Feb 27, 2004
Dear Sir or Madam,
Address: 26-1 Sakuragaoka-cho , Shibuya-ku, Tokyo
Company name: Global Media Online Inc.
Code No.9449
Company representative: Masatoshi Kumagai , Representative Director and President
Contact person: Masashi Yasuda , Executive Director
TEL: 03-5456-2555 (switchboard)
FAX: 03-3780-2611
URL: http://www.gmo.jp

Notification on Stock Option (Equity Warrant)
We hereby notify you that the Company meeting of the board of directors, which was held onFebruary 27, 2004, resolved that a proposal for the approval of the free issue of equity warrants forthe purpose of stock options as shown below based on the provisions of Article 280-20 and Article
280-21 of the Commercial Code will be presented to the Company’s 13th annual generalshareholders’ meeting to be held on March 25, 2004.

Details of the Proposal

1．Reasons for the issue of equity warrants based on specially favorable conditions
Equity warrants as stock options will be issued to the directors, consultants, statutory auditors,
employees and advisors of the Company and its affiliated companies, and the directors andemployees of major customers of the Company’s group with the aim of providing motivation andraising morale to improve the business results of the Company and the Company group.
2．Outline of the issue of equity warrants（1）Persons to whom the equity warrants are allotted
The directors, consultants, statutory auditors, employees and advisors of the Company and its
affiliated companies, and the directors and employees of major customers of the Company’s group（hereinafter referred to as “Optionees”）（2）Type and number of shares that are subject to the equity warrants
The upper limit of the total shares for the equity warrants shall be 280,000 common sharesof the Company.
Where the Company splits up or consolidates its shares after the issue of the equity warrants, thenumber of shares for the equity warrants shall be adjusted based on the following formula. Theadjustment shall be made for the number of shares for the equity warrants that are not exercised at
the time of the share split-up or consolidation.

Any fractional number less than one shareresulting from the adjustment shall be discarded.
Number of shares after adjustment = number of shares before adjustment x ratio of share
split-up or consolidation
Where the equity warrants are succeeded because of the absorption of the Company by anothercompany or the Company’s merger with another company to create a new company, or where theCompany becomes a wholly owning parent company through the exchange of shares with anothercompany, or where the Company is split up to create a new company or to be absorbed, theCompany may adjust the number of shares for the equity warrants.
（3）Total number of equity warrants to be issued
The upper limit of the number of equity warrants to be issued shall be 2800. （There shall be100 shares for one equity warrant.

If the adjustment was made as set out in (2) above, the said

number of shares shall be adjusted in a similar manner.）（4）Issue price of the equity warrants
The equity warrants shall be issued free of charge.
（5）Amount to be paid for the exercise of the equity warrants
The amount to be paid for each one equity warrant shall be obtained by multiplying the amount
paid for one share which is decided as shown below (hereinafter referred to as “Amount to be Paidper Share”) by the number of shares for one equity warrant.
The Amount to be Paid per Share shall be the amount obtained by multiplying 1.05 by theaverage closing price (hereinafter referred to as “the Closing Price”) for ordinarytransactions of the common shares of the Company at the Tokyo Stock Exchange on alldays (excluding days when no transactions were entered into) for the month prior to themonth in which the warrants were issued. Any fractional number less than one yen shallbe rounded up to one yen. Where the amount is below the Closing Price on the business
day prior to the date of issue of the equity warrants (if no transactions were entered into on
the business day, the business day immediately prior to the business day), the said amountshall be the Closing Price on the business day prior to the date of issue of the equitywarrants.
Where the Company splits up or consolidates its shares after the issue of the equity warrants,
the Amount to be Paid per Share shall be adjusted according to the following formula. Any
fraction less than one yen resulting by the adjustment, shall be rounded up to one yen.
Amount to be Paid per Share after adjustment = Amount to be Paid per Share before adjustment

x 1/ratio of share split-up or consolidation
Where the equity warrants will be succeeded because of the absorption of the Company byanother company or the Company’s merger with another company to create a new company, or
where the Company becomes a wholly owning parent company through the exchange of shareswith another company, or where the Company is split up to create a new company or to beabsorbed by another company, the Company may adjust the Amount to be Paid per Share.
（6）Period for the exercise of the equity warrants
From April 1, 2005 to March 31, 2008
（7）Conditions for the exercise of the equity warrants
A person to whom the equity warrants are allotted must be a director, consultant, statutory
auditor, employee or advisor of the Company or its affiliated companies, or the director oremployee of major customers of the Company’s group when exercising the equity warrants.
① A successor of the Optionee shall not be allowed to exercise the equity warrants.
② Other conditions shall be decided based on the resolution adopted at the meeting of theboard of directors to be held after this shareholders’ meeting.
（8）Reasons and conditions for cancellation of the equity warrants① Where a merger agreement that forms the basis of the Company becoming a defunctcompany was approved at the shareholders’ meeting, or where a proposal on the transfer ofshares or the exchange of shares that forms the basis of the Company becoming a wholly
owned subsidiary was approved at the shareholders’ meeting, the Company may cancel theequity warrants free of charge.
② Where the whole or part of the equity warrants cannot be exercised because the Optionee
does not satisfy the conditions for the exercise thereof, the Company may cancel the said
equity warrants free of charge.
（9）Restraint on the transfer of the equity warrants
The transfer of the equity warrants shall be subject to the approval of the board of
directors of the Company.
（10）Detailed matters
Detailed matters about the equity warrants shall be decided based on the resolution of theCompany’s board of directors.

End