X0303 4 2008-09-08 0001043533 ABOVENET INC ABVT.PK 0001209170 EMBLER MICHAEL J C/O ABOVENET, INC. 360 HAMILTON AVENUE WHITE PLAINS, NY 10601 1 0 0 0 Common Stock 2008-09-08 4 A 0 500 0 A 7500 I See Footnote Stock Option (Right to Buy) 60.00 2008-09-08 4 A 0 1000 0 A 2009-09-08 2018-09-08 Common Stock 1000 1000 I Franklin Mutual Advisers, LLC These shares represent Stock Units which have been granted pursuant to the terms of a Stock Unit Agreement under the Issuer's 2008 Equity Incentive Plan. Each Stock Unit represents the right to receive one share of the Issuer's Common Stock and vests on September 8, 2009. The Reporting Person is Senior Vice President of Franklin Mutual Advisers, LLC ("FMA"). Advisory clients of FMA are the beneficial owners of the Issuer's Common Stock, Restricted Stock Units (and the shares of Common Stock underlying such Stock Units), Stock Options 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 when such cash or non-cash compensation (including any cash proceeds from non-cash compensation) is so available. 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 J. Embler 2008-09-09