Internap Announces Reverse Stock Split

ATLANTA -- Today, Internap Network ServicesCorporation (AMEX: IIP), a leading provider of performance-based routingsolutions over the Internet, announced that it will effect a 1-for-10reverse split of its common stock for stockholders of record as of theclose of business on July 10, 2006.

The reverse split will go into effect after market close on July 10,2006. Internap's stock will begin trading on the American StockExchange on a split-adjusted basis on July 11, 2006. The exercise or conversion price, as well as the number of shares thatcan be issued, under the company's outstanding stock options, warrantsand convertible securities, will be proportionately adjusted to reflectthe reverse stock split. The number of shares reserved for issuanceunder Internap's equity compensation plans will also be reducedproportionately. Internap stockholders approved the reverse split via an amendment to thecompany's articles of incorporation during the annual stockholdersmeeting held on June 21, 2006.

Internap will not issue any fractional shares of its new common stockas a result of the reverse split. Instead, the company will pay cash forthe value of the fractional shares to the holders thereof. Stockholderswho hold their shares in brokerage accounts or "street name" will not berequired to take any action to effect the exchange of their shares.Stockholders of record who hold share certificates will receive a letterof transmittal requesting that they surrender their old stockcertificates for new stock certificates reflecting the adjusted numberof shares as a result of the reverse stock split. American StockTransfer & Trust Company will serve as Internap's transfer and exchangeagent, implementing the exchange of stock certificates in connectionwith the reverse split.

Internap Network Services Corp. (Nasdaq: INAP)