October 21, 2002

To: All parties concerned

RE: Notification of Stock Options (Share Subscription Rights)

Hoya Corporation hereby announces that it resolved at a meeting of its Board of Directors held on October 21, 2002, to issue Share Subscription Rights (hereinafter referred to as the "Subscription Rights") as stock options for the purpose of enhancing the enthusiasm and morale of directors and employees of the Company and its subsidiaries as an incentive to achieve improvements in performance.

1.	Persons eligible to receive Subscription Rights: Directors and employees of the Company and its subsidiaries, total 236
2.	Total number of Subscription Rights to be issued: 9,659 (the number of shares to be issued upon the exercise of each right shall be 100)
3.	Issue price of rights: No consideration shall be paid
4.	Class and number of shares to be issued for Subscription Rights: Nine hundred and sixty-five thousand nine hundred (965,900) shares of common stock of Hoya Corporation
5.	Date of issuance of Subscription Rights: Friday, November 1, 2002
6.	Amount to be paid in for the exercise of rights 7,670 per share The amount to be paid in per share was set at 7,670, which is the closing price of the common stock of Hoya Corporation in regular trading on the Tokyo Stock Exchange on the day prior (Friday, October 18, 2002, since the stock exchange was closed on the day prior) to the date of resolution of the Subscription Rights.
7.	Total value of the issuance of stock to be issued through the exercise of Subscription Rights: 7,408,453,000
8.	Amount to be incorporated in capital upon issuance of stock through the exercise of Subscription Rights: 3,835 per share
9.	Period for the exercise of rights: October 1, 2003 - September 30, 2007