructure• Optimize for cost and performance• Analyze network performance.

• Traffic • Route Stability

18

Gartner Positions Internap on Magic Quadrant

• “Through the company's route-optimized bandwidth offerings, Internap may be a good choice for customers with latency-sensitive applications.”

• “With bare-metal computing options available right alongside virtual machines, customers can address a wide array of performance and isolation use cases within Internap's platform.”

• “Customers that have an interest in an OpenStack-based solution will find that Internap currently operates one of the largest OpenStack public compute deployments.”

Magic Quadrant – Cloud-Enabled Managed Hosting, North America

“Niche Players are typically specialists with more-focused product portfolios, or are emerging vendors. They may serve one use case particularly well — better than a more generalized vendor.”

Source: Gartner Magic Quadrant for Cloud-Enabled Managed Hosting, North America, July 28, 2015

19

Industry Need and Context

Internap’s HIPAA-Compliant Infrastructure Supports Demands of HealthTech Requirements

a leading provider of extensible care management solutions

Internap Solution

IP & CDNHighly responsive infrastructure platform to support real-time big data analytics

Performance IPTM ensures low latency with built-in redundancy

ResultProvide advanced technology solutions in a

secure, compliant and highly available infrastructure environment

ColocationHigh-density and concurrently maintainable design

the leading source of real health insights

Secure, highly available and scalable environment

ManagedHosting

Private Cloud

Reliable, always-on infrastructure and low-latency connectivity to ensure immediate access to critical health information

Segments data via discreet network VLANs to ensure privacy and security

Industry regulations require strict security and controlled access of electronic health records and other patient information

20

Customer Need and Context

“AWS Graduate” Expands Service Offering with Hybrid Hosting

a global leader in bot detection and mitigation

Internap Solution

IP & CDN

Bare-Metal Servers

Scalability to support traffic surges in a cost-efficient manner.

Performance IPTM ensures low latency with built-in redundancy

Dedicated CPU and high disk I/O provide consistent performance

ResultCustomer achieved performance and scale at a lower cost and streamlined disparate

infrastructure providers.

Streamline deployment process, consolidate vendors and effectively manage operations.

ManagedHosting

Secure, highly available and scalable environment

OpenStack-based public cloud for scale-out workloads

Public Cloud

Transitioned to Internap after using AWS EC2, Rackspace and Softlayer.

Hybrid environment achieves scale without sacrificing performance.

Results:• Core data center services revenue returns to sequential growth

• Adjusted EBITDA increased 7% Q/Q

– Core data center services strategy execution and solid operating leverage enable profitable growth

Looking Forward – Return to Growth:• Accelerate profitable growth through the introduction and customer adoption of new

performance-based product offerings and greatly improved execution

– Sales productivity enhancements and churn mitigation initiatives

– Investments in channel program (sales force multiplier) and new senior leadership

– Increased focus on customer retention/churn mitigation

– Compensation plan changes to reward retaining customers and maintaining/growing existing customer revenues

– Favorable product mix shift of core data center services

– Leverage multiple routes to market to increase utilization in company-controlled data center capacity

Strategic Product Shift Drives Profitable Growth

2Q15 Summary

21