<PAGE>

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER THE SECURITIES LAWS OF ANY STATE.
THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND
MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE
APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM.  THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN
FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED
TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE
SECURITIES LAWS.


                       INTERNAP NETWORK SERVICES CORPORATION

                         WARRANT FOR THE PURCHASE OF STOCK


No. 1999-C2                                                         5,000 Shares

      FOR VALUE RECEIVED, INTERNAP NETWORK SERVICES CORPORATION, a Washington
corporation (the "Company"), with its principal office at 601 Union Street,
Suite 1000, Seattle, WA 98101, hereby certifies that S.L. PARTNERS, INC.
("Holder"), as agent under the Credit Agreement dated as of September 23, 1999
(the "Credit Agreement") among the Company, the lenders party thereto (the
"Lenders") and Holder, or Holder's assigns, in consideration for a loan and
other financial accommodations, is entitled, subject to the provisions of this
Warrant, to purchase from the Company, at any time on or before 5:00 p.m.
(Washington Time) December 31, 2004 (the "Expiration Date"), the number set
forth above of fully paid and nonassessable shares of common stock of the
Company (the "Common Stock"), subject to adjustment as hereinafter provided.
Capitalized terms used herein and not otherwise defined shall have the meanings
set forth in the Credit Agreement.

      Holder may purchase such number of shares of Common Stock at a purchase
price of $20 per share (as adjusted pursuant to Section 5 hereof).

      The shares of Common Stock deliverable upon the exercise of this Warrant,
as adjusted from time to time, are hereinafter sometimes referred to as "Warrant
Shares."  The applicable purchase price of the Warrant Shares is sometimes
hereinafter referred to as the "Exercise Price."

      The number of shares of Common Stock to be received upon the exercise of
this Warrant and the price to be paid for a share of Common Stock are subject to
adjustment from time to time as hereinafter set forth. The term "Common Stock"
shall mean the aforementioned Common Stock of the Company together with any
other equity securities that may be issued by the Company in addition thereto or
in substitution therefor as provided herein.

<PAGE>

      SECTION 1.  EXERCISE OF WARRANT.

            (a)   This Warrant may be exercised in whole or in part on any
business day on or prior to the Expiration Date.  This Warrant shall be
exercised, if at all, by presentation and surrender hereof to the Company at its
principal office at the address set forth in the initial paragraph hereof (or at
such other address as the Company may hereafter notify Holder in writing) with
the Purchase Form annexed hereto duly executed and accompanied by proper payment
of the Exercise Price in lawful money of the United States of America in the
form of a check, subject to collection, for the number of Warrant Shares
specified in the Purchase Form.  If this Warrant should be exercised in part
only, the Company shall, upon surrender of this Warrant, execute and deliver a
new Warrant evidencing the rights of Holder thereof to purchase the balance of
the Warrant Shares purchasable hereunder.  Upon receipt by the Company of this
Warrant and such Purchase Form, together with proper payment of the Exercise
Price, at such office, Holder shall be deemed to be the holder of record of the
Warrant Shares, notwithstanding that the stock transfer books of the Company
shall then be closed or that certificates representing such Warrant Shares shall
not then be actually delivered to Holder.  The Company shall pay any and all
documentary stamp or similar issue or transfer taxes payable in respect of the
issue or delivery of the Warrant Shares.

            (b)   In addition to and without limiting the rights of Holder under
any other terms set forth herein, Holder shall have the right, upon written
request by Holder delivered or transmitted to the Company together with this
Warrant, to exchange this Warrant, in whole or in part on or before the
Expiration Date, for the number of Warrant Shares having an aggregate current
market price on the date of such exchange (determined as provided in
Section 5(b) below) equal to the difference between (a) the aggregate current
market price on the date of such exchange (determined as aforesaid) of a number
of Warrant Shares designated by Holder, and (b) the aggregate Exercise Price
Holder would have paid to the Company to purchase such designated number of
Warrant Shares upon exercise of this Warrant.  Upon such exchange, the number of
Warrant Shares purchasable upon exercise of this Warrant shall be reduced by
such designated number of Warrant Shares and, if a balance of purchasable
Warrant Shares remains after such exchange, the Company shall execute and
deliver to Holder a new Warrant evidencing the right to purchase such balance of
Warrant Shares; PROVIDED, that no fractional shares shall be issuable upon such
exchange, and if the number of Warrant Shares determined in accordance with the
foregoing formula is other than a whole number, the Company shall pay Holder an
amount by check, determined in accordance with the provisions of Section 3.

      SECTION 2.  RESERVATION OF SHARES.  The Company hereby agrees that at all
times there shall be reserved for issuance and delivery upon exercise of this
Warrant all shares of its Common Stock of the Company from time to time issuable
upon exercise of this Warrant.  All such shares shall be duly authorized and,
when issued upon such exercise in accordance with the terms of this Warrant,
shall be validly issued, fully paid and nonassessable, free and clear of all
liens, security interests, charges and other encumbrances or restrictions on
sale (other than as provided in the Company's Articles of Incorporation and any
restrictions on sale set forth herein or pursuant to applicable federal and
state securities laws) and free and clear of all preemptive rights.

                                     2.
<PAGE>

      SECTION 3.  FRACTIONAL INTEREST.  The Company will not issue a fractional
share of a Warrant Share upon exercise of a Warrant.  Instead, the Company will
deliver its check for the current market value of the fractional share.  The
current market value of a fraction of a share is determined as follows: multiply
the current market price of a full share by the fraction of a share and round
the result to the nearest cent.

      The current market price of a Warrant Share for purposes of this Section 3
is determined as provided in Section 5(b) below.

      SECTION 4.  ASSIGNMENT OR LOSS OF WARRANT

            (a)   Except as provided in Section 8, Holder shall be entitled,
without obtaining the consent of the Company, to assign its interest in this
Warrant in whole or in part to any person or persons.  Subject to the provisions
of Section 8, upon surrender of this Warrant to the Company or at the office of
its stock transfer agent or warrant agent, with the Assignment Form annexed
hereto duly executed and funds sufficient to pay any transfer tax, the Company
shall, without charge, execute and deliver a new Warrant or Warrants in the name
of the assignee or assignees named in such instrument of assignment (any such
assignee will then be a "Holder" for purposes of this Warrant) and, if Holder's
entire interest is not being assigned, in the name of Holder, and this Warrant
shall promptly be canceled.

            (b)   Upon receipt of evidence satisfactory to the Company of the
loss, theft, destruction or mutilation of this Warrant, and (in the case of
loss, theft or destruction) of indemnification satisfactory to the Company, and
upon surrender and cancellation of this Warrant, if mutilated, the Company shall
execute and deliver a new Warrant of like tenor and date.

      SECTION 5.  ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF SHARES.  The number
and kind of securities purchasable upon the exercise of this Warrant and the
Exercise Price shall be subject to adjustment from time to time upon the
beginning of certain events, as follows:

            (a)   ADJUSTMENT FOR CHANGE IN CAPITAL STOCK.  If at any time after
the date of this Warrant, the Company:

                        (1)   pays a dividend or makes a distribution on its
Common Stock in shares of its Common Stock;

                        (2)   subdivides its outstanding shares of Common Stock
into a greater number of shares;

                        (3)   combines its outstanding shares of Common Stock
into a smaller number of shares;

                        (4)   makes a distribution on its Common Stock in shares
of its capital stock other than Common Stock; or

                                     3.
<PAGE>

                        (5)   issues by reclassification of its Common Stock any
shares of its capital stock;

then the Exercise Price in effect immediately prior to such action shall be
adjusted so that Holder may receive upon exercise of this Warrant and payment of
the same aggregate consideration the number of shares of capital stock of the
Company which Holder would have owned immediately following such action if
Holder had exercised this Warrant immediately prior to such action.

      The adjustment shall become effective immediately after the record date in
the case of a dividend or distribution and immediately after the effective date
in the case of a subdivision, combination or reclassification.

                  (b)   CURRENT MARKET PRICE.  The current market price per
share of Common Stock on any date is the average of the Quoted Prices of the
Common Stock for the thirty (30) consecutive trading days commencing forty-five
(45) trading days before the date in question or, if the Common Stock shall not
have been traded for such thirty (30) consecutive trading days, such period of
time up to thirty (30) trading days.  The "Quoted Price" of the Common Stock is
the last reported sales price of the Common Stock as reported by the Nasdaq
National Market, or the primary national securities exchange on which the Common
Stock is then quoted; provided, however, that if the Common Stock is neither
traded on the Nasdaq National Market nor on a national securities exchange, the
price referred to above shall be the price reflected on the Nasdaq National
Market, or if the Common Stock is not then traded on the Nasdaq National Market,
the price reflected in the over-the-counter market as reported by the National
Quotation Bureau, Inc. or any organization performing a similar function or, if
the Common Stock is not then traded on the over the counter market as reported
by the National Quotation Bureau, Inc. or any organization performing a similar
function, the price referred to above shall be the fair market value as
determined by the Company's Board of Directors.

            (c)   MINIMUM ADJUSTMENT.  No adjustment in the Exercise Price of
this Section 5 shall be required unless such adjustment would require an
increase or decrease of at least twenty-five cents ($.25) in such Exercise
Price; PROVIDED, HOWEVER, that any adjustments which by reason of this
subsection are not required to be made, shall be carried forward and taken into
account in any subsequent adjustment.  All calculations under this Section 5
shall be made to the nearest cent or to the nearest share, as the case may be.

            (d)   DEFERRAL OF ISSUANCE OR PAYMENT.  In any case in which an
event covered by this Section 5 shall require that an adjustment in the Exercise
Price be made effective as of a record date, the Company may elect to defer
until the occurrence of such event (i) issuing to Holder, if this Warrant is
exercised after such record date, the Warrant Shares and other capital stock of
the Company, if any, issuable upon such exercise over and above the Warrant
Shares or other capital stock of the Company, if any, issuable upon such
exercise on the basis of the Exercise Price in effect prior to such adjustment,
and (ii) paying to Holder by check any amount in lieu of the issuance of
fractional shares pursuant to Section 3.

            (e)   WHEN NO ADJUSTMENT REQUIRED.  No adjustment need be made for a
change in the par value or no par value of the Common Stock.  To the extent this
Warrant becomes

                                     4.
<PAGE>

exercisable into cash, no adjustment need be made thereafter as to the cash,
and interest will not accrue on the cash.

            (f)   NOTICE OF CERTAIN ACTIONS.  In the event that:

                        (1)   the Company shall authorize the issuance to all
holders of its Common Stock of rights, warrants, options or convertible
securities to subscribe for or purchase shares of its capital stock or of any
other subscription rights, warrants, options or convertible securities; or

                        (2)   the Company shall authorize the distribution to
all holders of its Common Stock of evidences of its indebtedness or assets
(other than dividends paid in or distributions of the Company's capital stock
for which the Exercise Price shall have been adjusted pursuant to subsection (a)
of this Section 5 or cash dividends or cash distributions payable out of
consolidated current or retained earnings as shown on the books of the Company
and paid in the ordinary course of business); or

                        (3)   the Company shall authorize any capital
reorganization or reclassification of the Common Stock (other than a subdivision
or combination of the outstanding Common Stock and other than a change in par
value of the Common Stock) or of any consolidation or merger to which the
Company is a party and for which approval of any stockholders of the Company is
required (other than a consolidation or merger in which the Company is the
continuing corporation and that does not result in any reclassification or
change of the Common Stock outstanding), or of the conveyance or transfer of the
properties and assets of the Company as an entirety or substantially as an
entirety; or

                        (4)   the Company is the subject of a voluntary or
involuntary dissolution, liquidation or winding-up procedure; or

                        (5)   the Company proposes to take any action (other
than actions of the character described in subsection (a) of this Section 5)
that would require an adjustment of the Exercise Price pursuant to this
Section 5;

then the Company shall cause to be mailed by first-class mail to Holder at least
ten (10) days prior to the applicable record or effective date hereinafter
specified, a notice stating (x) the date as of which the holders of Common Stock
of record to be entitled to receive any such rights, warrants or distributions
are to be determined, or (y) the date on which any such consolidation, merger,
conveyance, transfer, dissolution, liquidation or winding-up is expected to
become effective, and the date as of which it is expected that holders of Common
Stock of record shall be entitled to exchange their shares of Common Stock for
securities or other property, if any, deliverable upon such reorganization,
reclassification, consolidation, merger, conveyance, transfer, dissolution,
liquidation or winding-up.

            (g)   NO ADJUSTMENT UPON EXERCISE OF WARRANT.  No adjustments shall
be made under any Section herein in connection with the issuance of Warrant
Shares upon exercise of this Warrant.

                                     5.
<PAGE>

      SECTION 6.  OFFICERS' CERTIFICATE.  Whenever the Exercise Price shall be
adjusted as required by the provisions of Section 5, the Company shall forthwith
file in the custody of its Secretary or an Assistant Secretary at its principal
office an officers' certificate showing the adjusted Exercise Price determined
as herein provided, setting forth in reasonable detail the facts requiring such
adjustment and the manner of computing such adjustment.  Each such officers'
certificate shall be signed by the chairperson, president or chief financial
officer of the Company and by the secretary or any assistant secretary of the
Company.  Each such officers' certificate shall be made available at all
reasonable times for inspection by Holder.

      SECTION 7.  MERGER, CONSOLIDATION, SALE, REORGANIZATION OR LIQUIDATION.
Upon a merger, consolidation, acquisition of all or substantially all of the
property or stock, reorganization or liquidation of the Company (collectively, a
"Reorganization") prior to the Expiration Date, as a result of which the
shareholders of the Company receive cash, stock or other property in exchange
for their shares of Common Stock, this Warrant shall be canceled and all rights
granted hereunder shall terminate; provided, however, that the Company shall
have delivered to the Holder notice of the Reorganization in accordance with
Section 5 above and that the Holder shall have the right immediately prior to
the Reorganization to exercise this Warrant.

      SECTION 8.  TRANSFER TO COMPLY WITH THE SECURITIES ACT OF 1933.  This
Warrant may not be exercised and neither this Warrant nor any of the Warrant
Shares, nor any interest in either, may be offered, sold, assigned, pledged,
hypothecated, encumbered or in any other manner transferred or disposed of, in
whole or in part, except in compliance with applicable United States federal and
state securities and blue sky laws and the terms and conditions hereof.  Each
Warrant shall bear a legend in substantially the same form as the legend set
forth on the first page of this Warrant.  Each certificate for Warrant Shares
issued upon exercise of this Warrant, unless at the time of exercise such
Warrant Shares are acquired pursuant to a registration statement that has been
declared effective under the Act and applicable blue sky laws, shall bear a
legend substantially in the following form:

      THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER THE
      SECURITIES LAWS OF ANY STATE.  THESE SECURITIES ARE SUBJECT TO
      RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE
      TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE
      APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR
      EXEMPTION THEREFROM.  THE ISSUER OF THESE SECURITIES MAY REQUIRE AN
      OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER
      TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE
      WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

Any certificate for any Warrant Shares issued at any time in exchange or
substitution for any certificate for any Warrant Shares bearing such legend
(except a new certificate for any Warrant Shares issued after the acquisition of
such Warrant Shares pursuant to a registration statement that has been declared
effective under the Act) shall also bear such legend unless, in the opinion of
counsel for the Company, the Warrant Shares represented thereby need no longer
be subject to

                                     6.
<PAGE>

the restriction contained herein.  The provision of this Section 8 shall be
binding upon all subsequent holders of certificates for Warrant Shares bearing
the above legend and all subsequent holders of this Warrant, if any.

      Notwithstanding the foregoing no registration statement or opinion of
counsel shall be required in connection with (i) the transfer by the Holder of
this Warrant as provided in Section 4.1(d) or Section 6.9 of the Credit
Agreement, all such transfers being permitted without obtaining the consent of
the Company or (ii) the transfer by a Holder of this Warrant or the Warrant
Shares to any family member or any trust for the benefit of such Holder or any
family member of such Holder.

      SECTION 9.  MODIFICATION AND WAIVER.  Neither this Warrant nor any term
hereof may be changed, waived, discharged or terminated other than by an
instrument in writing signed by the Company and by Holder.

      SECTION 10. NOTICES.  Any notice, request or other document required or
permitted to be given or delivered to Holder or the Company shall be delivered
or shall be sent by certified mail, postage prepaid, to Holder at its address as
shown on the books of the Company or to the Company at the address indicated
therefor in the first paragraph of this Warrant.

      SECTION 11. DESCRIPTIVE HEADINGS AND GOVERNING LAW.  The description
headings of the several sections and paragraphs of this Warrant are inserted for
convenience only and do not constitute a part of this Warrant. This Warrant
shall be construed and enforced in accordance with, and the rights of the
parties shall be governed by, the laws of the State of Washington, without
regard to its conflicts of laws principles.

      IN WITNESS WHEREOF, the Company has duly caused this Warrant to be signed
by its duly authorized officer and to be dated as of December 22, 1999.

                              INTERNAP NETWORK SERVICES CORPORATION


                              By: \s\ Paul E. McBride
                                 --------------------------------------------
                                  Paul E. McBride, Vice President of Finance
                                    and Administration





                                     7.
<PAGE>

                                   PURCHASE FORM


                                                        Dated ___________, _____


      The undersigned hereby irrevocably elects to exercise the within Warrant
No. 1999-C2 to purchase ______ shares of _______________ Stock and hereby makes
payment of $_____________ in payment of the exercise price thereof.


                                    SL PARTNERS, INC.


                                    By:
                                       ------------------------------------
                                    Print Name:
                                               ----------------------------
                                    Title:
                                          ---------------------------------





                                     8.
<PAGE>

                                  ASSIGNMENT FORM


                                                          Dated _________, _____



FOR VALUE RECEIVED, SL PARTNERS, INC. hereby sells, assigns and transfers unto
______________________________________________________________ (the "Assignee"),
           (please type or print in block letters)
________________________________________________________________________________
                          (insert address)
its right to purchase up to _______ shares of ________________ Stock represented
by this Warrant No. 1999-C2 and does hereby irrevocably constitute and appoint
____________________________ attorney, to transfer the same on the books of the
Company, with full power of substitution in the premises.


                                    SL PARTNERS, INC.


                                    By:
                                       ------------------------------------
                                    Print Name:
                                               ----------------------------
                                    Title:
                                          ---------------------------------


                                     9.