DFT s Strategic Plan. November 10, November 10, 2015

DFT’s Strategic Plan

INTRODUCTION

Speakers today are:



Christopher Eldredge: President & Chief Executive Officer



Jeffrey Foster: Chief Financial Officer



Scott Davis: Executive Vice President of Data Center

Operations

Agenda:



Company Presentation: 1:00 p.m. – 3:00 p.m.

Questions & Answers: 3:00 p.m. – 4:00 p.m.

FORWARD LOOKING STATEMENT

This presentation contains forward-looking statements. We caution investors that any forward-looking statements included in this presentation are based on management’s beliefs and assumptions made by, and information currently available to, management.

Such forward-looking statements include statements relating to:

 projected financial information, including our expected future financial and operational results, and the assumptions underlying such results;

 the data center industry, including expected data center utilization, expected data, cloud and Internet utilization and spending rates;

 our ability to meet our liquidity and capital needs, including access to the capital markets and terms of capital and debt financings;

 our expected development plans, including entry into new markets and the benefits of new product designs; and

 our assumptions related to the leasing of available space to third-party customers, including expected rental rates, returns on invested capital and mark-to-market assumptions following lease expirations.

When used, the words “anticipate,” “believe,” “expect,” “intend,” “may,” “might,” “plan,” “estimate,” “project,” “should,” “will,” “result” and similar expressions, which do not relate solely to historical matters, are intended to identify forward-looking statements.

Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Some of the risks and uncertainties that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following: adverse general or local economic or real estate developments in our markets or the technology industry, including a continued and prolonged economic downturn; failure to successfully lease vacant space in or

operate properties, defaults on or non-renewal of leases by customers; failure to collect customer obligations and note receivables; failure to obtain necessary financing, extend the maturity of or refinance our existing debt, or comply with the financial and other covenants of the agreements that govern our existing debt; decreased rental rates, increased vacancy rates or customer bankruptcies; increased interest rates; the failure of DuPont FabrosTechnology, Inc. (“DFT”) to qualify and maintain qualification as a real estate investment trust, or REIT; adverse changes in tax laws;

environmental uncertainties; risks related to natural disasters; financial market fluctuations, including disruptions in the financial and credit markets and the availability of capital and other financing; and changes in real estate and zoning laws.

The risks described above are not exhaustive, and additional factors could adversely affect our business and financial performance, including those discussed DFT’s annual report on Form 10-K for the year ended December 31, 2014 and Form 10-Q for the quarter ended September 30, 2015 filed with the Securities and Exchange Commission. We expressly disclaim any responsibility to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Unless otherwise noted, all information in this presentation is as of September 30, 2015.

DFT’s Strategic Plan

CONTENTS

Execution – Case Studies Financial Impact

DFT MISSION

We design and operate innovative data centers.

We create solutions with our customers that free them to focus on

their core business.

DFT VISION

To remain the wholesale data center provider of choice, while

diversifying our customer base and expanding our geographic

CONTENTS

Execution – Case Studies Financial Impact

INVESTIGATION

What do current and prospective customers really want

for the

future

?

What types of products and services might we offer?

What geographies and markets are most promising?

What’s the potential size of the opportunity in terms of MW’s and

revenue?

LEARNING

Affirmed our current approach and product

 Multi-tenant data center remains viable

 Current design/product suits existing customers

Surfaced new opportunities

 Customer requirements vary

 New flexible design attractive to expanded customer verticals

STRATEGIC FOCUS

We remain committed to the wholesale data center business –

thus capitalizing on our exceptional skill in design and operations,

CONCLUSION: Stay Focused on Wholesale

Market growth is exploding in large space and power needs which

is more effectively served by wholesale

 Cloud (MSFT, GOOG, AMZN, CRM)

 Social Networking (FB, TWTR, LNKD)

 Enterprise (Fortune 1000)

Pricing is increasing and returns remain attractive

DFT has highest EBITDA margin

 Wholesale investment lower than retail

 Wholesale G&A lower than retail

ROI vs. EBITDA Margin

ROI SG&A % of Revenue EBITDA Margin

12% 4% 60% 10%-12% 6% 52% 17%-18% 14% 42% 12%-16% 14% 47% 16% 22% 40% N/A 30% 38%

(1) Publicly disclosed targets (2) Per 3Q15 Company Earnings

DFT: Best EBITDA Margin & Strong Adjusted ROI

STRATEGIC FOCUS: Key Findings

Accelerated growth requires:



Larger geographic footprint with strategic inventory



Flexible building design and lease structure



Entrance flexibility to rapidly meet varied customer

deployments



Investment in G&A ahead of revenue to prepare for

growth

STRATEGIC FOCUS: Priorities

Target two new markets that match wholesale customers’ need for multiple geographic locations

Diversify our portfolio with flexible wholesale products to meet power density, resiliency and deployment needs

Add high quality new logos to our best-in-class customer base

Produce double-digit growth in revenue, EBITDA and FFO per share

Finance plan from operations and debt within our targeted range

CONTENTS

Execution – Case Studies Financial Impact

2015 FINANCIAL GROWTH

Deliver higher growth rates in the future

Guidance Range: 2015

Growth: 2015 vs 2014

Revenue $440M to $445M 5.3% to 6.6%

Normalized FFO per share $2.45 to $2.47 2.5% to 3.4%

INVESTMENT GRADE CUSTOMERS

by S&P Credit Ratios¹,_²

(1) As of September 30, 2015

(2) Includes customer rating prior to debt payoff (3) Includes Facebook and Rackspace

78% of revenue is from investment grade or equivalent customers

Customer % of Annualized Based Rent(as of 1 Oct 2015)

1. Microsoft 22.3% 2. Facebook 19.7% 3. Rackspace 11.2% 4. Yahoo! 7.2% 5. Fortune1000 SAAS

provider, not rated 6.9% 6. Fortune 25, IG Rated 5.3% 7. Server Central 2.7% 8. Net Data Centers 2.5% 9. Dropbox 1.7% 10. Symantec 1.7% 11. IAC 1.6% 12. Fortune 25, IG Rated 1.3% 13. UBS 1.2% 14. Zynga 1.1% 15. Sanofi Aventis 1.1% Total 87.5% A, 2%

25%

75%

One Lease Multiple Leases

CUSTOMERS: ORGANIC GROWTH

Once landed, our customers tend to stay with us – and take on more leases

75% of our leased space represents expansions from existing customers (who have been with DFT for more than 1 year)

Organic growth is testament to the reliability of our services, value of our product – resulting in +180 MW of organic growth

Customers continue to grow with us

Customers’ Growth with DFT Highlights

Santa Clara, CA 36.6 MW

Elk Grove Village, IL (2 data centers) 43.8 MW Piscataway, NJ 18.2 MW Northern Virginia (8 data centers) 158.6 MW

CURRENT LOCATIONS

12 data centers in 4 markets: 257.2 MW

HISTORIC LEASING TRENDS

Once Silicon Valley is out of capacity, DFT can only add about 25 MW of capacity annually, which is less than 10% capacity growth

DFT’s Historic Leasing (Annually) Current Development Capacity

Northern Virginia 12-18 MW 5 years

Chicago 10-12 MW 5 years

Silicon Valley 8-10 MW 2 years

Northern New Jersey 1-2 MW

--(1)

(1) Includes land under contract

Result is less than 10% growth for revenue, EBITDA and FFO per share

Slower pace of new customer acquisition

CURRENT PRODUCT OVERVIEW

DFT provides wholesale products

 Limited power density flexibility

 No flexibility for resiliency level

Lease structure is 100% Triple Net

 Allows for full recovery of operating expenses

 Requires educating customers on the Triple Net structure

SITUATION ANALYSIS SUMMARY

Development of existing geographies using current product yields

 $690 million of revenue in 2020

 Revenue growth at 8% CAGR (2016-2020)

Rate of growth is slower when compared to peers

 Must grow faster while improving profitability

Must diversify customer base with high quality new logos to reduce impact of customer departure and risk of rent roll downs

Key challenges:

CONTENTS

Execution – Case Studies Financial Impact

WHOLESALE OPPORTUNITIES

Multi-tenant wholesale data center market is growing

 In aggregate, projected demand outstrips supply, even as some geographies risk potential

oversupply

 Growth of the Internet continues to fuel demand

 Rise of cloud and data storage

 Outsourcing increasingly attractive as it lowers total cost of ownership

Prospective wholesale customer needs continue to evolve

 Changes in technology affect how data is managed, accessed, stored, and delivered

 Smaller customers continue to move data to cloud

 Requires innovation in design and operations to decrease costs while increasing flexibility

BUILD VS. LEASE

Annual Build Costs Annual Lease Costs - ACC7

Depreciation $3,000,000 Base Rent $6,840,000

Interest Expense 6,300,000

Operating Expense 4,320,000 Operating Expense 1,440,000 Electricity – Servers 2,207,520 Electricity – Servers 2,207,520 Electricity – Cooling 883,008 Electricity – Cooling 220,752

Total Costs $16,710,528 $10,708,272

BUILD ASSUMPTIONS

Build 6 MW data center – $15 million/MW (30 year life)

Interest Rate – 7%

Operating Expenses – $60/kW/month Power Utilization – 70%

Heat Rejection Rate – 1.4

Outsourcing model has significant cost advantages – 36% annual savings and flexibility at end of lease

LEASE ASSUMPTIONS

Base rent – $95/kW/month

Operating expense – $20/kW/month Power Utilization – 70%

OPPORTUNITIES

Strong macro trends drive annual data center growth of +13% for North America

Worldwide IaaS spending forecasted to support +28% CAGR

Public cloud usage and average spend remain strong – across all customer groups

 Near triple digit percentage growth in cloud revenues

MARKET GROWTH

Strong macro trends drive data center growth

Multiple Growth Drivers North American Data Center Market Revenue ($B)

Source: 451 Research Multi-Tenant Datacenter Global Providers (includes wholesale and co-location)

$8.9

$10.1

$11.3

$12.9

MARKET GROWTH: Traffic

Exabytes Per Month

Huge growth projected for Internet and mobile traffic

Internet Global IP Traffic (2014 – 2019) Mobile Data Traffic (2014 – 2020) 0 5 10 15 20 25 30 35 2014 2015 2016 2017 2018 2019 2020

0 20 40 60 80 100 120 140 2013 2014 2015 2016 2017 2018

Source: Cisco Visual Networking Index (VNI) and Ericsson Mobility Report Exabytes Per Month

MARKET GROWTH: Traffic

Projected growth in video traffic exceeds 20% during 2013 - 2018

Video Over the Top (OTT) Global IP Traffic (2013 – 2018)

$0 $5 $10 $15 $20 $25 $30 $35 $40 $45

2013 2014 2015E 2016E 2017E 2018E 2019E

Source: Gartner (June 2015)

SPENDING GROWTH

Projected 28.2% CAGR for IaaS spending worldwide

$13 $26 $1 $6 $4 $162 $73 $146 $66 $20 $193 $237 $51 $97 $78 $124 $115 $66 $57 $35 $0 $50 $100 $150 $200 $250

AWS Azure Google IBM SoftLayer

Rackspace Public Cloud

Small Medium Enterprise Total

PUBLIC CLOUD

Azure AWS Google IBM SoftLayer

Rackspace Public Cloud

Explosive public cloud usage and spending

Frequency of Usage (% of respondents)

Average Annual Public Cloud Spend ($000’s)

DATA CENTER GROWTH

Expansion of MSFT, AMZN, and GOOG signals continued growth in cloud

Enterprise customers who are

uncomfortable with public cloud may outsource data centers

 More cost effective option vs. in-house build or operate

Overall demand growing worldwide 26% CAGR for North American data center traffic over the next five years -US & Canadian markets remain

attractive

As traditional data center leader and enabler of cloud, DFT well-positioned to capitalize on projected growth

Multiple Growth Drivers Projected Data Center Growth

Cloud vs. Traditional Data Centers

0 50 100 150 200

2013 2014E 2015E 2016E 2017E 2018E

Cloud data center workloads Traditional data center workloads Source: Cisco’s Global Cloud Index, Jefferies July 2015 (MM)

CONCLUSION: Stay Focused on Wholesale

Market growth is exploding in large space and power needs which

is more effectively served by wholesale

 Cloud (MSFT, GOOG, AMZN, CRM)

 Social Networking (FB, TWTR, LNKD)

 Enterprise (Fortune 1000)

Pricing is increasing and returns remain attractive

DFT has highest EBITDA margin

 Wholesale investment lower than retail

 Wholesale G&A lower than retail

CONTENTS

Execution – Case Studies Financial Impact

CONCLUSIONS: Markets

International: Amsterdam, Frankfurt, Singapore, Slough

Domestic US: Atlanta, Dallas, Las Vegas, Phoenix, Portland, Reno, Salt Lake City

Canada: Toronto

Domestic US: Dallas, Las Vegas, Phoenix, Portland, Reno, Salt Lake City

Canada: Toronto

Domestic US: Dallas, Phoenix, Portland

Canada: Toronto

Toronto, Portland and Phoenix

Santa Clara, CA Piscataway, NJ

LOCATIONS: CURRENT VS. 2020

Elk Grove Village, IL

Santa Clara, CA

Northern Virginia

Piscataway, NJ

432 MW in 2020

Elk Grove Village, IL

STRATEGIC PRIORITIES: NEW MARKETS TORONTO MARKET OPPORTUNITY

TORONTO: Wholesale Market Cycle

Toronto in favorable part of the market cycle

WHY TORONTO

4th _{largest North American market}

Financial capital of Canada

Economic diversification buffers effects of petroleum sector

volatility

Limited wholesale capacity in the market with stable pricing

Minimal income tax leakage

Favorable supply and demand balance for Toronto

Customer Appeal Strong Fundamentals

Data sovereignty laws require data to remain in Canada

Excellent connectivity

Location attracts new DFT logos and offers current customers opportunity to expand internationally

Existing wholesale users in retail

space are likely to transition to multi-tenant data centers

34% 25% 19% 11% 11% Q9 NETWORKS ALLIED PROPERTIES REIT TELUS SUNGARD AVAILABILITY SERVICES EQUINIX

TORONTO: Top Providers

35 data center providers with mainly a retail focus Q9 Networks has

largest market share (5 data centers)

2 wholesale providers: Allied Properties REIT and Digital Realty

Market is under supplied

Market Share – Top Retail Providers

(based on square footage)

Highlights

TORONTO: Addressable Market

Build to Suit & Turnkey Leases Limited Wholesale Players

 Market is underserved Potential customers

currently building their own due to lack of supply

Demand rising from

IT/Cloud firms that need to store data in Canada

Demand exceeds supply

Market Segmentation (MW) Highlights

Source: CBRE Toronto Market Report Q2-2015

41%

33%

11%

9% 6%

Internet Financial Services

Telco Technology

TORONTO: Supply and Demand

Data center demand driven by enterprise and technology markets

 Demand outpacing supply

 2 major wholesale providers in Canada

 Allied Properties REIT is a significant player, but wholesale is not its core business

Wholesale Supply

 DLR: 1.35 MW

 Q9: 1 MW

 Loblaw: 1.9 MW (grocery store selling excess space in its data center)

 Allied Properties REIT: no inventory

 Total: 4.25 MW of critical load available for lease

Driven by enterprise and technology companies, demand is outpacing supply

TORONTO: Executed Deal Flow

0 2 4 6 8 10

Allied DLR

Megawatts

Several large DFT customers already going to Toronto

Capacity Additions

(2012 – 2015: 65MW)

Includes wholesale, retail, self-build Executed Wholesale Leases

2014 – Q2, 2015

65%

15% 20%

Financial Retail Chain Technology Source: Cushman & Wakefield Data Center Market Report – Toronto September 2, 2015

STRATEGIC PRIORITIES: NEW MARKETS PORTLAND MARKET OPPORTUNITY

PORTLAND: Wholesale Market Cycle

Portland in favorable part of the market cycle

WHY PORTLAND

3rd _{largest city in the Pacific}

Northwest

Limited wholesale capacity

Tax advantages and enterprise zones

Favorable market conditions for Portland

Customer Appeal Strong Fundamentals

Excellent network connectivity

 New Trans-Pacific Fiber Landing

 Three major cable systems pulled through Hillsboro

 Google Fiber going into Portland

Cost-effective, abundant and reliable electricity

45%

28%

14%

13%

Top Wholesale Providers

Portland NAP Infomart Data Centers T5 Data Centers Other

PORTLAND: Major Players

Market Share – Major Players

Source: : 451 Research, 2015

The Portland NAP remains market share leader based on amount of built out operational space currently available with its downtown

datacenter

Infomart Data Centers is second; T5 Data Centers in third with each

expanding their Hillsboro datacenter campuses

Market showing favorable supply/demand dynamic for additional wholesale providers

Highlights

Portland has room for another major player

38%

42%

14%

6%

Recent Customer Demand By Industry

Content/Cloud/Media Tech

RTL Other (IHC, LS, MFG)

PORTLAND: Market Segmentation

Market Segmentation

Increase in demand from West Coast and Northwest regional

companies for wholesale space due to the market’s relatively low power costs, multiple fiber providers and appealing tax structure

Demand for premium wholesale space driven by IT services and

cloud firms, in addition to enterprises with requirements to store big data such as healthcare, pharma and finance

Highlights

Market can support a new entrant

PORTLAND: Supply and Demand

Data center demand driven by enterprise and technology markets

 Recent transactions

• CMCSA – 8.5 MW

• LNKD - 8 MW

 Additional demand is estimated to be roughly 20 MW

Potential addressable market increasing with build outs from cloud providers Major Wholesale Supply

 DLR: no inventory

 T5: no inventory

 Infomart: no inventory

PORTLAND: Executed Deal Flow

Executed Wholesale Leases (2014-2015 YTD)

Source: Cushman & Wakefield Data Center Market Report – Portland, August 25, 2015

Accumulated data center leasing in Portland totals 19 MW of absorption, led by Infomart and T5

STRATEGIC PRIORITIES: NEW MARKETS PHOENIX MARKET OPPORTUNITY

PHOENIX: Wholesale Market Cycle

Phoenix wholesale market is on the rise

WHY PHOENIX

8th largest data center market in North America

Demand forecasted to outpace supply

Investment in infrastructure projects to attract high-tech business

Low risk of natural disaster

Favorable market conditions for Phoenix

Customer Appeal Strong Fundamentals

Preferred secondary market for

California data center requirements Existing customer presence and interest

Excellent connectivity

Abundance of low cost power

29% 27% 10% 6% 4% 24% DLR IO CONE

T Phoenix NAP Other

PHOENIX: Major Players

DLR and IO comprise more than half of the Phoenix market

Remainder of market is more fragmented

Of DFT’s peers, only DLR and CONE have notable market share

Market Share – Major Players Highlights

Source: 451 Research Datacenter KnowledgeBase, 2015 Phoenix has room for another major player

20% 20% 20% 15% 15% 10%

Phoenix Customer Demand By Industry

Retail Technology Financial Services Telecom Healthcare Insurance

PHOENIX: Market Segmentation

Market Segmentation

Source: : JLL Phoenix Data Center & Colocation Overview, 2015

Good alternative to California for customers

Strong demand from West Coast, Midwest and East

Coast for wholesale space to support secondary and

disaster-recovery deployments

 Strong fiber availability  Diverse mix of energy

sources

Highlights

Data Center demand driven by disaster recovery and California demand

PHOENIX: Supply and Demand

Multi-Tenant Data Center Supply & Demand (Phoenix)

PHOENIX: Executed Deal Flow

Executed Wholesale Leases (2014-2015 YTD)

Source: Cushman & Wakefield Data Center Market Report – Phoenix, September 2, 2015

Accumulated data center leasing in Phoenix totals 33 MW of absorption, led by CONE and IO

STRATEGIC PRIORITIES: NEW MARKETS ENTRY STRATEGY

NEW MARKETS: Entry Strategy

Flexible design provides low and high density power, different

levels of redundancy

Communicate a lower TCO by being in a multi-tenant data center

Existing customer base will serve as base of demand generation

Brand loyalty, and high quality service reputation

Targeted verticals: Cloud, Enterprise, Financial Services,

Healthcare, Insurance, Retail, Technology, Content/Media

Partner with Systems Integrators (SI) and IT firms to drive

opportunities

TARGETED VERTICALS

Tech B&F IHC CCMS Ent. Rtl.

Toronto Phoenix Portland

New markets provide vertical opportunities of interest

New markets provide opportunities in business verticals that lend themselves to wholesale solutions:

 Tech: Technology

 B&F: Banking & Financial Services

 IHC: Insurance, Health Care

 CCMS: Cloud, Content/Media, Social

 Ent: Enterprise

FINDINGS: Customers, Products & Services

Prospective customers in our target markets are buying a range of density and reliability

 Analysis of existing and proposed data centers show range of N, N+1, N+2, 2N facilities

Helpful to segment customers based on their requirements for resilience and reliability

 Allows us to tailor our products and services, and target marketing and sales approach more effectively

Multi-tenant data center is viable in new markets and geographies

 Growing demand for multi-tenant data centers

 Desire from both prospective and current customers to diversify their locations in addition to adding capacity

 Requires different data center designs to suit specific market conditions

Understanding of customers’ needs is critical to properly align products and services

FINDINGS: Customers, Products & Services

New product and service offerings enhance existing products and help attract new customers

Varied customer requirements suggest need for flexibility and adaptability in our product and ways of working

 Widening gap between low and high density customers

 Hyper-scale segment may have lower resiliency requirements as new layer of redundancy is achieved via multiple data centers in diverse geographies

 Desire to add computing power more rapidly favors shorter time to build rooms

 Resiliency levels range from N to 2N with greatest concentration at N+1

Capital and operating cost remain important to both DFT and our customers

 Smaller initial deployments to lower up front capital costs

 Preference for fixed operating costs among some customer groups Choice of product also impacts our operating and lease models

 Manage customer and DFT risk

 Assure appropriate pricing

NEW PRODUCTS: Data Center

Flexibility

 Support a range of power densities (100-300 watts per SF)

 Support a range of resiliencies (N to 2N)

Agility

 Create shell and backbone infrastructure that can support rapid deployment of

customized solutions for end users

 Avoids stranded UPS/Cooling capacity in low density/low resiliency configurations

Future Proof

 Allow customers to expand in the same room as technologies evolve and power density

needs increase

 Easily reconfigurable when lease expires and tenant occupancy changes

NEW PRODUCTS: Data Center Features

Approximately 150,000 square foot powered shell, expandable in roughly the same increment depending on lot size

Shell is built with incoming utility, expandable generator plant and backbone to feed UPS systems

 UPS Systems may be static or rotary technology

Each shell has eight (8) 10,000 square foot computer rooms

Cooling solution is deployable separately and custom configured for the climate

Building Block

Pairs of Computer Rooms

COMPUTER ROOM ELEC/UPS ROOM COMPUTER ROOM Flexible Power Delivery 100W to 300W per SF

INITIAL DEPLOYMENT

1 2 3 4 5 6 7 8

150,000 Square Foot Shell

Up to 16MW of Critical Load

1 2 3 4 5 6 7 8 Phase 1 Common 9 10 11 12 13 14 15 16 Phase 3 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Common

RAPID DEPLOYMENT

Determine a customer’s specific density and resiliency needs Optimize time to deliver customized solution

 Target 16-20 week build cycle

 Compared to 6 to 9 months to build out a phase in our current model

Requires key elements to be in place

 Pre-engineered design solutions

 Inventory of component to reduce lead time

 Standing agreements with contractors and suppliers

NEW PRODUCTS: Flexible Lease Structure

Full Service lease structure is an important alternative to offer customers, particularly new customers

 Simplicity - the Triple Net structure is less widely understood

 Certainty - some customers want to be able to budget costs throughout the lease term with greater certainty than the Triple Net model allows

Rent includes all costs related to operating expenses

 “Full” rent amount subject to annual escalation  Exceptions:

 Metered Power including cooling uplift - passed through to customer at DFT cost

 Property taxes and insurance – increased above annual escalation percentage passed through to customer  Amortized capital costs that result from change in law (e.g., environmental regulation requires additional

scrubbers or ADA requires additional accommodations)

DFT will price full service leases so that it can recover its operating costs over the lease term and earn a risk premium

STRATEGIC PRIORITIES: Progress

Accelerate growth in our current business

 Defined new full-service lease model in addition to Triple Net

 Expansions and lease-ups in existing markets

Target New Markets for Expansion

 Created short list of land in key locations (Toronto, Portland, Phoenix)

 Negotiating land acquisition (Toronto, Portland, Phoenix) UNDERWAY

STRATEGIC PRIORITIES: Progress

Diversify Our Portfolio



Add new wholesale products

• Design concept for scalable product

• New site specific design for Santa Clara expansion



_{Hiring new executive leaders}

• Marketing

• Sales and Product



Build core competence in customer and business intelligence

• Developing new integrated marketing and sales strategy

• Building out the brand

UNDERWAY

UNDERWAY UNDERWAY

KEY MILESTONES THROUGH 2018

New capabilities in Sales & Marketing

SALES

Acquire new high credit quality logos

DEVELOPMENT

Land acquisition (Toronto, Portland and Phoenix)

CONTENTS

Execution – Case Studies Financial Impact

CASE STUDY: Ashburn Campus

6 operating data centers totaling 136 MW and 678,000 CRSF

 98% leased as of October 29

Sales tax exemption from Virginia

 Saves customers $15 / $20 kW per month depending on server refresh rate

Recent leasing success

 ACC2 and Net Data Centers space at ACC4 and ACC5 re-leased

 ACC6 Phase II – 100% leased at opening  ACC7 Phase I – 100% leased in 13 months

 ACC7 Phase II – 67% pre-leased (opens December)  Facilitated over 17 MW of subleasing in last year

Campus facilitates demand

 From 2012 to 2015 – 87% of leasing came from existing campus customers

 Captured 4 new logos (2 in 2015)

CASE STUDY:

Introduction of New Data Center Design

Introduced new design 3.0 for ACC7 and CH2

 Flexible density

 _{Medium voltage}

 Chiller assist cooling

 Oil filled PDUs

 Industry leading PUE

ACC7 Phase I (13 MW): 100% leased up in 13 months

 2 new logos

 13% ROI

CH2 Phase I (7 MW): 100% leased up in 4 months

 1 new customer to Chicago campus

 13% ROI

CASE STUDY: Managing End of Lease

In last 3 years 71% of customers renewed (excluding

Yahoo! as measured by MW)



_{Renewals decreased cash base rent by 0.5% and}

increased GAAP base rent by 4.2%

Re-leased 33.4 MW over last 3 years

Facilitated sublease of over 17 MW



_{All sublessees entered into lease extensions with DFT}

CONTENTS

Execution – Case Studies Financial Impact

FINANCIAL IMPACT: Key Assumptions

Enter new markets – Toronto (priority), Portland and Phoenix Continue expansion in existing markets driven by demand

Target ROI

 Santa Clara - 11%

 All other markets – 12-14%

Use free cash flow and debt to fund developments

 Free cash flow after dividends averages $100 million per year

 Net Debt to EBITDA remains below 5:1

 Use Line of Credit until $450MM then seek permanent debt

Invest in sales and marketing departments Interest Rates

 One-month LIBOR - 0.4% in 2016 to 2.5% in 2020

 Permanent debt financing in 2017 (bonds) - 7% fixed

FINANCIAL IMPACT: Market Rents

Base Rent / Management Fee per kW per Month

Rent recovery began in 2014 and is forecasted to continue

$80 $90 $100 $110 $120 $130 2012 2013 2014 2015 2016 2017 2018 2019 2020

Assume renewal of existing leases upon

expiration

 28% renew at super wholesale rates and are currently at

super wholesale rates

 31% renew at super wholesale rates and are currently at

wholesale rates

 41% renew at wholesale rates

Of the renewals, 59% are roll-downs of cash

base rent while the remaining are rollups

 Average cash roll-down across the entire portfolio is 9%.

Average GAAP base rent roll-down across the

entire portfolio is less than 1% for 2016-2020

Mark to market impact is manageable

MARK TO MARKET: Key Assumptions (2016-2020)

Year Decrease in Annualized Cash Base Rent 2016 $6.0M 2017 $8.4M 2018 $8.3M 2019 $5.4M 2020 $3.2M Total $31.3M

PROJECTED FINANCIAL IMPACT: Income Statement

2015E 2020E

(2015E-2020E CAGR)

Revenue Growth 6.0% 10% to 12%

EBITDA Margin 60.6% 63% to 64%

G&A as Percent of Revenue 4.1% 3.7% to 3.9%

Norm. FFO per share Growth 2.9% 9.5% to 10.5%

AFFO per share Growth 6.2% 8.5% to 9.5%

FINANCIAL IMPACT: Balance Sheet / Credit Ratios / Other Statistics

2015E 2020E

Total Gross Assets $3.6B $ 5.0B

Total Debt $1.2B $ 2.0B

Increase in Preferred Stock vs. 2015 $

-Increase in Common Stock vs. 2015 $

-Net Debt to EBITDA 4.5x 4.3x

Interest Coverage 3.1x 3.3x

MW placed into service (2016-2020) 31.0 175.0

Development Spend $210M $1.3B

Dividend Growth 20% 6% to 7%

AFFO Payout Ratio 63% 60%

CONTENTS

Execution – Case Studies Financial Impact

CLOSING

We will:

Offer more flexibility to serve the needs of both new and

existing customers

Diversify geographic footprint

Increase number of high quality logos