February 21, 2005
For Immediate Release
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

Notice of Stock Option (New Share Subscription Rights)
Global Media Online INC. (“the Company”) is pleased to announce that a meeting of theBoard of Directors held on February 21, 2005 approved the submission of a proposal toissue new share subscription rights without charge as stock options pursuant to Article
280-20 and Article 280-21 of the Commercial Code as follows to the 14th Ordinary General
Meeting of Shareholders to be held on March 29, 2005.
Details
1．Reasons for issuing new share subscription rights at preferential terms
The Company will issue new share subscription rights as stock options to directors,
senior advisers, corporate auditors, employees and corporate advisors of the Company
and its affiliated companies as well as directors and employees of major business partnersof the Company Group, for the purpose of raising morale and the motivation to improve
the performance of the Company and its Group
2．Details of new share subscription right issue(1) Eligibility
Directors, corporate auditors, senior advisers, employees and corporate advisors of
the Company and its affiliated companies as well as directors and employees of major
business partners of the Company Group (hereinafter referred to as the “QualifiedPersons”).
(2) Type and number of shares to be issued or transferred upon exercise of new sharesubscription rights
A maximum of 300,000 shares of common stock of the Company
If the event that the Company shares are split or consolidated after the new share1subscription rights issue, the number of issued or transferred shares shall be adjusted
based on the formula below. However, the adjustment shall only be made with respect
to new share subscription rights that have not been exercised at the time in question,and the Company shall round off any fractional shares that occur as a result of theadjustment.
Adjusted number of shares ＝ Pre-adjusted number of shares × Ratio of split or consolidation

In addition, the Company may adjust the number of issued or transferred shares if thenew share subscription rights are taken over through a merger or consolidation withanother company, the if the Company becomes a 100% owner of the other company
through the exchange of shares or if the Company is involved in a corporate spin-off.
（3）Total number of new share subscription rights to be issued
The maximum limit shall be 3,000 rights. (The number of issued or transferredshares per right shall be 100 shares. When the adjustment described in (2) isconducted, this number shall be adjusted accordingly.）（4）Issue price of new share subscription rights
No consideration shall be paid.
（5）Amount to be paid when exercising a new share subscription right
The amount paid per new share subscription right shall be the amount obtained bymultiplying the amount paid per share determined as follows (hereinafter referred toas the “amount paid per share”) by the number of issued or transferred shares per newshare subscription right.
The amount paid per share shall be the amount obtained by multiplying the average
price of daily closing prices of common stock of the Company in regular trading on
the Tokyo Stock Exchange (excluding days when no actual trading took place) during
the month prior to the month in which the new subscription rights were issued by 1.05,
with fractions of less than one yen rounded up. However, if the amount is less than theclosing price on the business day immediately prior the date of issue of the new
subscription rights (if there was no actual trading on this day, the last day preceding
this day), it shall be the closing price of the business day immediately prior to the dateof issue of the new subscription rights.
When the Company splits or consolidates stocks after issuing new share subscription
rights, the amount paid per share shall be adjusted according to the formula below, andthe Company shall round off any fraction of less than one yen occurring as a result of2the adjustment.
Adjusted amount paid per share＝Pre-adjusted amount paid per share ×１/Ratio of split or consolidation

In addition, the Company may adjust the amount paid per share if the new sharesubscription rights are taken over through a merger or consolidation with anothercompany, the if the Company becomes a 100% owner of the other company throughthe exchange of shares or if the Company is involved in a corporate spin-off.
（6）Exercise period
April 1, 2006 through March 28, 2015.

（7）Conditions of exercise① Qualified Persons shall be director, a corporate auditor, a senior adviser, anemployee or a corporate advisor of the Company or its affiliated company or adirector or employee of a major business partner of the Company Group at the time ofexercising the new share subscription rights.
② The heirs of Qualified Persons shall not be allowed to exercise the new sharesubscription right.
③ Other terms and conditions shall be determined by resolution of a meeting of theBoard of Directors held after the closing of the said general meeting of shareholders.
（8）Events and conditions for cancellation of new share subscription rights① Subject to approval at a shareholders’ meeting, the Company shall be entitled toretire the new share subscription rights without compensation in the event of a merger
agreement in which the Company is the entity to be liquidated, or in the event of an
exchange of stock or stock transfer in which the Company becomes a wholly owned
subsidiary of another entity.
② If Qualified Persons no longer satisfy the terms and conditions for exercising rights,
the Company shall be able to cancel the new share subscription rights withoutcompensation.
（9）Restrictions on transfer of new share subscription rights
The transfer of new share subscription rights shall require the approval of the Board ofDirectors of the Company.
（10）Details

3The details of new share subscription rights shall be determined at a meeting of theBoard of Directors.

4