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Internap Confirms Intention to Make Public Offering of 45,816,536 Shares of Common Stock

HostReview.com
Tuesday, February 24, 2004; 12:00 AM

ATLANTA -- February 24, 2004 -- As previously announced, Internap® Network Services Corporation (AMEX:IIP), a provider of high performance, managed Internet connectivity services, filed a registration statement with the Securities and Exchange Commission on January 13, 2004, for the proposed public offering of 45,816,536 shares of its common stock. Of the 45,816,536 shares to be offered, Internap will sell 35,000,000 newly issued shares and selling stockholders will sell an aggregate of 10,816,536 shares. In addition, Internap will grant the underwriters an over-allotment option to purchase up to an additional 5,747,480 shares of common stock, and the selling stockholders will grant the underwriters an option to purchase up to an additional 1,125,000 shares of common stock, to cover over-allotments, if any.

Reports recently issued by third parties indicating that the Company intends to make a public offering of up to 100,000,000 shares of its common stock are incorrect.

The offering will be made through an underwriting syndicate led by SG Cowen as sole book-runner. CIBC World Markets will act as co-lead manager, and Thomas Weisel Partners LLC, Jefferies & Company, Inc. and Needham & Company, Inc. will act as co-managers.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Copies of the prospectus relating to the offering may be obtained by calling the SG Cowen Prospectus Department at 631-254-7106 or contacting them at 1155 Long Island Avenue, Edgewood, New York 11717.

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About Internap
Internap provides high performance, managed Internet connectivity solutions to business customers who require guaranteed network availability and high performance levels for business-critical applications, such as e-commerce, video and audio streaming, voice over Internet Protocol, virtual private networks and supply chain management. Internap's proprietary route optimization technology monitors the performance of these Internet networks and allows us to intelligently route our customers' Internet traffic over the optimal Internet path in a way that minimizes data loss and network delay. Its service level agreements guarantee performance across the entire Internet in the United States, excluding local connections, whereas conventional Internet connectivity providers typically only guarantee performance on their own network. Internap provides services to customers in various industry verticals, including financial services, entertainment and media, travel, e-commerce retail, and technology. As of December 31, 2003, Internap provided its services to over 1,600 customers in the United States and abroad, including approximately 70 customers in the Fortune 1000 companies.

Contacts:

Internap
David Buckel
404-302-9846
dbuckel@internap.com