Tokyo, Japan - November 1, 2001 - Trend Micro Inc. (NASDAQ: TMIC, TSE:4704), a worldwide leader in network antivirus and Internet content security solutions, today resolved on certain conditions for the subscription warrants at the meeting of its Board of directors held on November 1, 2001, in connection with the issuance of the bonds with subscription warrants which was resolved at the meeting of its Board of Directors held on October 25, 2001.

I. Conditions for Exercise of Subscription Warrants

1. Conditions for exercise of subscription warrants (Exercise Price):
   ¥ 2,590 per share

   • Date on which the Exercise Price is calculated and decided:
     November 1, 2001
   • Closing price per share of the shares of common stock of the Company on the Tokyo Stock Exchange on the above-mentioned date:
     ¥ 2,590 per share
   • Upward difference (percentage) between the Exercise Price and the closing price, which is calculated by the formula:
     
     

     (

     Exercise Price Closing Price

     )

     -1 x 100:

     0.00%

   • Additional remarks: not applicable

2. Amount to be transferred to stated capital:
   ¥ 1,295 per share
3. Price for the offering of the subscription warrants:
   ¥10.71 per the face value of ¥100
4. Price for the offering of the portion after detaching the subscription warrants from the bonds with subscription warrants:
   ¥100 per the face value of ¥100
5. Interest rate for the bonds:
   1.75% per annum
6. Other items resolved: not applicable
    

II. Conditions of Secondary Offering of Subscription Warrants

1. Number of certificates to be sold
   5,400
2. Aggregate offering prices
   ¥578.34 million
3. Number of certificates to be sold by seller
   Seller: Trend Micro Incorporated
   Number: 5,400
4. Offering price per certificate:
   ¥107,100
5. Other item resolved: not applicable 
    

For your information:

1. Date of resolution:
   October 25, 2001
2. Period during which applications will be accepted
   From November 5 through November 15, 2001
3. Date of payment:
   November 19, 2001
4. Date of delivery of certificates representing subscription warrants:
   November 20, 2001