February 6, 2004
To whom it may concern:

Company name:
Representative Director:

Coca-Cola West Japan Company, Limited (CCWJ)
Norio Sueyoshi, President & CEO
Stock code No. 2579, listed on the Tokyo Stock Exchange(First Section), the Osaka Securities Exchange (FirstSection), and the Fukuoka Stock Exchange

Inquiries:

Shuichi Nonaka, Manager of the General Affairs Department
Tel: +81-92-641-9115

Announcement on Offering Stock Options (Right to Reserve New Shares)

Our board of directors’ meeting held on February 6, 2004, resolved to submit a proposition to the Company’s 46th
fixed general meeting of shareholders scheduled for March 26, 2004, seeking approval of an offer to issue rights toreserve new shares on especially favorable conditions to parties other than existing shareholders for the purpose ofproviding them with a “stock option” opportunity. The details of this offer are as follows:1.

Reason for offering the right on especially favorable conditions:

The proposed issue of this new share reservation right is a stock option program aimed at providing directors,auditors, and employees of the Company and its subsidiaries with an incentive to achieve the 2003-2005medium-term management plan and further improve general corporate performances. The right is to be issued freeof charge.
2.

Contents of the offer:(1) Parties eligible for the right:
The parties eligible for this new share reservation right are to include directors, auditors, and employees of theCompany and its shareholders, including operating officers, contract employees, advisors, temporary employees,
and employees on loan to and from other companies (this description applies also to all the items below). They
also include executives and employees to be appointed and employed in the future.
(2) Kind and number of new shares to be offered:
Up to 1.5 million shares of the Company’s common stock will be offered.
If the Company should split or reverse-split its shares in the future, the number of reserved shares will be adjusted
using the formula described below. This adjustment will apply only to the new shares already reserved but therights for which are yet to be exercised by the time of splitting or reverse-splitting. Fractions smaller than one sharearising from this adjustment will be discarded.
Adjusted number of shares = Number of shares before adjustment x Splitting or reverse-splitting ratio

1(3) Total number of rights to be offered:
An upper limit of 15,000 rights to reserve new shares is to be offered. (The number of shares that can be reserved
by each right will be 100 shares, or alternatively, an adjusted number of shares in the case of any adjustment
described in (2) above.)(4) Reservation charge:
Reservations can be made free of charge.
(5) Amount to be paid on exercising the right:
The amount of money to be paid on exercising each reservation right is to be the highest of the following threevalues, multiplied by the number of shares included in each reservation right.
１）The average of the closing prices of the Company’s common share on the Tokyo Stock Exchange on thedays of the month preceding the month in which the right to reserve new shares is issued (excluding thedays on which no share was traded), multiplied by 1.05 (fractions less than one yen will be rounded up).
２）The closing price of the Company’s common share on the Tokyo Stock Exchange on the day the newshare reservation right is issued (if there was no trading on that day, then the closing price on the mostrecent trading day preceding that day will apply).
３）¥2,140 per share, that is, the price that should be paid on exercising the new share reservation rightissued by the Company as of May 14, 2003.
４）If the Company should decide to split or reverse-split its shares after issuing the new share reservationright, the amount of money to be paid per share will be adjusted using the following formula, withfractions less than one yen arising from the adjustment being rounded up).
Adjusted amount to be paid = Amount before adjustment x 1/Splitting or reverse-splitting ratio
And if the Company should issue new shares or dispose of its own shares at a price below the current market
value (excepting the case in which it issues new shares in response to execution of new share reservationrights), the amount to be paid per share will be adjusted using the following formula, with fractions less than
one yen arising from the adjustment being rounded up).
Adjusted amount to be paid = Amount before adjustment x (Number ofoutstanding shares + [number of newly issued shares x price paid pershare]/Current market price per share before new shares are issued)/
Number of outstanding shares + Number of newly issued shares
The “number of outstanding shares” in the above formula refers to the total number of shares issued by theCompany minus the total number of own shares held by the Company. In the case of disposing of own shares,
the term “number of newly issued shares” in the above formula should read as “number of owned sharesdisposed of,” the term “price paid per share” as “disposal price per share,” and the term “before new sharesare issued” as “before own shares are disposed of.”In other cases requiring adjustment of the amount to be paid per share, including cases in which absorption
merger or consolidation merger is performed or alternatively merger partition or consolidation partition is
performed after the day of issue of new share reservation rights, the Company can make reasonableadjustment of the amount to be paid per share as it deems necessary.

2(6) Period when the right can be executed:
The new share reservation right can be executed between April 1, 2006 and March 31, 2007.
(7) Conditions for executing the right:
１）Those who have been allotted rights to reserve new shares need to hold positions as directors, auditors,
or employees of the Company or its subsidiaries at the time of executing their rights. However, thiscondition does not apply to those retiring from such positions for legitimate reasons such as terminationof their terms of office or arrival of their mandatory retirement ages.
２）Should anyone allotted a right to reserve new shares die, his or her heirs can exercise their descendants’right.
３）No assignment, pawning, or like disposal of the right is permitted.
４）No partial execution of the right can be accepted.
５）The other conditions for executing the new share reservation right will be in accordance with the“Agreement on Offering Rights to Reserve New Shares” to be entered into between the Company andthose allotted the right based on the resolutions of the upcoming general meeting of shareholders and theabove-mentioned board of directors meeting regarding the issue of the right.
(8) Extinction of the right and its prerequisites:
１）Should the general meeting of shareholders approve any proposition endorsing any merger agreement
under which the Company will be defunct, or any stock exchange or transfer agreement under which theCompany will become a wholly owned subsidiary of another company, or in any other extraordinary
cases of need, the Company can make existing new share reservation rights extinct withoutcompensation.
２）If anyone allotted a right to reserve new shares becomes unable to correspond to any of the conditions
set forth in (7) above before executing his or her right, thus becoming unable to execute the right, theCompany can make such right extinct without compensation.
(9) Restriction on assignment of the right:
Assignment of any new share reservation right needs to be approved by the board of directors.

3