Tokyo, Japan - April 2, 2002 - At the meeting of its Board of directors today, Trend Micro Inc. (NASDAQ:TMIC, TSE:4704), a leading provider of antivirus and Internet content security software, resolved on certain conditions for the subscription warrants which are attached to bonds that the Board of directors resolved to issue at its meeting on March 26, 2002.

I. Conditions for Exercise of Subscription Warrants

Conditions for exercise of subscription warrants (Exercise Price):
¥3,450 per share

• Date on which the Exercise Price is calculated and decided:
  April 2, 2002
• Closing price per share of the shares of common stock of the Company on the Tokyo Stock Exchange on the above-mentioned date: ¥3,450 per share
• Upward difference (percentage) between the Exercise Price and the closing price, which is calculated by the formula:

---

( Exercise Price )
- 1 x 100
Closing Price

• Additional remarks: not applicable

1. Amount to be transferred to stated capital:
¥1,725 per share 

2. Price for the offering of the subscription warrants:
¥ 15 per the face value of ¥100 

3. 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 

4. Interest rate for the bonds:
1.90% per annum 

5. Other items resolved: not applicable

II. Conditions of Secondary Offering of Subscription Warrants

1. Number of certificates to be sold
   3,680 
2. Aggregate offering prices
   ¥ 552million 
3. Number of certificates to be sold by seller
   Seller: Trend Micro Incorporated
   Number: 3,680 
4. Offering price per certificate:
   ¥150,000 
5. Other item resolved: not applicable
    

[For your information]

(1) Date of resolution:
March 26, 2002

(2) Period during which applications will be accepted
From April 3 through April 16, 2002

(3) Date of payment:
April 18, 2002

(4) Date of delivery of certificates representing subscription warrants:
April 19, 2002