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THIRD QUARTER 2017 EARNINGS OCTOBER 31, 2017 THIRD QUARTER 2017 EARNINGS October 31, 2017 SAFE HARBOR S AF E H AR B O R This presentation contains forward-looking statements regarding future events and our future results that are subject to

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THIRD QUARTER 2017 EARNINGS

October 31, 2017

THIRD QUARTER 2017 EARNINGS

OCTOBER 31, 2017

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Third Quarter 2017 Earnings Presentation

S AF E H AR B O R

This presentation contains forward-looking statements regarding future events and our future results that are subject to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements

f historical facts, are statements that could be deemed forward-looking statements. These statements are based on

current expectations, estimates, forecasts, and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “predicts,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “continues,” “endeavors,” “strives,” “may,” variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to projections

f our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of

future events or circumstances are forward-looking statements. Readers are cautioned these forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to differ materially and adversely from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this release and those discussed in other documents we file with the Securities and Exchange Commission (SEC). More information on potential risks and uncertainties is available in our recent filings with the SEC, including CyrusOne’s Form 10-K report, Form 10-Q reports, and Form 8-K reports. Actual results may differ materially and adversely from those expressed in any forward- looking statements. We undertake no obligation to revise or update any forward-looking statements for any reason. For additional information, including reconciliation of any non-GAAP financial measures, please reference the supplemental report furnished by the Company on a Current Report on Form 8-K filed October 30, 2017. Unless otherwise noted, all data herein is as of September 30, 2017.

SAFE HARBOR

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THIRD QUARTER 2017 OVERVIEW

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Third Quarter 2017 Earnings Presentation 4

HIGHLIGHTS

▪ Signed 18 new logos representing 36% of annualized GAAP revenue booked during the

quarter

▪ Includes five new F1000 logos across a diverse set of verticals, increasing the total number

f F1000 customers to 195

▪ Subsequent to the end of the quarter, executed a commercial agreement with and made a

$100 million investment in GDS, a leading data center provider in China

▪ Two of the fastest growing data center companies will work together to sell in the U.S. and

China, the two largest economies in the world, with each country having a significant concentration of hyperscale companies

▪ 3Q’17 Revenue of $175.3 million, up 22% over 3Q’16 ▪ 3Q’17 Adjusted EBITDA of $95.9 million, up 31% over 3Q’16 ▪ 3Q’17 Normalized FFO per share of $0.79, up 18% over 3Q’16 ▪ Leased 15 MW and 151,000 CSF(1) in 3Q’17 totaling $27 million in annualized GAAP

revenue(2)

▪ Backlog of $37 million in annualized GAAP revenue as of the end of 3Q’17, representing

more than $290 million in total contract value

Notes: 1. Colocation square feet (CSF) represents NRSF currently leased or available for lease as colocation space, where customers locate their servers and other IT equipment. Net rentable square feet (NRSF) represents the total square feet of a building currently leased or available for lease, based on engineers’ drawings and estimates but does not include space held for development or space used by CyrusOne. 2. Annualized GAAP revenue is equal to monthly recurring rent, defined as average monthly contractual rent during the term of the lease plus the monthly impact of installation charges, multiplied by 12.

Strong growth, bookings performance, and new logo acquisition reflecting continuation of secular demand trends. New strategic partnership with GDS expands global presence.

High Growth Rates Across Financial Metrics Sustained Leasing Momentum and Nearly $40 Million Backlog Significant Contribution from New Customers Including F1000 Strategic Partnership with GDS

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Third Quarter 2017 Earnings Presentation

▪ Annualized GAAP revenue signed in line with prior four-quarter average ▪ $107MM in annualized GAAP revenue signed

ver the last 12

months, equivalent to 19% of base revenue ▪ 32% of annualized GAAP revenue signed in 3Q’17 for leases < 500kW ▪ $150 MRR / kW signed, 2% above prior four-quarter average and 10% above prior eight-quarter average

STRONG LEASING

32% 68%

≤ 500 kW

Note: 1. MRR, or monthly recurring rent, is defined as the average monthly contractual rent during the term of the lease. It includes the monthly impact of installation charges of approximately $0.2MM in 2Q’17 and 3Q’17 and $0.1MM in every other quarter.

$147 $150 3Q'16-2Q'17 avg. 3Q'17 MRR(1) / kW Signed Annualized GAAP Revenue Signed as a % of Base Revenue - TTM ($MM) Annualized GAAP Revenue Signed $107 Base Revenue $564 Bookings as a % of Base Revenue 19% $27.0 $19.1 $31.6 $29.6 $26.7 17 9 18 17 15

5 1 10 1 15 2 20 2 25 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 $0 $10 $20 $30 $40

MW Signed Annualized GAAP Rev. Signed

Annualized GAAP Revenue and MW Signed

($MM)

Annualized GAAP Revenue Signed MW Signed Prior 4-qtr. avg.: $26.8MM

3Q’17 GAAP Revenue Signed

Continued Strong Leasing Results

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Third Quarter 2017 Earnings Presentation 6

DEMAND ACROSS BOTH CLOUD AND ENTERPRISE VERTICALS

14%

4% 8% 29% 20% 11% 9% 8% 7% 4% IT - Enterprise / Other IT - Cloud Financial Services Energy Other Industrials Telecommunications Healthcare IT - Managed Services

Revenue(1) by Vertical

% MRR Signed New Customers 36% 3Q’16-2Q’17 avg. 3Q’17 IT - Cloud Healthcare IT - Mgd. Svcs. Energy Telecomm. Industrials Financial Services

18 new logos signed across wide range of verticals

Financial Services Healthcare Telecommunications Industrials

Five new F1000 logos signed across four verticals

Austin New York Metro Chicago Northern Virginia Cincinnati Phoenix Dallas Raleigh-Durham Houston

Deployments among new logos in almost every U.S. market

Broad demand with new logos across many verticals and markets.

Hyperscale Cloud Companies Continuing to Drive Growth

▪ IT - Cloud vertical represented > 55% of annualized GAAP

revenue signed during quarter

▪ Cloud customers deploying across many markets ▪ CyrusOne able to deliver cost-effective solution in time-

efficient manner

Note: 1. Based on September 2017 annualized rent. Annualized rent represents cash rent, including metered power reimbursements, for the month of September, multiplied by 12.

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Third Quarter 2017 Earnings Presentation 7 $7.4 $9.0

3Q'16 3Q'17 Bookings Cross Connects Revenue

Revenue ($MM) >11,000 >13,800

Mar'16 Sep'17

Number of Cross Connects

▪ Strong bookings quarter with $2.4MM in annualized GAAP

revenue signed



Prior four-quarter average of $2.1MM

▪ 91% of leases signed in 3Q’17 included interconnection

Interconnection trends resulting in acceleration in revenue growth.

INTERCONNECTION GROWTH

~700 new cross connects added during 3Q’17 Development of ecosystems within data centers driving demand for cross connects and, in turn, revenue growth

Dedicated network connections to cloud providers contributing to Interconnect growth SDN-enabled elastic cloud interconnection provides on-ramp for multi-cloud solution Expansion of the ecosystem of carrier partners, enterprises, cloud companies, and network providers National & Metro IX Dedicated network connections to cloud providers contributing to interconnection growth

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Third Quarter 2017 Earnings Presentation 8

CONSTRUCTION TO MEET DEMAND IN KEY MARKETS

Market CSF MW Phoenix 222K 30 MW Northern Virginia 121K 15 MW Chicago 77K 16 MW Dallas 75K 3 MW San Antonio 60K 12 MW Total 555K 76 MW

Company-record construction in 3Q’17 to position CyrusOne to meet strong demand across key markets. 3Q’17 Construction: ▪ Completion of eight projects across five

markets totaling 555K CSF and 76 MW

▪ Skilled and experienced construction team

with proven ability to bring significant capacity online across multiple markets to meet demand Highlights ▪ Increased size of CSF footprint by 22% in 3Q’17 vs. 2Q’17 ▪ Capacity aligned with sales funnel to capitalize on strong demand and position company for continued strong growth ▪ When fully leased, new inventory expected to deliver annualized revenue of $75MM - $100MM  Currently 49% leased

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Third Quarter 2017 Earnings Presentation ▪ 2016 GDP(2): $18.6 Trillion ▪ 2016-2022 Projected GDP CAGR(2): 4.0% 9

STRATEGIC PARTNERSHIP WITH GDS

Strategic partnership with GDS expands global presence and creates new growth opportunities.

GDS is Leading Data Center Provider in China Commercial Agreement and $100 Million Investment

▪ Owner, operator and developer for more than 16 years with data centers in largest markets in China ▪ > 450 customers, including largest Chinese cloud and internet companies ▪ 2Q’17 Revenue and Adjusted EBITDA growth of 42% and 112%, respectively, vs. 2Q’16 ▪ Collaborative sales & marketing efforts targeting home market customers for international expansion ▪ Exchange best practices around sales & marketing, data center design and construction, supply chain

management, customer relationship management, and operations

▪ CyrusOne $100MM investment in GDS to fund development to meet strong demand across markets  GDS stock price has increased 19% since announcement(1)

Notes:

1. Based on GDS ADS closing prices on October 17, 2017 and October 27, 2017. CyrusOne will not sell its shares for a period of 12 months.
2. Source: International Monetary Fund

World’s Two Largest Economies Account for Over 40% of Projected Global GDP Growth from 2016 to 2022

▪

2016 GDP(2): $11.2 Trillion

▪

2016-2022 Projected GDP CAGR(2): 8.6% 17% 26% 57% % of Projected Global GDP Growth from 2016 to 2022(2) U.S. People's Republic of China Rest of World

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Third Quarter 2017 Earnings Presentation 10

LARGE CONCENTRATION OF HYPERSCALE COMPANIES IN U.S. AND CHINA

Partnership expands customer opportunities in the U.S. and international markets.

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THIRD QUARTER 2017 FINANCIAL REVIEW & UPDATED GUIDANCE

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Third Quarter 2017 Earnings Presentation

Note:

1. Recurring rent quarterly churn is defined as any reduction in recurring rent due to customer terminations, service reductions or net pricing decreases as a percentage of rent at the beginning of the

quarter, excluding any impact from metered power reimbursements or other usage-based or variable billing.

0.4% 1.3% 2.7% 2.2% 1.4% 0.8% 0.6% 3.8%

4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17

Revenue

($MM)

Churn

Recurring Rent Quarterly Churn(1)

Revenue growth driven by: ▪ Expansion of customer base ▪ 45% increase in leased CSF compared to 3Q’16 Strong Adjusted EBITDA and Normalized FFO growth ▪ Driven primarily by strong growth in revenue Churn ▪ 3Q’17 churn of 0.6%, representing the lowest level since 4Q’15 and a 71% decrease compared to the prior four quarter average of 2.1% Normalized FFO

($MM)

$54.8 $71.4 3Q'16 3Q'17 $0.67 $0.79

Norm. FFO

per Share $143.8 $175.3 3Q'16 3Q'17

Adjusted EBITDA

($MM)

$73.1 $95.9 3Q'16 3Q'17

1.2% 1.5% 1.4% 2.4%

REVENUE, ADJUSTED EBITDA, NORMALIZED FFO, CHURN

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Third Quarter 2017 Earnings Presentation

Notes:

1. New accounting standards and system implementation costs of $0.8 million and legal claim costs of $0.3 million in 3Q’17 are omitted from this presentation as they are excluded from Adjusted EBITDA.

Legal claim costs of $0.2 million in 3Q’16 are omitted from this presentation as they are excluded from Adjusted EBITDA.

2. Weighted average diluted common share or common share equivalents for 3Q’17 and 3Q’16 were 90.9 million and 81.3 million, respectively.

▪ Revenue growth of 22% compared to 3Q’16 ▪ NOI up 26% over 3Q’16 driven by revenue growth ▪ Adjusted EBITDA up 30%

ver 3Q’16 driven primarily

by higher NOI, partially

ffset by higher SG&A costs

▪ Increase in Normalized FFO due primarily to growth in Adjusted EBITDA, partially

ffset by higher interest

expense and stock-based compensation ▪ AFFO higher than Normalized FFO in 3Q’17 driven primarily by positive deferred revenue and straight line rent adjustments

YEAR OVER YEAR P&L ANALYSIS

Three Months Ended 4Q'16 1Q'17 2Q'17 3Q'17 Normalized FFO $56.4 $61.2 $67.9 $71.4 Adjustments to Normalized FFO (2.4) (8.3) (0.3) 6.7 AFFO $54.0 $52.9 $67.6 $78.1 ($MM) 3Q'17 3Q'16 $ % Revenue $175.3 $143.8 $31.5 22% Property operating expenses 63.0 54.6 (8.4) (15%) Net Operating Income (NOI) $112.3 $89.2 $23.1 26% NOI Margin 64.1% 62.0% Selling, general & administrative(1) 20.3 18.4 (1.9) (10%) Less: Stock-based compensation (3.9) (2.3) 1.6 (70%) Adjusted EBITDA $95.9 $73.1 $22.8 31% Adjusted EBITDA Margin 54.7% 50.8% Normalized FFO $71.4 $54.8 $16.6 30% Normalized FFO per share(2) $0.79 $0.67 $0.12 18% Three Months Ended Fav/(Unfav)

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Third Quarter 2017 Earnings Presentation 14

Notes:

1. Based on September 2017 annualized rent, adjusted to include impact of September 30, 2017 backlog. Annualized rent represents cash rent, including metered power reimbursements, for the month of

September, multiplied by 12.

2. Utilization is calculated by dividing CSF under signed leases (whether or not the lease has commenced billing) by total CSF.
3. Stabilized properties include data halls that have been in service for at least 24 months or are at least 85% utilized.

As of September 30, 2017 As of September 30, 2016 Market CSF Capacity (Sq Ft) % Utilized(2) CSF Capacity (Sq Ft) % Utilized(2) Northern Virginia 559,152 86% 236,911 100% Dallas 506,152 82% 431,239 83% Phoenix 437,831 83% 215,892 92% Cincinnati 404,255 91% 386,508 92% Houston 308,074 76% 308,074 71% San Antonio 300,152 80% 108,064 99% New York Metro 218,448 83% 121,530 90% Chicago 212,971 61% 111,660 84% Austin 105,610 68% 121,833 49% Raleigh-Durham 64,559 84%

International 13,200 79% 13,200 81% Total 3,130,404 82% 2,054,911 85% Stabilized Properties(3) 2,493,617 93% 1,871,276 93%

Portfolio Overview

16% 13% 13% 12% 12% 12% 9% 5% 4% 3% 1% Dallas NY Metro Cincinnati Northern Virginia Phoenix San Antonio Chicago International Houston Raleigh-Durham Austin

Revenue(1) by Market

Increasingly diversified portfolio with balanced contribution across markets

MARKET DIVERSIFICATION / PORTFOLIO OVERVIEW

Increase in Stabilized Utilization and only slight decrease in Total Utilization even with 52% increase in CSF capacity.

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Third Quarter 2017 Earnings Presentation 15

DEVELOPMENT

Market CSF Under Development(1) Critical Load Capacity(2) Under Development Dallas 130K 21 MW Northern Virginia 114K 15 MW Phoenix 72K 12 MW Raleigh-Durham 11K 2 MW Austin – 3 MW Total 327K 53 MW

Notes:

1. Represents square footage at a facility for which activities have commenced or are expected to commence in the next 2 quarters to prepare the space for its intended use. Estimates and timing are subject to

change.

2. Represents aggregate power available for lease to and exclusive use by customers expressed in terms of megawatts. The capacity presented is for non-redundant megawatts, as CyrusOne can develop

flexible solutions to our customers at multiple resiliency levels.

Development Projects

▪ Development projects across diverse set of markets expected to deliver 327K CSF and 53 MW

f power

▪ For projects currently under development, 25% of CSF is contractually committed to customers ▪ Estimated $260 - $290 million cost to complete

As of 9/30/17

▪ ~3.5 million CSF online upon completion of projects in current development pipeline, up 1.4 million CSF, or 66%, from the end of 2016 ▪ Well positioned for future growth:  ~1.9 million NRSF of powered shell available for future development upon completion of projects in development pipeline  299 acres of land available for future development Significant Growth in Footprint with Inventory for Future Expansion

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Third Quarter 2017 Earnings Presentation

Net Debt(1) 27% Lease Financings 2% Equity(2) 71%

CAPITAL STRUCTURE

Notes:

1. Net debt is defined as long-term debt and capital lease obligations, offset by cash and cash equivalents. Gross asset value is defined as total assets plus accumulated depreciation.
2. Based on 9/30/17 closing price of $58.93.
3. Includes cash and cash equivalents plus available capacity on revolving credit facility.
4. Excludes $10.9 million in capital lease obligations.
5. Assuming exercise of one-year extension option.

Long-Term Debt Amount ($MM) Interest Rate Maturity Date

Revolving credit facility $338 L+155 bps Nov 2021(5) Term loan 250 2.73% Sep 2021 Term loan 650 2.73% Jan 2022 Senior notes 500 5.000% Mar 2024 Senior notes 300 5.375% Mar 2027 Total long-term debt $2,038 3.69% Capital Structure September 30, 2017

61% 39%

Fixed / Floating Interest Rate Mix September 30, 2017

Fixed Floating

Strong balance sheet with substantial financial flexibility and fully unencumbered asset pool, recognized by S&P in recent ratings upgrade. Credit Highlights

▪ S&P recently raised CyrusOne issue-level rating to BB+, one notch below investment grade, and corporate credit rating to BB (stable outlook) ▪ Gross asset value(1) of $4.6 billion ▪ Net Debt(1) to LQA Adj. EBITDA of 5.3x as of 9/30/17 ▪ No debt maturities until 2021 ▪ Available liquidity(3) on 9/30/17 of ~$778 million ▪ Weighted average remaining debt term of 5.5 years ▪ 100% unsecured(4)

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Third Quarter 2017 Earnings Presentation 17

LEASE COMMENCEMENTS

Total Backlog - Estimated Annualized GAAP Revenue Commenced by End

f Period ($MM) (excl. estimates of pass-through power)

$7.4 $26.7 $13.0 $5.5 $0.8 3Q'17 4Q'17 1Q'18 2Q'18 Total $- $20 $40

3Q’17 Leases - Estimated Annualized GAAP Revenue Commenced by End

f Period ($MM) (excl. estimates of pass-through power)

▪ In 3Q’17, leased 15 MW and 151,000 CSF; weighted average lease term of 68 months ▪ Estimates on lease commencements for future quarters are based on current estimated installation timelines ▪ Excluding estimates for pass- through power charges, leases signed during 3Q’17 represent approximately $26.7 million of annualized GAAP revenue ▪ Total annualized GAAP revenue backlog of approximately $37.1 million as

f the end of 3Q’17

$26.2 $37.1 $10.1 $0.8 4Q'17 1Q'18 2Q'18 Total $- $20 $40 $60

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Third Quarter 2017 Earnings Presentation 18

2017 GUIDANCE

APPENDIX (NON-GAAP RECONCILIATIONS)

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Third Quarter 2017 Earnings Presentation 20

NON-GAAP RECONCILIATIONS

LQA 3Q 2017 Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA: Net (loss) income (220.4) $ (55.1) $ 4.4 $ Interest expense 71.6 17.9 13.8 Income tax expense 3.6 0.9 0.6 Depreciation and amortization 274.8 68.7 50.6 EBITDA 129.6 32.4 69.4 Transaction and acquisition integration costs 12.0 3.0 1.2 Legal claim costs 1.2 0.3 0.2 Stock-based compensation 15.6 3.9 2.3 New accounting standards and system implementation costs 3.2 0.8

Asset impairments and loss on disposals

222.0 55.5

Adjusted EBITDA

383.6 $ 95.9 $ 73.1 $ (Unaudited) (Dollars in millions) Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA CyrusOne Inc. Three Months Ended

Sep. 30, 2017 Sep. 30, 2016

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Third Quarter 2017 Earnings Presentation 21

NON-GAAP RECONCILIATIONS

Sep. 30, 2017
Sep. 30, 2016

Reconciliation of Net (Loss) Income to FFO and Normalized FFO: Net (loss) income (55.1) $ 4.4 $ Real estate depreciation and amortization 60.3 44.2 Asset impairments and loss on disposal 55.5

Funds from Operations (FFO)

60.7 $ 48.6 $ Amortization of customer relationship intangibles 6.6 4.8 Transaction and acquisition integration costs 3.0 1.2 New accounting standards and system implementation costs 0.8

Legal claim costs

0.3 0.2 Normalized Funds from Operations (Normalized FFO) 71.4 $ 54.8 $ Normalized FFO per diluted common share or common share equivalent 0.79 $ 0.67 $ Weighted average diluted common shares and common share equivalents o/s 90.9 81.3 Three Months Ended CyrusOne Inc. Reconciliation of Net (Loss) Income to FFO and Normalized FFO (Dollars in millions) (Unaudited)