X0201 4 2003-09-12 0 0001043533 ABOVENET INC NONE 0001209170 EMBLER MICHAEL J C/O ABOVENET, INC. 360 HAMILTON AVENUE WHITE PLAINS NY 10601 1 0 0 0 Stock Option (Right to Buy) 20.95 2003-09-12 4 A 0 3000 0 A 2013-09-12 Common Stock 3000 3000 I See Footnote Grant made under the Issuer's Management Incentive Plan and approved by the Issuer's Compensation Committee of the Board of Directors. One-third of the options will vest on September 12, 2004 and an additional one-third will vest on each of September 12, 2005 and 2006. Only represents the derivative securities of this class. The Reporting Person is a Vice President of Franklin Mutual Advisers, LLC ("FMA"). Advisory clients of FMA are the beneficial owners of the Issuer's Common Stock, Rights to Purchase Common Stock, and Five Year and Seven Year Warrants. In accordance with FMA's internal policy, all cash and non-cash compensation issued to the Reporting Person in connection with his service on the Board of Directors will be distributed directly to such advisory clients. Under the advisory contracts with Franklin, FMA will retain sole voting and investment discretion over these securities. The Reporting Person disclaims beneficial ownership of these securities. /s/ Michael Embler 2003-09-17