<SUBMISSION>
<ACCESSION-NUMBER>0001047469-03-000594
<TYPE>SC TO-I
<PUBLIC-DOCUMENT-COUNT>6
<FILING-DATE>20030107
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>TUCOWS INC /PA/
<CIK>0000909494
<ASSIGNED-SIC>7374
<IRS-NUMBER>232707366
<STATE-OF-INCORPORATION>PA
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC TO-I
<ACT>34
<FILE-NUMBER>005-49487
<FILM-NUMBER>03506935
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>96 MOWAT AVENUE
<CITY>TORONTO
<STATE>A6
<ZIP>M6K 3M1
<PHONE>4165350123
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>96 MOWAT AVENUE
<CITY>TORONTO
<STATE>A6
<ZIP>M6K 3M1
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>INFONAUTICS CORP
<DATE-CHANGED>19960315
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>INFONAUTICS INC
<DATE-CHANGED>19960426
</FORMER-COMPANY>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>TUCOWS INC /PA/
<CIK>0000909494
<ASSIGNED-SIC>7374
<IRS-NUMBER>232707366
<STATE-OF-INCORPORATION>PA
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC TO-I
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>96 MOWAT AVENUE
<CITY>TORONTO
<STATE>A6
<ZIP>M6K 3M1
<PHONE>4165350123
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>96 MOWAT AVENUE
<CITY>TORONTO
<STATE>A6
<ZIP>M6K 3M1
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>INFONAUTICS CORP
<DATE-CHANGED>19960315
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>INFONAUTICS INC
<DATE-CHANGED>19960426
</FORMER-COMPANY>
</FILED-BY>
<DOCUMENT>
<TYPE>SC TO-I
<SEQUENCE>1
<FILENAME>a2100245zscto-i.htm
<DESCRIPTION>SC TO-I
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#03PHI1002_1">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="CENTER"><FONT SIZE=2><B>As filed with the Securities and Exchange Commission on January&nbsp;7, 2003  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>SCHEDULE TO  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1)<BR>
OF THE SECURITIES EXCHANGE ACT OF 1934  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Tucows&nbsp;Inc.<BR>  </B></FONT><FONT SIZE=2>(Name of Subject Company (Issuer)) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Tucows&nbsp;Inc.<BR>  </B></FONT><FONT SIZE=2>(Name of Filing Person (Offeror)) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Certain Options to Purchase Common Stock, No Par Value Per Share,<BR>
Having an Exercise Price of $0.91 Per Share or More<BR>  </B></FONT><FONT SIZE=2>(Title of Class of Securities) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>898697-10-7<BR>  </B></FONT><FONT SIZE=2>(CUSIP Number of Class of Securities)<BR>
(Underlying Common Stock) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Elliot Noss<BR>
President and Chief Executive Officer<BR>
Tucows&nbsp;Inc.<BR>
96 Mowat Avenue<BR>
Toronto, Ontario M6K&nbsp;3M1<BR>
Canada<BR>
Telephone: (416)&nbsp;535-0123<BR>  </B></FONT><FONT SIZE=2>(Name, Address and Telephone Number of Person Authorized to<BR>
Receive Notices and Communications on Behalf of Filing Person) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Copy to:  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Alan S. Pretter, Esq.<BR>
Morgan, Lewis&nbsp;&amp; Bockius LLP<BR>
One Oxford Centre, 32nd Floor<BR>
Pittsburgh, PA 15219<BR>
(412)&nbsp;560-3300  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="120">
<P ALIGN="CENTER"><FONT SIZE=2><B>Calculation of Filing Fee<BR>
Transaction Valuation*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount of Filing Fee<BR>
$2,792,888&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$558.58  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* Calculated solely for purposes of determining the filing fee. This amount assumes that options to purchase 5,143,440 shares of common stock of
Tucows&nbsp;Inc. having an aggregate value of $2,792,888 as of January&nbsp;7, 2003 will be exchanged in this offer. The aggregate value of such options was calculated using the Black-Scholes
option pricing model. The amount of the filing fee, calculated in accordance with Rule&nbsp;0-11 of the Securities Exchange Act of 1934, as amended, equals 1/50th of one percent of the
value of the transaction. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD><FONT SIZE=2>Check
box if any part of the fee is offset as provided by Rule&nbsp;0-11(a)(2) and identify the filing with which the
offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. </FONT></DD></DL>

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&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%"><FONT SIZE=2>Amount Previously Paid: Not applicable.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>Filing party: Not applicable.</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="49%"><FONT SIZE=2>Form or Registration No.: Not applicable.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>Date filed: Not applicable.</FONT></TD>
</TR>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></DT><DD><FONT SIZE=2>Check
the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>Check
the appropriate boxes below to designate any transactions to which the statement relates: </FONT></P>

<P><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;third
party tender offer subject to Rule&nbsp;14d-1. </FONT></P>

<P><FONT SIZE=2><FONT FACE="WINGDINGS">&#253;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;issuer
tender offer subject to Rule&nbsp;13e-4. </FONT></P>


<P><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;going-private
transaction subject to Rule&nbsp;13e-3. </FONT></P>

<P><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;amendment
to Schedule&nbsp;13D under Rule&nbsp;13d-2. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
the following box if the filing is a final amendment reporting the results of the tender offer.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The filing of this Schedule TO shall not be construed as an admission by Tucows&nbsp;Inc. that the Offer (as defined below) constitutes an issuer tender offer for purposes of the
Securities Exchange Act of 1934 and the rules promulgated thereunder. </FONT></P>

<P><FONT SIZE=2>Item
1.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Summary Term Sheet</I></FONT><FONT SIZE=2>. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth under "Summary Term Sheet" in the Offer to Exchange, dated January&nbsp;7, 2003 (the "Offer to Exchange"), attached hereto as Exhibit&nbsp;(a)(1)(A), is
incorporated herein by reference. </FONT></P>

<P><FONT SIZE=2>Item
2.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Subject Company Information</I></FONT><FONT SIZE=2>. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Name
and Address. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
name of the issuer is Tucows&nbsp;Inc., a Pennsylvania corporation (the "Company"). The Company's principal executive offices are located at 96 Mowat Avenue, Toronto, Ontario
M6K&nbsp;3M1, Canada, and its telephone number is (416)&nbsp;535-0123. The information set forth in the Offer to Exchange under Section&nbsp;9 ("Information Concerning Tucows") is
incorporated herein by reference. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Securities.
</FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Schedule TO relates to an offer by the Company to exchange all outstanding options under the Tucows&nbsp;Inc. Amended and Restated 1996 Equity Compensation Plan (the "Tucows
Plan") held by current employees of the Company and its subsidiaries to purchase shares of the Company's common stock, no par value per share ("Common Stock"), having an exercise price per share of
$0.91 or more (the "Options") for new options (the "New Options") to purchase shares of Common Stock to be granted under the Tucows Plan, upon the terms and subject to the conditions described in the
Offer to Exchange, the related cover letter and Election Form (the Election Form and the Offer to Exchange, as they may be amended from time to time, are together referred to as the "Offer"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of shares of Common Stock subject to the New Options will be equal to the number of shares of Common Stock subject to the Options that are accepted for exchange and canceled. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in the Offer to Exchange under "Summary Term Sheet," "Introduction," Section&nbsp;1 ("Number of Options; Expiration Date"), Section&nbsp;5 ("Acceptance of
Options for Exchange and Issuance of New Options") and Section&nbsp;8 ("Source and Amount of Consideration; Terms of New Options") is incorporated herein by reference. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Trading
Market and Price. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in the Offer to Exchange under Section&nbsp;7 ("Price Range of Common Stock Underlying the Options") is incorporated herein by reference. </FONT></P>

<P><FONT SIZE=2>Item
3.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Identity and Background of Filing Person</I></FONT><FONT SIZE=2>. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Name
and Address. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is the filing person. The information set forth under Item 2(a) above is incorporated herein by reference. The information set forth in the Offer to Exchange under
Section&nbsp;10 ("Interests of Directors and Officers; Transactions and Arrangements Concerning the Options") is incorporated herein by reference. </FONT></P>

<P><FONT SIZE=2>Item
4.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Terms of the Transaction</I></FONT><FONT SIZE=2>. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Material
Terms. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in the Offer to Exchange under "Summary Term Sheet," "Introduction," Section&nbsp;1 ("Number of Options; Expiration Date"), Section&nbsp;3 ("Procedures for
Tendering Options"), Section&nbsp;4 ("Withdrawal Rights"), Section&nbsp;5 ("Acceptance of Options for Exchange and Issuance of New Options"), Section&nbsp;6 ("Conditions of the Offer"),
Section&nbsp;8 ("Source and Amount of Consideration; Terms of New Options"), Section&nbsp;11 ("Status of Options Acquired by Us in the Offer; Accounting Consequences of the Offer"),
Section&nbsp;12 ("Legal Matters; Regulatory Approvals"), Section&nbsp;13 </FONT></P>

<HR NOSHADE>
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<BR>

<P><FONT SIZE=2>
("Material U.S. Federal Income Tax Consequences; Material Federal Canadian Income Tax Considerations") and Section&nbsp;14 ("Extension of Offer; Termination; Amendment") is incorporated herein by
reference. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Purchases. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in the Offer to Exchange under Section&nbsp;10 ("Interests of Directors and Officers; Transactions and Arrangements Concerning the Options") is incorporated
herein by reference. </FONT></P>

<P><FONT SIZE=2>Item
5.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Past Contacts, Transactions, Negotiations and Agreements</I></FONT><FONT SIZE=2>. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Agreements
Involving the Subject Company's Securities. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in the Offer to Exchange under Section&nbsp;10 ("Interests of Directors and Officers; Transactions and Arrangements Concerning the Options") is incorporated
herein by reference. </FONT></P>

<P><FONT SIZE=2>Item
6.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Purposes of the Transaction and Plans or Proposals</I></FONT><FONT SIZE=2>. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Purposes.
</FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in the Offer to Exchange under Section&nbsp;2 ("Purpose of the Offer") is incorporated herein by reference. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Use
of Securities Acquired. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in the Offer to Exchange under Section&nbsp;5 ("Acceptance of Options for Exchange and Issuance of New Options") and Section&nbsp;11 ("Status of Options
Acquired by Us in the Offer; Accounting Consequences of the Offer") is incorporated herein by reference. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Plans.
</FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in the Offer to Exchange under Section&nbsp;2 ("Purpose of the Offer") is incorporated herein by reference. </FONT></P>


<P><FONT SIZE=2>Item
7.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Source and Amount of Funds or Other Consideration</I></FONT><FONT SIZE=2>. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Source
of Funds. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in the Offer to Exchange under Section&nbsp;8 ("Source and Amount of Consideration; Terms of New Options") and Section&nbsp;15 ("Fees and Expenses") is
incorporated herein by reference. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Conditions.
</FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in the Offer to Exchange under Section&nbsp;6 ("Conditions of the Offer") is incorporated herein by reference. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>Borrowed
Funds. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable. </FONT></P>

<P><FONT SIZE=2>Item
8.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Interest in Securities of the Subject Company</I></FONT><FONT SIZE=2>. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Securities
Ownership. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in the Offer to Exchange under Section&nbsp;10 ("Interests of Directors and Officers; Transactions and Arrangements Concerning the Options") is incorporated
herein by reference. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Securities
Transactions. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in the Offer to Exchange under Section&nbsp;10 ("Interests of Directors and Officers; Transactions and Arrangements Concerning the Options") is incorporated
herein by reference. </FONT></P>

<P><FONT SIZE=2>Item
9.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Person/Assets, Retained, Employed, Compensated or Used</I></FONT><FONT SIZE=2>. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Solicitations
or Recommendations. </FONT></DD></DL>
</UL>
<HR NOSHADE>
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<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable. </FONT></P>

<P><FONT SIZE=2>Item
10.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Financial Statements</I></FONT><FONT SIZE=2>. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Financial
Information. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in the Offer to Exchange under Section&nbsp;9 ("Information Concerning Tucows") and Section&nbsp;16 ("Additional Information") is incorporated herein by
reference. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Pro
Forma Information. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable. </FONT></P>

<P><FONT SIZE=2>Item
11.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Additional Information</I></FONT><FONT SIZE=2>. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Agreements,
Regulatory Requirements and Legal Proceedings. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information set forth in the Offer to Exchange under Section&nbsp;10 ("Interests of Directors and Officers; Transactions and Arrangements Concerning the Options") and
Section&nbsp;12 ("Legal Matters; Regulatory Approvals") is incorporated herein by reference. </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Other
Material Information. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable. </FONT></P>

<P><FONT SIZE=2>Item
12.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Exhibits</I></FONT><FONT SIZE=2>. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(1)(A)&nbsp;&nbsp;&nbsp;&nbsp;Offer
to Exchange, dated January&nbsp;7, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(1)(B)&nbsp;&nbsp;&nbsp;&nbsp;Form
of Election to Exchange. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(1)(C)&nbsp;&nbsp;&nbsp;&nbsp;Form
of Letter to Eligible Option Holders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
Applicable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tucows&nbsp;Inc.
Amended and Restated 1996 Equity Compensation Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
of Stock Option Agreement pursuant to Tucows&nbsp;Inc. Amended and Restated<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1996 Equity Compensation Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
Applicable. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
Applicable. </FONT></P>

<P><FONT SIZE=2>Item
13&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Information Required by Schedule&nbsp;13E-3</I></FONT><FONT SIZE=2>. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
Applicable. </FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="jc1002_signature"> </A>
<A NAME="toc_jc1002_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURE    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Schedule TO is true, complete and correct. </FONT></P>

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<TD WIDTH="39%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>TUCOWS&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><BR><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="54%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ELLIOT NOSS</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Elliot Noss<BR></FONT> <FONT SIZE=2><I>President and Chief Executive Officer</I></FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="39%"><FONT SIZE=2><BR>
<BR></FONT>
</TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="54%" ALIGN="CENTER"><FONT SIZE=2><BR>
Dated: January&nbsp;7, 2003</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="je1002_index_to_exhibits"> </A>
<A NAME="toc_je1002_1"> </A>
<BR></FONT><FONT SIZE=2><B>INDEX TO EXHIBITS    <BR>  </B></FONT></P>

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<TR VALIGN="BOTTOM">
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="87%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
(a)(1)(A)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Offer to Exchange, dated January&nbsp;7, 2003.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
(a)(1)(B)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Form of Election to Exchange.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
(a)(1)(C)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Form of Letter to Eligible Option Holders.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
(d)(1)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Tucows&nbsp;Inc. Amended and Restated 1996 Equity Compensation Plan.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2><BR>
(d)(2)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="87%"><FONT SIZE=2><BR>
Form of Stock Option Agreement pursuant to Tucows&nbsp;Inc. Amended and Restated 1996 Equity Compensation Plan.</FONT></TD>
</TR>
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<BR>
<P><br><A NAME="03PHI1002_1">QuickLinks</A><br></P>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_jc1002_1">SIGNATURE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_je1002_1">INDEX TO EXHIBITS</A></FONT><BR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(1)(A)
<SEQUENCE>3
<FILENAME>a2100245zex-99_a1a.htm
<DESCRIPTION>EX-99.(A)(1)(A)
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#03PHI1002_2">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="ka1002_exhibit_(a)(1)(a)"> </A>
<A NAME="toc_ka1002_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit&nbsp;(a)(1)(A)    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>TUCOWS&nbsp;INC.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>OFFER TO EXCHANGE OUTSTANDING OPTIONS HAVING AN EXERCISE PRICE<BR>
OF $0.91 OR MORE PER SHARE FOR NEW OPTIONS  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>JANUARY 7, 2003  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U> </U> </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><I>The Offer and Withdrawal Rights Expire At<BR>
5:00&nbsp;P.M., Eastern Time, On February&nbsp;4, 2003,<BR>
Unless The Offer Is Extended  </I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><U> </U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are offering option holders who, as of the date of this offer to exchange, are employees of Tucows or any of its subsidiaries the opportunity to tender to us specific outstanding
options to purchase shares of Tucows common stock in exchange for a new option. The offer is limited to outstanding options under our 1996 equity compensation plan that have an exercise price of $0.91
or more per share. Please note that all amounts mentioned in this offer to exchange are quoted in U.S. dollars. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are making this offer to exchange eligible options upon the terms and subject to the conditions set forth in this offer to exchange and in the related election to exchange eligible
options form. The number of shares of common stock subject to the new options to be granted to each option holder will be equal to the number of shares subject to the options tendered by each option
holder and accepted for exchange by us. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms and conditions of this offer, we will grant the new options on or promptly after the first trading day that is at least six months and one day after the date on
which we accept and cancel eligible options tendered for exchange in the offer. If we accept and cancel eligible options elected for exchange on February&nbsp;4, 2003, which is the current scheduled
expiration date of the offer, the replacement grant date will be on or promptly after August&nbsp;5, 2003 but no later than August&nbsp;11, 2003. Unless we indicate otherwise, all dates in this
offer assume an expiration date of February&nbsp;4, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may only tender options for all of the shares of common stock subject to an individual option grant. This means that if you decide to tender any eligible options subject to a
specific grant, you must tender all of the outstanding eligible options subject to that grant. If you attempt to tender eligible options for part of a specific grant, but not all outstanding eligible
options for that grant, your tender of that grant will be rejected. If you properly tender other grants, however, those other grants may be accepted. If you choose to tender any eligible option grant
for exchange, you must also tender all option grants received after August&nbsp;7, 2002 even if those option grants have an exercise price below $0.91. If you attempt to tender some of your eligible
options, but do not include all of the options granted to you after August&nbsp;7, 2002, your entire tender will be rejected. </FONT></P>

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<A NAME="page_ka1002_1_2"> </A>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
offer is voluntary, and you may choose to keep your eligible options at their current exercise prices. This offer is not conditioned upon a minimum number of eligible options being
tendered. This offer is subject to further conditions described in section&nbsp;6 beginning on page 20. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you tender eligible options and we accept them for exchange, the options will be canceled on the date we accept the options for exchange. The new options issued in exchange for the
canceled options will be issued subject to the terms and conditions of our 1996 equity compensation plan and a new stock option agreement to be entered into between you and us. You will receive a copy
of the new stock option agreement when the new options are granted. In the interim, copies of the form stock option agreement are available for your review upon request. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exercise price of the new options will be equal to the last reported sales price of our common stock on the OTC Bulletin Board maintained by Nasdaq or any other securities quotation
system or exchange on which our common stock is then quoted or listed on the date of grant. The new options will expire on the tenth anniversary of the date of grant, unless terminated earlier
according to the terms and provisions of the new stock option agreements, and will have a vesting schedule designed to approximate the vesting schedule of the tendered options. The terms of the new
options are described in section&nbsp;8 beginning on page 24. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Although our board of directors has approved the offer, neither we nor our board makes any recommendation about whether you should tender or refrain from
tendering your eligible options. You must make your own decision whether to tender your options. Members of our board of directors who are not employees are not eligible to participate in the
offer.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
of our common stock are reported on the OTC Bulletin Board maintained by Nasdaq under the symbol "TCOW". On January&nbsp;6, 2003, the last reported sale price of our common
stock was $0.22 per share. </FONT><FONT SIZE=2><B>We recommend that you obtain current market quotations for our common stock before deciding whether to tender your eligible
options.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should direct questions about the offer, or requests for assistance or for additional copies of this offer to exchange or the election form, to our general counsel, Brenda Lazare, by
telephone at (416)&nbsp;538-5488, by mail to Tucows&nbsp;Inc., 96 Mowat Avenue, Toronto, ON, M6K&nbsp;3M1, Canada, Attention: Brenda Lazare or by e-mail at
blazare@tucows.com. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>ii</FONT></P>

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<A NAME="page_ka1002_1_3"> </A>
<P ALIGN="CENTER"><FONT SIZE=2><B>IMPORTANT  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you elect to tender some or all of your eligible options, you must complete and sign the election form accompanying this offer to exchange, and mail, fax or
otherwise deliver it and any other required documents to us at Tucows&nbsp;Inc., 96 Mowat Avenue, Toronto, ON, M6K&nbsp;3M1, Canada, Attention: General Counsel (facsimile:
(416)&nbsp;531-1257). Delivery by e-mail will not be accepted. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>We have not authorized any person to make any recommendation on our behalf about whether you should tender or refrain from tendering your eligible options. You
should consider only the information contained in the offer or to which we have referred you. We have not authorized anyone to give you any information or to make any representation about the offer
other than the information and representations contained in the offer. If anyone makes any recommendation or representation to you or gives you any information, you must not rely upon that
recommendation, representation or information as having been authorized by us.</B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The offer has not been approved or disapproved by the Securities and Exchange Commission or any state securities commission, nor has the SEC or any state
securities commission passed upon the accuracy or adequacy of the information contained in this offer to exchange. Any representation to the contrary is a criminal offense.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>iii</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kc1002_table_of_contents"> </A>
<A NAME="toc_kc1002_1"> </A>
<BR></FONT><FONT SIZE=2><B>TABLE OF CONTENTS    <BR>  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="4%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="85%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>Page</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>SUMMARY TERM SHEET</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>INTRODUCTION</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>12</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD COLSPAN=3><FONT SIZE=2>THE OFFER</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>13</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>1.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>NUMBER OF OPTIONS; EXPIRATION DATE</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>13</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>2.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>PURPOSE OF THE OFFER</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>14</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>3.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>PROCEDURES FOR TENDERING OPTIONS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>16</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>4.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>WITHDRAWAL RIGHTS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>17</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>5.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>ACCEPTANCE OF OPTIONS FOR EXCHANGE AND ISSUANCE OF NEW OPTIONS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>18</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>6.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>CONDITIONS OF THE OFFER</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>20</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>7.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>PRICE RANGE OF COMMON STOCK UNDERLYING THE OPTIONS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>23</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>8.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>SOURCE AND AMOUNT OF CONSIDERATION;<BR>
TERMS OF NEW OPTIONS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>24</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>9.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>INFORMATION CONCERNING TUCOWS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>27</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>10.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>INTERESTS OF DIRECTORS AND OFFICERS;<BR>
TRANSACTIONS AND ARRANGEMENTS CONCERNING THE OPTIONS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>28</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>11.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>STATUS OF OPTIONS ACQUIRED BY US IN THE OFFER;<BR>
ACCOUNTING CONSEQUENCES OF THE OFFER</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>28</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>12.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>LEGAL MATTERS; REGULATORY APPROVALS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>29</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>13.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES;<BR>
MATERIAL FEDERAL CANADIAN INCOME TAX CONSIDERATIONS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT" VALIGN="BOTTOM"><FONT SIZE=2>30</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>14.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>EXTENSION OF OFFER; TERMINATION; AMENDMENT</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>34</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>15.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>FEES AND EXPENSES</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>35</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>16.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>ADDITIONAL INFORMATION</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>35</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>17.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>FORWARD LOOKING STATEMENTS; MISCELLANEOUS</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>36</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_ke1002_1_1"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ke1002_summary_term_sheet"> </A>
<A NAME="toc_ke1002_1"> </A>
<BR></FONT><FONT SIZE=2><B>SUMMARY TERM SHEET    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following are answers to some of the questions that you may have about the offer. We urge you to read carefully the remainder of this offer to exchange and
the election form because the information in this summary and in the introduction before this summary is not complete and may not contain all of the information that is important to you. </FONT></P>

<P><FONT SIZE=2><B>A.&nbsp;&nbsp;&nbsp;&nbsp;GENERAL QUESTIONS ABOUT THE EXCHANGE  </B></FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;What securities are we offering to exchange?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are offering to exchange all outstanding stock options covered under our amended and restated 1996 equity compensation plan that have an exercise price of
$0.91 or more per share, for new options to be granted under the same plan. This offer does not apply to shares of common stock purchased upon the exercise of options. Section&nbsp;1 beginning on
page 13 discusses this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Why are we making the offer?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of our outstanding options, whether or not they are currently exercisable, have exercise prices that are significantly higher than the current market price
of our common stock. We are concerned that the purposes of the 1996 equity compensation plan are not being achieved and that these options are not creating a meaningful long-term
performance incentive for employees. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
offer to exchange is voluntary and will allow eligible holders to choose whether to keep their current stock options at their current exercise price, or to cancel those options in
exchange for new options for the same number of shares. By making this offer to exchange outstanding options for new
options that will have an exercise price equal to the market value of our common stock on the date of grant, we intend to provide our employees with the benefit of owning options that over time may
have a greater potential to increase in value, creating better performance incentives for employees and maximizing shareholder value. Section&nbsp;2 beginning on page 14 discusses this topic in more
detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Why don't we simply reprice the current options?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the past, some companies have chosen to reprice some or all of their employee stock option grants by lowering the exercise price of the options. Often this
repricing was accompanied by an offsetting modification in the terms of the options, such as lengthening of the vesting period or a reduction in the number of shares subject to the option grant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
1998, the Financial Accounting Standards Board required companies that reprice options to account for them in a manner that could reduce their reported earnings on an ongoing basis.
Repricing our existing options would result in variable accounting for those options, which may require us to record additional compensation expense each quarter until the repriced </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

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<P><FONT SIZE=2>options
are exercised, canceled or expired. Simply repricing existing options could place our progress toward sustained profitability in serious jeopardy because we would be required to take a charge
against earnings on any future appreciation of the repriced options. Section&nbsp;11 beginning on page 28 discusses this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;Why can't I just be granted additional options?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because of the large number of options eligible for this offer to exchange, a total re-grant of new options without cancellation of the options they
are meant to replace would significantly reduce the percentage interests of the holders of our outstanding shares if all options were exercised and would also reduce our earnings per share. We also
have a limited pool of options available under the 1996 equity compensation plan, and we must conserve our currently available options for new employees and ongoing grants. Section&nbsp;2 beginning
on page 14 discusses this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;How does the exchange work?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to accept our offer, you must make a voluntary election to exchange eligible options for new options to purchase the same number of shares. The new grant
will be made on or promptly after the first trading day that is at least six months and one day after the date on which we accept and cancel eligible options tendered for exchange in the offer. If we
accept and cancel eligible options tendered for exchange in the offer on February&nbsp;4, 2003, the new grant will be made on or promptly after August&nbsp;5, 2003 but no later than
August&nbsp;11, 2003. The exercise price for the new option grant will be the last reported sale price of our common stock on the OTC Bulletin Board maintained by Nasdaq or any other securities
quotation system or exchange on which our common stock is then quoted or listed on the date we grant the new options. Section&nbsp;1 beginning on page 13, section&nbsp;3 beginning on page 16,
section&nbsp;5 beginning on page 18 and section&nbsp;14 beginning on page 34 discuss this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;What are the conditions to the offer?  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the offer is not conditioned upon a minimum number of eligible options being tendered, the offer is subject to a number of other conditions concerning
events that could occur before the expiration of the offer. These events include a change in accounting principles, a lawsuit challenging the tender offer, a third-party tender offer for our common
stock or other acquisition proposal or a change in your employment status with us. The conditions to the offer are more fully described in section&nbsp;6 beginning on page 20. </FONT></P>


<P><FONT SIZE=2><B>B.&nbsp;&nbsp;&nbsp;&nbsp;SPECIFIC QUESTIONS ABOUT ELIGIBILITY  </B></FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Who is eligible to participate in the offer?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any current employee of Tucows with an outstanding stock option covered under the 1996 equity compensation plan with an exercise price of $0.91 or more per share
as of the date of the offer, January&nbsp;7, 2003, is eligible. Members of our board of directors who are not employees are not eligible to participate in the offer. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of January&nbsp;7, 2003, 5,143,440 eligible options were outstanding under the 1996 equity compensation plan with an exercise price of $0.91 or more per share held by 61 holders who
are eligible to participate in the offer. Section&nbsp;1 beginning on page 13 discusses this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;If I participated in Tucows offer to exchange eligible options that expired on December&nbsp;28, 2001, am I eligible to participate in this
offer?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. Whether or not you participated in Tucows offer to exchange options that expired on December&nbsp;28, 2001, if you a current employee of Tucows with an
outstanding stock option covered under the 1996 equity compensation plan with an exercise price of $0.91 or more per share as of the date of the offer, January&nbsp;7, 2003, you are eligible to
participate in this offer. Section&nbsp;1 beginning on page 13 discusses this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;If I elect to exchange my eligible options, must I remain an employee of Tucows to receive the new options?  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. To receive a grant of new options under the offer and under the terms of the 1996 equity compensation plan, you must remain an employee of Tucows or one of
our subsidiaries from the date you elect to exchange options through the replacement grant date, which we believe will be on August&nbsp;5, 2003. If you are not an employee when the new options are
granted, you will not be granted any new options or receive any other consideration in exchange for options that have been accepted for exchange and canceled. Section&nbsp;1 beginning on page 13
discusses this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;What happens if I leave Tucows after I elect to exchange my options?  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If your employment with us terminates for any reason before the expiration of this offer, you may withdraw the options you have elected to exchange and exercise
them to the extent they are vested. In that event, you will not receive new options. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
your employment with us terminates for any reason after your options are accepted and canceled, you will only be entitled to receive a new option grant if you remain continuously
employed by us through and including the replacement grant date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you remain continuously employed through the replacement grant date but your employment terminates after the replacement grant date, you will receive new options. You will only be
able to exercise the new options to the extent they are vested and exercisable at the time of your termination, and you will only have the limited time period following your termination specified in
the new stock option agreement in which to exercise the vested portion. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once
the options you have elected for exchange have been accepted and canceled, you will have no rights with respect to those options, and they will not be reissued and returned to you
for any reason. Section&nbsp;1 beginning on page 13 and section&nbsp;4 beginning on page 17 discuss this topic in more detail. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2><B>C.&nbsp;&nbsp;&nbsp;&nbsp;SPECIFIC QUESTIONS ABOUT ELECTING TO EXCHANGE OPTIONS  </B></FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;May I elect to exchange unvested options?  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. You may elect to exchange your eligible options whether or not they are vested. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;May I tender options that I have already exercised?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. This offer only applies to outstanding eligible options, and does not apply to shares purchased upon the exercise of options. If you have exercised an
eligible option in its entirety, that option is no longer outstanding and is not subject to the offer. If you have exercised an eligible option in part, you may tender the remaining outstanding
portion of the option. Section&nbsp;1 beginning on page 13 discusses this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;If I have received more than one option grant, must I elect to exchange the eligible options subject to all of my grants?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No. If you have eligible options subject to more than one option grant, you are not required to elect to exchange all the eligible options subject to all of your
option grants in order to participate in the offer. You may elect to exchange the eligible options subject to certain option grants and retain others. Section&nbsp;1 beginning on page 13 discusses
this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;Can I exchange the unexercised portion of an option that I have already partially exercised?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. Any remaining outstanding, unexercised eligible option is eligible to be exchanged. To participate, you must elect to exchange all remaining eligible options
in any grant. The re-grant will be one-for-one, but only in replacement of canceled options. Section&nbsp;1 beginning on page 13 discusses this topic in more
detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;Must I surrender options granted in the last six months if I elect to exchange eligible options?  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. If you elect to tender any eligible option grant, you will be required to tender all unexercised option grants that you have received during the six months
immediately before the date we accept options for exchange. In other words, if you attempt to tender some of your eligible options but do not include all of the options granted to you after
August&nbsp;7, 2002 even if the option grants have an exercise price below $0.91, your entire tender will be rejected. If we allowed employees to keep options granted within six months of the option
cancellation, we would suffer significant adverse accounting consequences, which would prevent us from offering the program. Section&nbsp;1 beginning on page 13 and section&nbsp;11 beginning on
page 28 discuss this topic in more detail. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;Can I elect to exchange only a portion of the eligible options subject to any one grant?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are not accepting partial tenders of an individual option grant. To tender any shares under an individual grant, you must tender all shares still subject to
the grant. For example, if you hold an eligible option to purchase 3,000 shares of common stock and you have previously exercised the option for 1,000 of the underlying shares, then you must either
tender all 2,000 remaining options or none of them. You cannot tender only part of the option and retain the remainder of the option. If you attempt to tender options for part of a specific grant, but
not all outstanding options for that grant, your tender of the grant will be rejected. Section&nbsp;1 beginning on page 13 discusses this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;What happens if I do not tender my eligible options?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The eligible options you currently hold may or may not be vested. If you do not accept the offer, then you may continue to exercise your options according to the
terms of your existing option agreements. If your employment with us ends, you generally will be able to exercise your eligible options during the limited period specified in your option agreements,
to the extent those options are vested on the day your employment ends. Your decision not to accept the offer will not affect your eligibility to receive future option or restricted stock grants,
which will be made solely in the discretion of the compensation committee of our board of directors. Section&nbsp;3 beginning on page 16, section&nbsp;4 beginning on page 17 and section&nbsp;5
beginning on page 18 discuss this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;If I participate in the offer, what happens to the tendered options?  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you choose to participate in the offer and we accept your eligible options for exchange, we will cancel the options that you have tendered. You will have no
further rights in those options once they have been canceled. The shares of common stock that were subject to the canceled options would then be available for future grants of options under the 1996
equity compensation plan. We will grant you an option under that plan at least six months and one day following the date your eligible option is canceled. Section&nbsp;5 beginning on page 18 and
section&nbsp;11 beginning on page 28 discuss this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;Will I have to pay taxes if I exchange my options in the offer?  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recommend that you consult with your own tax advisor to determine the tax consequences of this offer. However, we believe that, if you exchange your eligible
options for new options, you will not be required under current law to recognize income for U.S. or Canadian federal income tax purposes at the time of the exchange. We believe that the exchange will
be treated as a non-taxable transaction. At the date of grant of the new options, we also believe that you will not be required under current law to recognize income for U.S. or Canadian
federal income tax purposes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special
considerations may apply to employees located outside of the United States or Canada. In some countries, the application of local taxation rules may have an impact upon the </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2>re-grant.
If you are an employee based outside of the United States or Canada, we recommend that you consult with your own tax advisor to determine the tax consequences of the offer under
the laws of the country in which you live and work. Section&nbsp;13 beginning on page 30 discusses this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>D.&nbsp;&nbsp;&nbsp;&nbsp;SPECIFIC QUESTIONS ABOUT THE NEW OPTIONS  </B></FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;How many new options will I receive in exchange for the eligible options I elect to exchange?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provided you meet the eligibility requirements and subject to the terms of this offer, we will grant you new options to purchase the number of shares of our
common stock which is equal to the number of shares of common stock subject to the eligible options you elect to exchange, subject to adjustments for stock splits, stock dividends and similar events.
Eligible options exchanged for new options will be replaced with new options granted under our 1996 equity compensation plan, unless prevented by law or applicable regulations. Section&nbsp;8
beginning on page 24 discusses this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Will I receive a new stock option agreement for the new options?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes. All new options will be subject to a new stock option agreement. The material terms of the new options will be substantially the same as the terms of your
current eligible options except for the exercise price, as explained below. You must execute the new stock option agreement to receive the new options. Section&nbsp;8 beginning on page 24 discusses
this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;What will the exercise price of the new options be?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price of the new options will be equal to the last reported sale price of our common stock on the OTC Bulletin Board maintained by Nasdaq or any
other securities quotation system or exchange on which our common stock is then quoted or listed on the date of grant. We cannot predict the exercise price of the new options. Because we will not
grant new options until at least six months and one day after the date we cancel tendered eligible options accepted for exchange, the new options may have a higher exercise price than some or all of
your current options. We recommend that you obtain current market quotations for our common stock before deciding whether to tender your eligible options. Section&nbsp;7 beginning on page 23
discusses this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;When will I receive my new options?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will grant the new options on or promptly after the first trading day that is at least six months and one day after the date on which we accept and cancel
eligible options tendered for exchange in the offer. If we accept and cancel eligible options tendered for exchange in the offer on February&nbsp;4, 2003, the new grant will be made on or promptly
after August&nbsp;5, 2003 but no later than August&nbsp;11, 2003. Section&nbsp;5 beginning on page 18 discusses this topic in more detail. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<P><FONT SIZE=2><A
NAME="page_kg1002_1_7"> </A> </FONT> <FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;Why won't I receive my new options immediately after the expiration date of the offer?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According
to applicable accounting rules, if we were to grant the new options on any date that is earlier than six months and one day after the date we cancel the options accepted for
exchange, we would be required for financial reporting purposes to record compensation expense against our earnings. By deferring the grant of the new options for at least six months and one day, we
believe we will not have to record such a compensation expense. Section&nbsp;11 beginning on page 28 discusses this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;When will the new options vest?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new options will have a vesting schedule designed to approximate the vesting schedule of the tendered options. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of shares for which the tendered options would have been exercisable as of the date of grant of the new options, if the tendered options had not been tendered, will be
immediately exercisable. Shares will then become exercisable at the intervals and in the amounts shares would have become exercisable under the tendered options, if the tendered options had not been
tendered. For example: If you currently have one year of vesting towards a stock option grant, and you surrender the grant, when you receive your new grant you will receive credit for that one year
vesting plus the approximate six month period in which you had no grant. Put another way, assuming the canceled option grant had a four year vesting schedule, your new option will be granted with
approximately 2<SUP>1</SUP>/<SMALL>2</SMALL> years of vesting left to complete until it is fully vested. Section&nbsp;8 beginning on page 24 discusses this topic in more detail. </FONT></P>


<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;If I tender eligible options in the offer, will I be eligible to receive other option grants before I receive my new options?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
intend to continue to review the option grants of all employees as part of our normal compensation program, and we may decide to grant you additional options. If we accept and cancel
any of the eligible options you tender, however, the grant date and the pricing of any additional options that we may decide to grant to you will be deferred until a date that is at least six months
and one day from the expiration of this offer. If we granted new, additional options to you in that period, the accounting rules would treat them as granted in exchange for the surrendered grant, and
we would suffer significant adverse accounting consequences. As a result, we do not plan to grant any additional options to existing employees until a date that is at least six months and one day from
the expiration of this offer, including additional grants to employees who do not elect to participate in this offer. The compensation committee of our board of directors, however, reserves the right
to decide to grant additional options to employees on a case-by-case basis during this period. Section&nbsp;5 beginning on page 18 discusses this topic in more detail. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

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<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;If the options I tender are incentive stock options, will my new options be incentive stock options?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
note that all references in this offer to exchange to incentive stock options are relevant to U.S. option holders only; this concept is not applicable to Canadian
tax-payers. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you are an eligible employee who is a resident of the Unites States and the options you tender were intended to be incentive stock options, your new options will be granted as
incentive stock options to the extent they qualify under the Internal Revenue Code. Under current law, for options to qualify as incentive stock options, the value of the shares subject to options
that first become exercisable by the option holder in any calendar year cannot exceed $100,000. The value of the shares subject to the options is measured on the date the options are granted. The
excess options are nonqualified stock options. Section&nbsp;8 beginning on page 24 and section&nbsp;13 beginning on page 30 discuss this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;What happens to options that I choose not to tender or that are not accepted for exchange?  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options
that you choose not to tender for exchange or that we do not accept for exchange will remain outstanding and retain their current exercise price and current vesting schedule. We
do not believe that the offer will change any of the terms of an eligible incentive stock option which you do not tender. However, if you are an eligible employee who is a resident of the United
States, the IRS may characterize our offer to you as a modification of those incentive stock options, even if you decline the offer. The effect of a successful assertion by the IRS that your incentive
stock options were modified depends on whether the exercise price of your eligible incentive stock options is equal to, higher or lower than the price of our common stock on January&nbsp;7, 2003. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
your options were treated as having been modified by the IRS and the exercise price per share is equal to or higher than the price of our common stock on January&nbsp;7, 2003: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
offer would extend the period you would have to hold the shares purchased under those options to qualify all of the gain on a subsequent sale of those
shares as long-term capital gain;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>that
extended holding period for long-term capital gain would require that any taxable sale or other disposition of the shares not take place
until the later of two years from the date your incentive stock options were considered to have been modified or one year from the date you exercise those options.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
portion of your incentive stock options might be treated as nonqualified stock options upon exercise and affect the amount of other stock options granted
to you that may qualify as incentive stock options under the $100,000 calendar year limit discussed above. </FONT></DD></DL>
</UL>
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<UL>
</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
your options were treated as having been modified by the IRS and the exercise price is lower than the price of our shares of common stock on January&nbsp;7, 2003, your options would
cease to qualify as an incentive stock options. Section&nbsp;13 beginning on page 30 discusses this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>E.&nbsp;&nbsp;&nbsp;&nbsp;SPECIFIC QUESTIONS ABOUT THE PROCEDURES FOR ELECTING TO EXCHANGE  </B></FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;When does the offer expire? Can the offer be extended, and if so, how will I be notified if it is extended?  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The offer expires on February&nbsp;4, 2003, at 5:00&nbsp;p.m., Eastern Time, unless we extend it. Although we do not currently intend to do so, we may, in our
discretion, extend the offer at any time. If the offer is extended, we will make a public announcement of the extension no later than 9:00&nbsp;a.m., Eastern Time, on the next business day following
the previously scheduled expiration of the offer period. If the offer is extended, then the grant date of the new options will also be extended. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the conditions in section&nbsp;6 beginning on page 20, we may terminate or amend the offer at any time before the expiration date. If we terminate the offer, we will return the
stock option agreement(s) related to options tendered promptly after termination or withdrawal of the offer. Section&nbsp;1 beginning on page 13 and section&nbsp;14 beginning on page 34 discuss
this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;What do I need to do to tender my options?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you decide to tender your options, you must deliver, before 5:00&nbsp;p.m., Eastern Time, on February&nbsp;4, 2003, a properly completed and signed
election form and any other documents required by the election form to Tucows&nbsp;Inc., 96 Mowat Avenue, Toronto, ON, M6K&nbsp;3M1, Attention: Brenda Lazare (facsimile:
(416)&nbsp;531-1257). We will only accept a paper copy or a facsimile copy of your signed election form. Delivery by e-mail will not be accepted. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we extend the offer beyond February&nbsp;4, 2003, you must deliver these documents before the extended expiration of the offer. Section&nbsp;3 beginning on page 16 discusses this
topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;During what period of time may I withdraw previously tendered options?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may withdraw your tendered eligible options at any time before 5:00&nbsp;p.m., Eastern Time, on February&nbsp;4, 2003. If we extend the offer beyond that
time, you may withdraw your tendered eligible options at any time until the extended expiration of the offer. In addition, unless we accept the options you have elected to tender before 12:00
midnight, Eastern Time, on March&nbsp;5, 2003, you may withdraw your options at any time after March&nbsp;5, 2003 until they are accepted and canceled. To withdraw tendered eligible options, you
must deliver to us by mail or facsimile a written notice of withdrawal with the required information while you still have the right to withdraw the tendered eligible options. </FONT> <FONT SIZE=2><B>Once you have withdrawn eligible options,
</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

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<A NAME="page_kg1002_1_10"> </A>

<P><FONT SIZE=2>you may not later re-tender those options. Section&nbsp;4 beginning on page 17 discusses this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;How should I decide whether or not to participate?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We understand that this will be a challenging decision for all employees. The offer carries considerable risk, and there are no guarantees of our future stock
performance. The decision to participate must be each individual employee's personal decision, and it will depend largely on each employee's assessment of the employee's existing stock option package
and assumptions about the future overall economic environment, our stock price and our business. Section&nbsp;2 beginning on page 14 discusses this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;What do we and our board of directors think of the offer?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although our board of directors has approved this offer, neither we nor our board of directors makes any recommendation as to whether you should tender or refrain
from tendering your options. You must make your own decision whether to tender options. Members of our board of directors who are not employees are not eligible to participate in the offer.
Section&nbsp;2 beginning on page 14 discusses this topic in more detail. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;What happens if Tucows is acquired?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While we currently have no plans to do so, it is possible that, before the grant of new options, we might complete or enter into an agreement for a merger,
acquisition or other similar transaction. These types of transactions could have substantial effects on our stock price, including potentially substantial appreciation in the price of our common
stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depending
on the structure of a merger, acquisition or other similar transaction, tendering option holders might be deprived of any further price appreciation in our common stock. For
example, if our common stock were acquired in a cash merger, the fair market value of our stock, and the price at which we grant the new options, would likely be a price at or near the cash price
being paid for the common stock in the transaction. If our stock price had appreciated because of the proposed transaction, that transaction might yield limited or no financial benefit to a recipient
of the new option. If we were acquired in a stock for stock transaction, tendering option holders might receive options to purchase shares of a different issuer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are also reserving the right, if there is a merger, acquisition or similar transaction, to take any actions we deem necessary or appropriate to complete a transaction that our board
of directors believes is in the best interest of Tucows and our shareholders. This could include terminating your right to receive replacement options under this offer. If we were to terminate your
right to receive replacement options under this offer because of a merger, acquisition or similar transaction, employees who have tendered options for cancellation in this offer would not receive
options to purchase securities of the acquiror or any other consideration for their tendered options. Section&nbsp;5 beginning on page 18 discusses this topic in more detail. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

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<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;Who can I talk to if I have questions about the offer?  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For additional information or assistance, you should contact Brenda Lazare by phone at (416)&nbsp;538-5488 or at the following address: </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>Tucows&nbsp;Inc.<BR>
96 Mowat Avenue<BR>
Toronto, ON M6K&nbsp;3M1<BR>
Canada </FONT></P>

</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

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<UL>
<UL>
</UL>
</UL>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ki1002_introduction"> </A>
<A NAME="toc_ki1002_1"> </A>
<BR></FONT><FONT SIZE=2><B>INTRODUCTION    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are offering option holders who, as of the date of this offer to exchange, are employees of Tucows or any of its subsidiaries the opportunity to tender to us
certain outstanding options to purchase shares of Tucows common stock in exchange for a new option. The offer is limited to outstanding options under our 1996 equity compensation plan that have an
exercise price of $0.91 or more per share. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are making this offer upon the terms and subject to the conditions set forth in this offer to exchange and in the related cover letter and election form. The number of shares of
common stock subject to new options to be granted to each option holder will be equal to the number of shares subject to the options tendered by the option holder and accepted for exchange by us. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of January&nbsp;6, 2003, options to purchase 7,650,257 shares of our common stock were issued and outstanding under our 1996 equity compensation plan, of which 5,143,440 were
eligible to participate in this offer. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ki1002_the_offer"> </A>
<A NAME="toc_ki1002_2"> </A>
<BR></FONT><FONT SIZE=2><B>THE OFFER    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>1.&nbsp;&nbsp;&nbsp;&nbsp;NUMBER OF OPTIONS; EXPIRATION DATE.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are offering to exchange new options to purchase common stock in return for all eligible outstanding options that are properly tendered and not validly
withdrawn as described in section&nbsp;4 beginning on page 17 before the expiration date, as discussed in more detail below. Except as described
below, all unexercised options covered under our 1996 equity compensation plan that have an exercise price of $0.91 or more are eligible to be exchanged in the offer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may only tender options for all of the shares of common stock subject to an individual grant. This means that if you decide to tender any options subject to a specific grant, you
must tender all of the outstanding options subject to that grant. If you attempt to tender options for part of a specific grant, but not all outstanding options for that grant, your tender of that
grant will be rejected. If you properly tender other grants, however, your tender of the other grants may be accepted. If you choose to tender any option grant, you must also tender all option grants
received after August&nbsp;7, 2002, even if the option grants have an exercise price below $0.91. If you attempt to tender some of your options, but do not include all of the options granted to you
after August&nbsp;7, 2002, your entire tender will be rejected. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
your options are properly tendered and accepted for exchange, you will be entitled to receive new options to purchase the number of shares of our common stock which is equal to the
number of shares subject to the options that you tendered, subject to adjustments for any stock splits, stock dividends and similar events. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
new options will be subject to the terms of our 1996 equity compensation plan and a new stock option agreement to be entered into between us and you. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>If you are not an employee of Tucows or one of our subsidiaries from the date you tender options through the date we grant the new options, you will not receive
any new options or other consideration in exchange for your tendered options that have been accepted for exchange. This means that if you die or quit or your employment is terminated for any reason
before the date we grant the new options you will not receive anything for the eligible options that you tendered and we canceled.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special
considerations may apply to employees located outside of the United States or Canada. In some countries, the application of local taxation rules may have an impact upon the
re-grant. If you are an employee outside of the United States or Canada, we recommend that you consult with your own tax advisor to determine the tax consequences of the offer under the
laws of the country in which you live and work. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are also reserving the right, if there is a merger, acquisition or similar transaction, after the expiration date to take any actions we consider necessary or appropriate to complete
a transaction that our board of directors believes is in the best interest of Tucows and our shareholders. This could include terminating your right to receive replacement options under </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

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<A NAME="page_ki1002_1_14"> </A>

<P><FONT SIZE=2>this
offer. If we were to terminate the right to receive replacement options under this offer because of a merger, acquisition or similar transaction, employees who have tendered options for
cancellation in this offer would not receive options to purchase securities of the acquiror or any other consideration for their tendered options. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
presently have no plans or proposals that relate to or would result in an acquisition of Tucows. Section&nbsp;2 beginning on page 14 describes our future plans. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
expiration date of the offer is 5:00&nbsp;p.m., Eastern Time, on February&nbsp;4, 2003, unless and until we, in our discretion, have extended the period of time during which the
offer will remain open. In that case, the term expiration date refers to the latest time and date at which the offer, as so extended, expires. Section&nbsp;14 beginning on page 34 describes our
rights to extend, delay, terminate and amend the offer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of the offer, a business day is any day other than a Saturday, Sunday or U.S. federal holiday and consists of the time period from 12:01&nbsp;a.m. through 12:00 midnight,
Eastern Time. </FONT></P>

<P><FONT SIZE=2><B>2.&nbsp;&nbsp;&nbsp;&nbsp;PURPOSE OF THE OFFER.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We issued or assumed the options outstanding under the 1996 equity compensation plan for the following purposes: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
attract and retain employees, consultants and advisors of outstanding ability;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
motivate these persons, by means of performance-related incentives, to achieve long-range performance goals; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
enable these persons to participate in the long-term growth and financial success of Tucows. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many
of our outstanding options, whether or not they are currently exercisable, have exercise prices that are significantly higher than the current market price of our common stock. By
making this offer to exchange outstanding options for new options that will have an exercise price equal to the market value of our common stock on the grant date, we intend to provide our employees
with the benefit of owning options that over time may have a greater potential to increase in value and create better performance incentives for employees and maximize shareholder value. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
of the large number of options eligible for this offer to exchange, a total re-grant of new options without cancellation of the options they are meant to replace
would significantly reduce the percentage interests of the holders of our outstanding shares if all options were exercised and would also reduce our earnings per share. We also have a limited pool of
options available under the 1996 equity compensation plan, and we must conserve our currently available options for new employees and ongoing grants. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise disclosed in this offer to exchange or in our filings with the SEC, we presently have no plans or proposals that relate to or would result in: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>an
extraordinary transaction, such as a merger, reorganization or liquidation, involving us or any of our subsidiaries;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
purchase, sale or transfer of a material amount of our assets or the assets of any of our subsidiaries;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
material change in our present dividend rate or policy, or our indebtedness or capitalization;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
change in our present board of directors or management, including any plans or proposals to change the number or term of directors or to fill any
existing board vacancies or to change any material terms of any executive officer's employment contract;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
other material change in our corporate structure or business;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
common stock not being authorized for quotation in an automated quotation system operated by a national securities association;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
common stock becoming eligible for termination of registration under section&nbsp;12(g)(4) of the Securities Exchange Act of 1934, as amended;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
suspension of our obligation to file reports pursuant to section&nbsp;15(d) of the Securities Exchange Act;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
acquisition by any person of additional securities of ours or the disposition of any material amount of our securities; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
change in our articles of incorporation or bylaws, or any actions which may impede the acquisition of control of us. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
we nor our board of directors makes any recommendation as to whether you should tender your options, nor have we authorized any person to make any such recommendation. The new
options may have a higher exercise price than some or all of your current options. You are urged to evaluate carefully all of the information in this offer to exchange and to consult your own
investment and tax advisors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
understand that this will be a challenging decision for all employees. The program does carry considerable risk, and there are no guarantees of our future stock performance. The
decision to participate must be each individual employee's personal decision, and it will depend largely on each employee's assessment of the employee's existing stock option package and assumptions
about the future overall economic environment, our stock price and our business. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

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<P><FONT SIZE=2><B>3.&nbsp;&nbsp;&nbsp;&nbsp;PROCEDURES FOR TENDERING OPTIONS.  </B></FONT></P>

<UL>

<P><FONT SIZE=2><I> Proper Tender of Options.  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To validly tender your options in the offer, you must properly complete, sign and deliver to us the election form, or a facsimile of the election form, and any
other required documents. Please follow the instructions in the election form carefully. We will only accept a signed paper copy or a facsimile copy of your election form and any other required
documents. We will not accept delivery by e-mail. We must receive all of the required documents at Tucows&nbsp;Inc., 96 Mowat Avenue, Toronto, ON, M6K&nbsp;3M1, Canada, Attention:
Brenda Lazare (facsimile: (416)&nbsp;531-1257), before the expiration date. Your new
options will be granted on or promptly after the first trading day that is at least six months and one day after the date on which we accept and cancel eligible options tendered for exchange in the
offer. If we accept and cancel eligible options tendered for exchange in the offer on February&nbsp;4, 2003, the new grant will be made on or promptly after August&nbsp;5, 2003 but no later than
August&nbsp;11, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The method of delivery of all documents, including the election form and any other required documents, is at the election and risk of the tendering option holder.
If delivery is by mail, we recommend that you use registered mail with return receipt requested. In all cases, you should allow sufficient time to ensure timely delivery. Your options will not be
considered tendered until we receive all required documents. We will not accept delivery by e-mail.</B></FONT></P>

<UL>

<P><FONT SIZE=2><I> Determination of Validity; Rejection of Options; Waiver of Defects; No Obligation to Give Notice of Defects.  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will determine, in our discretion, all questions as to form of documents and the validity, form, eligibility, including time of receipt, and acceptance of any
tender of options. Our determination of these matters will be final and binding on all parties. We may reject any or all tenders of options that we determine are not in appropriate form or that we
determine are unlawful to accept. Otherwise, if all conditions have been satisfied or waived, we will accept all properly and timely tendered options that are not validly withdrawn. We do not expect
to waive defects or irregularities in your tender of eligible options, so you should carefully follow the instructions in the election form. We may waive any of the conditions of the offer and
anticipate that we would do so unless, in our reasonable judgment, failure to satisfy the particular condition, would make it inadvisable for us to proceed with the offer and accept and cancel the
tendered options. If we waive a material condition of the offer, we will extend the offer to the extent required by Rules&nbsp;13e-4(d)(2) and 13e-4(e)(3) under the
Securities Exchange Act. These rules provide the minimum period during which an offer must remain open following material changes in the terms of the offer or information concerning the offer. No
tender of options will be considered to have been properly made until all defects or irregularities have been cured by the tendering option holder or waived by us. Neither we nor any other person is
obligated to give notice of any defects or irregularities in tenders, and no one will be liable for failing to give notice of any defects or irregularities. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

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<UL>

<P><FONT SIZE=2><I> Our Acceptance Constitutes an Agreement.  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your tender of options under the procedures described above constitutes your acceptance of the terms and conditions of the offer. </FONT><FONT SIZE=2><B>Our
acceptance for exchange of options tendered by you in the offer will constitute a binding agreement between us and you upon the terms and subject to the conditions of the
offer.</B></FONT></P>

<P><FONT SIZE=2><B>4.&nbsp;&nbsp;&nbsp;&nbsp;WITHDRAWAL RIGHTS.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may only withdraw your tendered options in the manner described in this section&nbsp;4. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may withdraw your tendered options at any time before 5:00&nbsp;p.m. Eastern Time, on the expiration date. If we extend the offer beyond that time, you may withdraw your tendered
options at any time until the extended expiration of the offer. In addition, unless we accept the options you have elected to tender before 12:00 midnight, Eastern Time, on March&nbsp;5, 2003, you
may withdraw your options at any time after March&nbsp;5, 2003 until they are accepted and canceled. Once you have withdrawn your options, you may not retender them. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
validly withdraw the options you have elected to exchange, you must deliver to us at the following address a written notice of withdrawal, with the required information, while you
still have the right to withdraw your options. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Attention:
Brenda Lazare<BR>
Tucows&nbsp;Inc.<BR>
96 Mowat Avenue<BR>
Toronto, ON M6K&nbsp;3M1<BR>
Canada<BR>
Facsimile: (416)&nbsp;531-1257 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
notice of withdrawal must specify your name, the grant date, exercise price and the number of options subject to the option to be withdrawn. You may withdraw all of the options you
have elected to exchange, or, if you have elected to exchange options covered by more than one option grant, you may withdraw all of the options covered by a particular grant without withdrawing any
of the options covered by other grants. You may not withdraw only a portion of a particular option grant. You must execute the notice of withdrawal exactly as your name appears on the stock option
agreement(s) evidencing the options. If the signature on the notice of withdrawal is by a trustee, executor, administrator, guardian, attorney-in-fact, officer of a corporation
or another person acting in a fiduciary or representative capacity, the signer's full title and proper evidence of the authority of that person to act in that capacity must be indicated on the notice
of withdrawal. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
we nor any other person is obligated to give notice of any defects or irregularities in any notice of withdrawal, nor will anyone incur any liability for failure to give any
notice of defects or irregularities. We will determine, in our discretion, all questions as to the form and validity, including time of receipt, of notices of withdrawal. Our determination of these
matters will be final and binding. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

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<P><FONT SIZE=2><A
NAME="page_kk1002_1_18"> </A> </FONT> <FONT SIZE=2><B>5.&nbsp;&nbsp;&nbsp;&nbsp;ACCEPTANCE OF OPTIONS FOR EXCHANGE AND ISSUANCE OF NEW OPTIONS.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the terms and subject to the conditions of this offer, promptly following the expiration date we will accept for exchange and cancel options properly
tendered and not validly withdrawn before the expiration date. If we accept and cancel the options you tender in the offer, you will be granted new options on or promptly after the first trading day
that is at least six months and one day after the date on which we accept and cancel eligible options tendered for exchange in the offer, but no later than August&nbsp;11, 2003. If the offer is
extended, then the grant date of the new options will also be extended. If we were to grant the new options on any date which is earlier than six months and one day after the date we cancel the
options tendered for exchange, we would be required for financial reporting purposes to record a variable compensation expense against our earnings. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
intend to continue to review the option grants of all employees periodically as part of our normal compensation program. As a result of this review, we may decide to grant you
additional options. If we accept and cancel the options you tender in the offer, the grant date and the pricing of any additional options that we may decide to grant to you will be deferred until a
date that is at least six months and one day from the expiration of this offer in order for us to avoid incurring compensation expense against our earnings because of accounting rules that could apply
to these interim option grants as a result of the offer. The compensation committee of our board of directors does not plan to grant any additional options until after that date, including additional
grants to employees who do not elect to participate in this offer. However, the compensation committee reserves the right to decide to grant additional options on a
case-by-case basis during this period. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your
new options will entitle you to purchase a number of shares of our common stock which is equal to the number of shares subject to the options or portion thereof you tender, subject
to adjustments for any stock splits, stock dividends and similar events. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Please note that if you are not an employee of Tucows or one of our subsidiaries from the date you tender options through the date we grant the new options, you
will not receive any new options or other consideration in exchange for your tendered options that have been accepted for exchange.</B></FONT><FONT SIZE=2> Certain employee leaves of absence that we
approve in advance will be treated as continued employment. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are not required to accept the offer. If you elect to exchange any eligible options, you may elect to exchange one option grant in its entirety and not elect to exchange another. You
may not elect to exchange less than all of a particular outstanding option grant. In addition, if you elect to tender any eligible option grant, you will be required to tender all unexercised option
grants that you have received during the six months immediately before the date we accept options for exchange. In other words, if you attempt to tender some of your eligible options but do not
include all of the options granted to you after August&nbsp;7, 2002 even if those option grants have an exercise price below $0.91, your entire tender will be rejected. If we allowed employees to
keep options granted within six months of the option cancellation, we </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

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<A NAME="page_kk1002_1_19"> </A>

<P><FONT SIZE=2>would
suffer significant adverse accounting consequences, which would prevent us from offering the option exchange program. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will be treated as having accepted for exchange options that are validly tendered and not properly withdrawn, if and when we give oral or written notice to the option holders of our
acceptance for exchange of those options. We may give this notice by press release. Subject to our rights to extend, terminate and amend the offer, if all conditions have been satisfied or waived, we
will accept promptly after the expiration date all properly tendered options that are not validly withdrawn. After we accept tendered options for exchange, we will send each tendering option holder a
letter indicating the number of shares subject to the options that we have accepted for exchange, the corresponding number of shares that will be subject to the new options and the expected grant date
of the new options. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we are acquired before expiration of the offer, you may withdraw the options you have elected to exchange and keep the rights you have under the existing agreements evidencing those
options. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we are acquired after your options have been accepted and canceled but before the replacement grant date of the new options, the acquiring corporation may, but is not required to,
honor our obligation to grant new options. If that occurs, the replacement options would be granted on the replacement grant date, but they would be options to purchase shares of the acquiring
corporation. For example, if we were acquired in a merger, the number of shares subject to your new option for shares of the acquiring corporation would be equal to the number of our shares that you
would have received, multiplied by the exchange ratio that was used in the merger, and the exercise price would be equal to the market price of the acquiring corporation's stock on the replacement
grant date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are, however, also reserving the right, if there is a merger, acquisition or similar transaction after the expiration date, to take any actions we consider necessary or appropriate to
complete a transaction that our board of directors believes is in the best interest of our company and our shareholders. This could include terminating your right to receive replacement options under
this offer to exchange. </FONT><FONT SIZE=2><B>If we were to terminate employees' right to receive replacement options under this offer because of a merger,
acquisition or similar transaction, employees who have tendered options for cancellation in this offer would not receive options to purchase securities of the acquiror or any other consideration for
their tendered options.</B></FONT><FONT SIZE=2> We presently have no plans or proposals that relate to or would result in an acquisition of Tucows. Section&nbsp;2 beginning on page 14 describes our
future plans. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we are acquired after the grant of the new options, then those options may be assumed or replaced by the acquiring corporation, in which case they would continue to vest in accordance
with their terms. If the new options are not assumed or replaced by the acquiring corporation, the options would accelerate and become exercisable for all of the option shares immediately before the
acquisition and then will terminate immediately thereafter. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>19</FONT></P>

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<P><FONT SIZE=2><B>6.&nbsp;&nbsp;&nbsp;&nbsp;CONDITIONS OF THE OFFER.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are not required to accept any options tendered for exchange. We may terminate or amend the offer, or postpone our acceptance and cancellation of any options
tendered for exchange, in each case, subject to Rule&nbsp;13e-4(f)(5) under the Securities Exchange Act, if at any time on or after January&nbsp;7, 2003 and before the expiration date,
we determine that any of the following events has occurred and, in our reasonable judgment the occurrence of the event makes it inadvisable for us to proceed with the offer or to accept and cancel
options tendered for exchange: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
threatened, instituted or pending action or proceeding by any government or governmental, regulatory or administrative agency, authority or tribunal or
any other person, domestic or foreign, before any court, authority, agency or tribunal that directly or indirectly challenges the making of the offer, the acquisition of some or all of the tendered
options under the offer, the issuance of new options, or otherwise relates in any manner to the offer or that, in our reasonable judgment, could materially and adversely affect the business, condition
(financial or other), income, operations or prospects of Tucows or our subsidiaries, or otherwise materially impair in any way the contemplated future conduct of our business or the business of any of
our subsidiaries or materially impair the benefits that we believe we will receive from the offer;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
action is threatened, pending or taken, or any approval is withheld, or any statute, rule, regulation, judgment, order or injunction is threatened,
proposed, sought, promulgated, enacted, entered, amended, enforced or deemed to be applicable to the offer or us or any of our subsidiaries, by any court or any authority, agency or tribunal that, in
our reasonable judgment, would or might directly or indirectly:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>make
the acceptance for exchange of, or issuance of new options for, some or all of the tendered options illegal or otherwise restrict or prohibit
consummation of the offer or otherwise relates in any manner to the offer;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>delay
or restrict our ability, or render us unable, to accept for exchange, or issue new options for, some or all of the tendered options;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>materially
impair the benefits that we believe we will receive from the offer; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>materially
and adversely affect the business, condition (financial or other), income, operations or prospects of Tucows or our subsidiaries, or otherwise
materially impair in any way the contemplated future conduct of our business or the business of any of our subsidiaries; </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>20</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>there
shall have occurred:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
general suspension of trading in, or limitation on prices for, securities on any national securities exchange or in the
over-the-counter market;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
declaration of a banking moratorium or any suspension of payments in respect of banks in the United States or Canada, whether or not mandatory;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
commencement of a war, armed hostilities or other international or national crisis directly or indirectly involving the United States or Canada;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
limitation, whether or not mandatory, by any governmental, regulatory or administrative agency or authority on, or any event that in our reasonable
judgment might affect, the extension of credit by banks or other lending institutions in the United States or Canada;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
significant decrease in the market price of the shares of our common stock;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>in
the case of any of the foregoing existing at the time of the commencement of the offer, a material acceleration or worsening thereof; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
decline in either the Dow Jones Industrial Average or the Standard and Poor's Index of 500 Companies by an amount in excess of 10% measured during any
time period after the close of business on January&nbsp;7, 2003; </FONT></DD></DL>
</DD></DL>
<UL>
<BR>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
change in generally accepted accounting standards which could or would require us for financial reporting purposes to record compensation expense against
our earnings because of the offer;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
tender or exchange offer with respect to some or all of our common stock, or a merger or acquisition proposal for us, is proposed, announced or made by
another person or entity or is publicly disclosed; or we shall have learned that:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
person, entity or group, within the meaning of section&nbsp;13(d)(3) of the Securities Exchange Act, shall have acquired or proposed to acquire
beneficial ownership of more than 5% of the outstanding shares of our common stock, or any new group shall have been formed that beneficially owns more than 5% of the outstanding shares of our common
stock, other than any such person, entity or group that has filed a Schedule&nbsp;13D or Schedule&nbsp;13G with the SEC on or before January&nbsp;7, 2003; </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>21</FONT></P>

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<A NAME="page_kk1002_1_22"> </A>
<UL>
<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
such person, entity or group that has filed a Schedule&nbsp;13D or Schedule&nbsp;13G with the SEC on or before January&nbsp;7, 2003 shall have
acquired or proposed to acquire beneficial ownership of an additional 2% or more of the outstanding shares of our common stock; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
person, entity or group shall have filed a Notification and Report Form under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 or
made a public announcement reflecting an intent to acquire us or any of our subsidiaries or any of the assets or securities of us or any of our subsidiaries; or </FONT></DD></DL>
<BR>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
change or changes occurs in our business, condition (financial or other), assets, income, operations, prospects or stock ownership or in that of our
subsidiaries that, in our reasonable judgment, is or may be material to us or our subsidiaries or materially impairs or may materially impair the benefits that we believe we will receive from the
offer. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we terminate the offer, we will return to you the options tendered promptly after termination or withdrawal of the offer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
conditions to the offer will be satisfied or waived before the expiration date. We may not assert any conditions to the offer after the expiration of the offer. The conditions to the
offer are for our benefit, and we may assert the conditions before the expiration date in our reasonable judgment regardless of the circumstances giving rise to them. We anticipate that we will waive
conditions of the offer unless, in our reasonable judgment, failure to satisfy the particular condition would make it inadvisable for us to proceed with the offer and accept and cancel the tendered
options. If we waive a material condition of the offer, we will extend the offer to the extent required by Rules&nbsp;13e-4(d)(2) and 13e-4(e)(3) under the Securities
Exchange Act. These rules provide the minimum period during which an offer must remain open following material changes in the terms of the offer or information concerning the offer. Our failure at any
time to exercise any of these rights will not be considered a waiver of any of those rights. The waiver of any of these rights with respect to particular facts and circumstances is not a waiver with
respect to any other facts and circumstances. Any determination we make concerning the events described in this section&nbsp;6 will be final and binding upon everyone to whom this offer has been
extended. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>22</FONT></P>

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<P><FONT SIZE=2><B>7.&nbsp;&nbsp;&nbsp;&nbsp;PRICE RANGE OF COMMON STOCK UNDERLYING THE OPTIONS.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before June&nbsp;21, 2001, shares of our common stock were traded on the Nasdaq SmallCap Market. As of June&nbsp;21, 2001, our common stock has been quoted on
the OTC Bulletin Board maintained by Nasdaq. Since September&nbsp;4, 2001, our common stock has been quoted under the symbol "TCOW". Before that date, our common stock was quoted under the symbol
"INFO". The following table shows, for the periods indicated, the high and low closing sales prices per share of our common stock as reported by the Nasdaq SmallCap Market or the OTC Bulletin Board
maintained by Nasdaq. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="25%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="29%" ALIGN="LEFT"><FONT SIZE=1><B>Quarter Ended<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>High&nbsp;($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>Low&nbsp;($)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="25%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2>December 31, 2002</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0.360</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0.210</FONT></TD>
<TD WIDTH="25%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2>September 30, 2002</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0.490</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0.310</FONT></TD>
<TD WIDTH="25%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2>June 30, 2002</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0.600</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0.330</FONT></TD>
<TD WIDTH="25%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2>March 31, 2002</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0.490</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0.251</FONT></TD>
<TD WIDTH="25%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2>December 31, 2001</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0.550</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0.300</FONT></TD>
<TD WIDTH="25%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2>September 30, 2001</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0.980</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0.300</FONT></TD>
<TD WIDTH="25%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2>June 30, 2001</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>1.000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0.400</FONT></TD>
<TD WIDTH="25%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="25%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%"><FONT SIZE=2>March 31, 2001</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>1.250</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2>0.531</FONT></TD>
<TD WIDTH="25%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;28, 2001, under the terms of an agreement and plan of merger among Infonautics,&nbsp;Inc., a wholly owned subsidiary of Infonautics and Tucows&nbsp;Inc., a Delaware
corporation which we refer to as Tucows Delaware, the wholly owned subsidiary of Infonautics merged with and into Tucows Delaware with Tucows Delaware surviving and becoming a wholly owned subsidiary
of Infonautics. On August&nbsp;29, 2001, Infonautics changed its name to Tucows&nbsp;Inc. Please note that because of the merger of Tucows Delaware and the wholly owned subsidiary of Infonautics
on August&nbsp;28, 2001, our capital structure was significantly changed. The information reported before this time may not be representative of Tucows Delaware's past performance history. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January&nbsp;6, 2003, the closing price of our common stock, as reported by the OTC Bulletin Board maintained by Nasdaq, was $0.22 per share. Our stock price has been, and in the
future may be, highly volatile and could continue to decline. The trading price of our common stock has fluctuated widely in the past and is expected to continue to do so in the future, because of a
number of factors, many of which are outside our control. The new options will be granted on or promptly after the first trading day that is at least six months and one day after the date on which we
accept and cancel eligible options tendered for exchange. The exercise price of the new options will be the last reported sale
price of our common stock reported on the OTC Bulletin Board maintained by Nasdaq or any other securities quotation system or exchange on which our common stock is then quoted or listed on the date of
grant. The exercise price of the new options may be higher than the exercise price of the options you have elected to exchange. In addition, our common stock may never trade at a price above the
exercise price of the new options. </FONT><FONT SIZE=2><B>We recommend that you obtain current market quotations for our common stock before deciding whether to elect to exchange your
options.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>23</FONT></P>

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<P><FONT SIZE=2><A
NAME="page_km1002_1_24"> </A> </FONT> <FONT SIZE=2><B>8.&nbsp;&nbsp;&nbsp;&nbsp;SOURCE AND AMOUNT OF CONSIDERATION; TERMS OF NEW OPTIONS.  </B></FONT></P>

<UL>

<P><FONT SIZE=2><I> Consideration.  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will grant new options to purchase common stock under the 1996 equity compensation plan in exchange for outstanding eligible options properly tendered and
accepted for exchange by us. The number of shares of common stock subject to new options to be granted to each option holder will be equal to the number of shares subject to the options tendered by
the option holder and accepted for exchange, subject to adjustments for any stock splits, stock dividends and similar events. If we receive and accept tenders of all outstanding eligible options, we
expect to grant new options to purchase a total of 5,143,440 shares of our common stock. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Terms of New Options.  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new options will be issued under the 1996 equity compensation plan and a new stock option agreement to be entered into between you and us. You will receive
the new stock option agreement when the new options are granted. The new stock option agreement will be substantially the same as the form option agreement attached as exhibit&nbsp;(d)(2) to the
Tender Offer Statement on Schedule TO that we filed with the SEC. Except for the exercise price, term and other terms specified in the offer, the terms and conditions of the new options will be
substantially the same as the terms and conditions of the options tendered for exchange. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
issuance of new options under this offer will not create any contractual or other right of the recipients to receive any future grants of stock options or benefits instead of stock
options or any right of continued employment. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following description of the amended and restated 1996 equity compensation plan and the new stock option agreement to which each new option will be subject is only a summary, and may
not be complete. For complete information please refer to the copies of the 1996 equity compensation plan and the stock option agreement that have been filed with the SEC as exhibits to the Tender
Offer Statement on Schedule TO. You may also contact us at Tucows via e-mail at blazare@tucows.com or by mail at Tucows&nbsp;Inc., 96 Mowat Avenue, Toronto, ON, M6K&nbsp;3M1, Canada,
Attention: Brenda Lazare to request copies of the 1996 equity compensation plan or the form of the new option agreement, which we will provide at our expense. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Information.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;An aggregate of 10,000,000 shares of our common stock may be awarded under the 1996 equity compensation
plan. This number may be increased only by a resolution adopted by our board of directors and approved by our shareholders, as required under applicable state law. The maximum number of shares subject
to options that may be awarded to one person in any 12&nbsp;month period under the 1996 equity compensation plan is 250,000. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
1996 equity compensation plan permits the granting of options intended to qualify as incentive stock options under the Internal Revenue Code and the granting of options that do not
qualify as incentive stock options. If you are a resident of the United States and the options you tender were intended to be incentive stock options, your new options will be granted as incentive
stock options to the extent they qualify under the Internal Revenue Code. If you are a resident of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>24</FONT></P>

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<P><FONT SIZE=2>the
United States and the options you tender for exchange were not intended as incentive stock options, your new options will not be incentive stock options. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
options to qualify as incentive stock options, the value of the shares subject to options that first become exercisable by the option holder in any calendar year cannot exceed
$100,000. The value of the shares subject to options is measured on the date the options are granted. The excess options are considered to be nonqualified stock options. For more information related
to the possible U.S. federal income tax consequences if you exchange any options under this offer, see section&nbsp;13 beginning on page 30. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special
considerations may apply to employees located outside of the United States or Canada. In some countries, the application of local taxation rules may have an impact upon the
re-grant. If you are an employee outside of the United States or Canada, we recommend that you consult with your own tax advisor to determine the tax consequences of the offer under the
laws of the country in which you live and work. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
1996 equity compensation plan also permits the grant of stock appreciation rights, restricted stock and performance units. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The 1996 equity compensation plan is administered by the compensation committee of our board of directors
which consists of two or more directors who are not employees. Subject to the provisions of the 1996 equity compensation plan, the compensation committee is authorized and empowered to do all things
necessary or desirable to administer the 1996 equity compensation plan, including: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>construing
and interpreting the 1996 equity compensation plan and any stock option agreement entered into under it;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>determining
the fair market value of stock to be issued;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>selecting
persons to whom options may be granted;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>determining
whether any option granted under the 1996 equity compensation plan is intended as an incentive stock option or not;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>determining
the number of shares to be subject to an option granted and the exercise price of any option granted;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>determining
the terms and conditions of any option granted under the 1996 equity compensation plan and approving the form of stock option agreements to be
entered into;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>amending
the vesting period of an option granted under the 1996 equity compensation plan;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>authorizing
and implementing amendments to stock option agreements; and </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>25</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>establishing
policies and procedures for the exercise of options granted under the 1996 equity compensation plan. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
compensation committee may delegate the authority to enter into stock option agreements evidencing options granted under the 1996 equity compensation plan to officers of Tucows, as
long as any the stock option agreement is consistent with the terms and conditions of the 1996 equity compensation plan. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise and Termination of Options.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The terms and conditions applicable to the exercise of options and the events or
occurrences which may trigger the acceleration, termination or forfeiture of the new options under the 1996 equity compensation plan are set forth in the 1996 equity compensation plan and the new
stock option agreement. The new stock option agreement will be substantially the same as the form option agreement attached as exhibit&nbsp;(d)(2) to the Tender Offer Statement on Schedule TO that
we filed with the SEC. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject to terms in the new stock option agreement and the 1996 equity compensation plan providing for earlier
termination of the option, your new options will terminate on the tenth anniversary of the date of grant. Terms of your new stock option agreement providing for termination of your options include
termination of your options within specified periods of time after termination of your employment and your death. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
1996 equity compensation plan will terminate on April&nbsp;28, 2006 and no awards may be made under it after that date. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercise Price.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The exercise price of the new options to be granted in the offer will be equal to the last reported sale
price of our common stock on the OTC Bulletin Board maintained by Nasdaq or any other securities quotation system or exchange on which our common stock is then quoted or listed on the date of grant. </FONT> <FONT SIZE=2><B>Because we will not grant
new options until at least six months and one day after the date we cancel tendered options accepted for exchange, the new options may have a higher
exercise price than some or all of your current options. We recommend that you obtain current market quotations for our common stock before deciding whether to tender your
options.</B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vesting and Exercise.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The compensation committee has the authority to determine at what time or times each option may be
exercised and the period of time, if any, after retirement, death, disability or termination of employment during which options may be exercised. The exercisability of options may be accelerated by
the compensation committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
new options will have a vesting schedule designed to approximate the vesting schedule of the tendered options such that the number of shares for which the tendered options would have
been exercisable as of the date of grant of the new options, if the tendered options had not been tendered,
will be immediately exercisable. Shares will then become exercisable at the intervals and in the amounts shares would have become exercisable under the tendered options, if the tendered options had
not been tendered. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>26</FONT></P>

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<P><FONT SIZE=2><A
NAME="page_ko1002_1_27"> </A> </FONT> <FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vesting of the new options will immediately cease upon termination of your employment with us. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of Exercise Price.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;You may exercise the new options, in whole or in part, by delivery of a written notice to us which
is accompanied by payment in full of the applicable exercise price. Payment of the option exercise price for the new options may be made by delivery of cash, shares of our common stock owned by you,
or in any other manner permitted by our board of directors. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment and Termination of the 1996 Equity Compensation Plan.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our board may amend or terminate the 1996 equity compensation
plan at any time and in any manner, subject to certain restrictions. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Shareholder Rights and Employment Rights.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A participant in the 1996 equity compensation plan has no shareholder rights in
the shares of our common stock subject to his outstanding option grants until the shares are purchased under the terms of the 1996 equity compensation plan and the stock option agreement evidencing
the option. Nothing in the 1996 equity compensation plan confers upon the participant any right to continue in our employ. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration of Option Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All shares of common stock issuable upon exercise of options under the 1996 equity
compensation plan, including the shares that will be issuable upon exercise of all new options to be granted under the offer, have been registered under the Securities Act of 1933 on a registration
statement on Form&nbsp;S-8 filed with the SEC. Unless you are one of our affiliates, you will be able to sell your shares of our common stock issuable upon exercise of your options free
of any transfer restrictions under applicable securities laws. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax Consequences.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;You should refer to section&nbsp;13 beginning on page 30 for a discussion of the U.S. federal income tax
consequences and the Canadian income tax consequences of accepting or rejecting the new options under this offer to exchange. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special
considerations may apply to employees located outside of the United States or Canada. In some countries, the application of local taxation rules may have an impact upon the
re-grant. If you are an employee outside of the United States or Canada, we recommend that you consult with your own tax advisor to determine the tax consequences of the offer under the
laws of the country in which you live and work. </FONT></P>

<P><FONT SIZE=2><B>9.&nbsp;&nbsp;&nbsp;&nbsp;INFORMATION CONCERNING TUCOWS.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The description of our business in our annual report on Form&nbsp;10-K for the year ended December&nbsp;31, 2001, and in our quarterly reports for
the quarters ended March&nbsp;31, 2002, June&nbsp;30, 2002 and September&nbsp;30, 2002, filed with the SEC on April&nbsp;1, 2002, May&nbsp;15, 2002, August&nbsp;13, 2002 and
November&nbsp;14, 2002, respectively, are incorporated herein by reference. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Information.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The audited financial statements as of December&nbsp;31, 2001 and December&nbsp;31, 2000 of
Tucows&nbsp;Inc. are incorporated by reference to our annual report on Form&nbsp;10-K for the year ended December&nbsp;31, 2001. The selected consolidated financial data as of and
for </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>27</FONT></P>

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<P><FONT SIZE=2>the
three months ended September&nbsp;30, 2002, is incorporated by reference to our Quarterly Report on Form&nbsp;10-Q for the quarter ended September&nbsp;30, 2002, filed with the
SEC on November&nbsp;14, 2002. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of September&nbsp;30, 2002, we had a net asset deficiency of $0.04 per share. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
section&nbsp;16 beginning on page 35 for instructions on how you can obtain copies of our SEC reports that contain the information incorporated by reference herein. </FONT></P>


<P><FONT SIZE=2><B>10.&nbsp;&nbsp;INTERESTS OF DIRECTORS AND OFFICERS; TRANSACTIONS AND ARRANGEMENTS CONCERNING THE OPTIONS.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Members of our board of directors who are not employees of Tucows are not eligible to participate in the offer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
list of our directors and executive officers is attached to this offer to exchange as schedule&nbsp;A. As of January&nbsp;6, 2003, our executive officers and directors as a group
beneficially owned options eligible for exchange under the offer and outstanding under the 1996 equity compensation plan to purchase a total of 3,039,814 shares of our common stock, which represented
approximately 40% of the shares subject to all options outstanding under the 1996 equity compensation plan as of that date. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
our knowledge, there have been no transactions in options to purchase our common stock or in our common stock which were effected during the past 60&nbsp;days by Tucows. On
November&nbsp;25, 2002, Robert Young, a director of Tucows, acquired on the open market 19,000 shares of our common stock at a price per share of $0.3253. On November&nbsp;26, 2002,
Mr.&nbsp;Young acquired on the open market an additional 12,000 shares of our common stock at a price per share of $0.33. Other than the acquisitions of our common stock by Mr.&nbsp;Young, to our
knowledge, there have been no transactions in options to purchase our common stock or in our common stock which were effected during the past 60&nbsp;days by any executive officer, director,
affiliate or subsidiary of Tucows. </FONT></P>

<P><FONT SIZE=2><B>11.&nbsp;&nbsp;STATUS OF OPTIONS ACQUIRED BY US IN THE OFFER; ACCOUNTING CONSEQUENCES OF THE OFFER.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All options we acquire in the offer will be canceled. These options will, after the cancellation, be available for re-grant or issuance under the 1996
equity compensation plan and may fund part of the share reserve under the 1996 equity compensation plan necessary to carry out the exchange that is the subject of this offer. To the extent those
shares exceed the reserve necessary for issuance upon exercise of the new options to be granted in the offer, those excess shares will be available for future awards to employees and other eligible
plan participants. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning
in 1998, the Financial Accounting Standards Board required companies that reprice options to account for them in a manner that would reduce their reported earnings on an
ongoing basis. If we repriced our existing options, we would have to account for them in a way </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>28</FONT></P>

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<P><FONT SIZE=2>that
results in variable accounting, which could require us to record additional compensation expense each quarter until the repriced options are exercised, canceled or expired. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
of these adverse accounting consequences, we decided against repricing our options and instead decided to offer our eligible option holders this offer to exchange. If we were to
grant any options to a tendering option holder before the date which is at least six months and one day after the expiration of this offer, our grant of those options would be treated for financial
reporting purposes as a variable award to the extent that the number of shares subject to the newly granted options is equal to or less than the number of the option holder's option shares tendered
for exchange. Under these circumstances, we would be required to record as compensation expense the amount by which the market value of the shares subject to the newly granted options exceeds the
exercise price of those shares. This compensation expense would accrue as a variable accounting charge to our earnings over the period when the newly granted options are outstanding. We would have to
adjust this compensation
expense periodically during the option term based on increases or decreases in the market value of the shares subject to the newly granted options. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
intend to continue to review the option grants of all employees periodically as part of our normal compensation program. As a result of this review, we may decide to grant you
additional options. If we accept and cancel the options you tender in the offer, however, the grant date and the pricing of any additional options that we may decide to grant to you will be deferred
until at least six months and one day from the expiration of this offer. If we granted new, additional options to you in that period, the accounting rules would treat them as granted in exchange for
the surrendered grant, and we would be subject to the variable accounting rules described above. As a result, the compensation committee of our board of directors does not plan to grant any additional
options until after that date, including additional grants to employees who do not elect to participate in this offer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
compensation committee reserves the right to decide to grant additional options to employees on a case-by-case basis during this period. </FONT></P>


<P><FONT SIZE=2><B>12.&nbsp;&nbsp;LEGAL MATTERS; REGULATORY APPROVALS.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are not aware of any license or regulatory permit that appears to be material to our business that might be adversely affected by our exchange of options and
issuance of new options as contemplated by the offer, or of any approval or other action by any government or governmental, administrative or regulatory authority or agency, domestic or foreign, that
would be required for the acquisition or ownership of our options as contemplated in this offer. Should any approval or other action be required, we presently contemplate that we will seek the
approval or take the other action. We are unable to predict whether we may be required to delay the acceptance of options for exchange pending the outcome of any such matter. We cannot assure you that
any approval or other action, if needed, would be obtained or would be obtained without substantial conditions or that the failure to obtain any approval or other action might not result in adverse
consequences to our business. Our obligation under the offer to accept tendered options for exchange and to issue new options for tendered options is subject to conditions, including the conditions
described in section&nbsp;1 beginning on page 13 and section&nbsp;6 beginning on page 20. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>29</FONT></P>

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<P><FONT SIZE=2><B>13.&nbsp;&nbsp;MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES; MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS.  </B></FONT></P>

<UL>

<P><FONT SIZE=2><I> Material U.S. Federal Income Tax Consequences.  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a general summary of the material U.S. federal income tax consequences of the exchange of options under the offer. This discussion is based on
the Internal Revenue Code, its legislative history, Treasury regulations and administrative and judicial interpretations as of the date of the offer, all of which are subject to change, possibly on a
retroactive basis. This summary does not discuss all of the tax consequences that may be relevant to you in light of your particular circumstances, nor is it intended to be applicable in all respects
to all categories of option holders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
discussion is limited to employees who are United States citizens and are employed in the United States and who hold options, purchase rights and shares of common stock as capital
assets. There may be different tax consequences under certain circumstances, and there may be federal gift and estate tax consequences and state, local and other tax consequences. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Exchange of Options.  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that the exchange of options in the offer will be treated as a non-taxable exchange. In other words, if you exchange outstanding stock
options for new options, you will not be required to recognize income for U.S. federal income tax purposes at the time of the exchange. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Grant of New Options and Exercise of New Options.  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options granted under the 1996 equity compensation plan may be either incentive stock options that satisfy the requirements of section&nbsp;422 of the Internal
Revenue Code or nonqualified stock options that are not intended to meet these requirements. The federal income tax treatment for the two types of options differ. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive Stock Options.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If the options you tender were intended to be incentive stock options, your new options will be
granted as incentive stock options to the extent they qualify under the Internal Revenue Code. Under current law, for options to qualify as incentive stock options, the value of the shares subject to
options that first become exercisable by the option holder in any calendar year cannot exceed $100,000. The value of the shares subject to options is measured on the date the options are granted. The
excess options are considered to be nonqualified stock options. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no federal income tax consequences to you or to Tucows upon the grant of an incentive stock option. In addition, you will not have federal taxable income upon the exercise of
an incentive stock option. For purposes of the alternative minimum tax, however, in the year in which you exercise an incentive stock option, the amount by which the fair market value of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>30</FONT></P>

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<P><FONT SIZE=2>the
shares acquired upon exercise exceeds the amount you pay for the shares will be included in your alternative minimum taxable income. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
will have taxable income when you sell shares of common stock acquired through the exercise of an incentive stock option. The type and amount of your taxes will depend upon when you
sell the shares. If you sell the shares acquired through the exercise of an incentive stock option after the statutory holding period, which is the later of two years from the date the incentive stock
option was granted and one year from the date you exercised the incentive stock option and purchased shares, you will recognize capital gain or loss equal to the difference between the amount you
receive from the sale and the amount you paid for the shares. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
you sell shares acquired through the exercise of an incentive stock option before the end of the statutory holding period, however, you will have taxable ordinary income in an amount
equal to the difference between the fair market value of the shares when you purchased them (or if less, the amount you receive upon the sale of the shares) and the amount you paid for the shares. In
addition, any gain you receive from the sale of shares that exceeds the amount of your taxable ordinary income from the sale of the shares will be long-term or short-term
capital gain, depending upon the length of time you held your shares before the sale and other factors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
do not believe that the offer will change any of the terms of your eligible incentive stock options which you do not tender in the offer. However, the IRS may characterize the offer
as a modification of those incentive stock options, even if you decline the offer. The effect of a successful assertion by the IRS that your incentive stock options were modified depends on whether
the exercise price of your exercisable incentive stock options is equal to, higher or lower than the price of our stock on January&nbsp;7, 2003. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
your options were treated as having been modified by the IRS and the exercise price per share is equal to or higher than the price of our common stock on January&nbsp;7, 2003: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
offer would extend the period you would have to hold the shares purchased under those options to qualify all of the gain on a subsequent sale of those
shares as long-term capital gain;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>that
extended holding period for long-term capital gain would require that any taxable sale or other disposition of the shares not take place
until the later of two years from the date your incentive stock options were considered to have been modified or one year from the date you exercise those options.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
portion of your incentive stock options might be treated as nonqualified stock options upon exercise and affect the amount of other stock options granted
to you that may qualify as incentive stock options under the $100,000 calendar year limit discussed above. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
your options were treated as having been modified by the IRS and the exercise price is lower than the price of our shares of common stock on January&nbsp;7, 2003, your options would
cease to qualify as incentive stock options. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>31</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
we believe that the exchange and cancellation of your incentive stock options will not give rise to any tax consequences, you should refer to the tax discussion below regarding
U.S. federal income tax consequences of nonqualified stock options because some of your new options may not qualify as incentive stock options or some of your incentive stock options not tendered may
cease to qualify as incentive stock options. In that case your options would be subject to different tax treatment than your eligible options. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonqualified Stock Options.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If the options you tender were not intended as incentive stock options, your new options will be
nonqualified stock options. Under current law, there are no federal income tax consequences to you or to Tucows upon the grant of a nonqualified stock option. When you exercise a nonqualified stock
option and purchase shares of common stock, however, you will have taxable income in an amount equal to the fair market value of the shares of common stock at the time of exercise less the amount you
paid for the shares. When you sell the shares of common stock acquired through the exercise of a nonqualified stock option at a later date, you will have a capital gain or loss in an amount equal to
the difference between the amount you receive from the sale and your basis in the shares. Your basis is the amount you paid for the shares plus the amount of taxable income you had when you exercised
the nonqualified stock option. The applicable capital gain tax rate will depend on the length of time you hold the shares and other factors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>We recommend that you consult your own tax advisor about the federal, state and local U.S. tax consequences of participating in the offer and the tax consequences
of participating in the offer if you live or work in a country other than the United States.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>If you choose not to exchange all of your eligible options, we also recommend that you consult with your own tax advisor to determine the tax consequences of the
exercise of the eligible options you do not exchange and to the subsequent sale of common stock purchased under these options.</B></FONT></P>

<UL>

<P><FONT SIZE=2><I> Material Canadian Federal Income Tax Considerations.  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a general summary of the material Canadian federal income tax considerations of the offer. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
summary is based upon the current provisions of the Income Tax Act (Canada), the related Income Tax Regulations, all specific proposals to amend the Income Tax Act (Canada) and
related regulations publicly announced by or on behalf of the Minister of Finance (Canada) before the date of this offer and the current published administrative practices of the Canada Customs and
Revenue Agency. This summary does not take into account or anticipate any other changes in law and does not take into account provincial or territorial tax consequences or the tax laws of a country
other than Canada. These Canadian federal income tax laws and regulations apply to employees who are eligible to participate in the offer who are residents of Canada under the Income Tax Act (Canada).
We refer to these employees as eligible Canadian employees. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>32</FONT></P>

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<UL>

<P><FONT SIZE=2><I> Tender of Options.  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eligible Canadian employees who tender options in the offer will be considered to have disposed of the eligible options for Canadian tax purposes, and will be
required to include in computing income from employment the value of consideration for the disposition of eligible options canceled. Tucows believes that the value of consideration for the disposition
of the eligible options will be nil for Canadian tax purposes. However, this valuation will not be binding on the Canada Customs and Revenue Agency. </FONT></P>

<UL>

<P><FONT SIZE=2><I> Grant of New Options and Exercise of New Options.  </I></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There will be no federal income tax consequences to eligible Canadian employees upon the grant of the new options. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
an eligible Canadian employee acquires shares on the exercise of a new option, the amount, if any, by which the value of the shares at that time exceeds the amount paid to acquire
the shares will be deemed to be a benefit received by the eligible Canadian employee and will be included in computing the employee's income. The amount included in the employee's income will also be
added in computing the adjusted cost base to the employee of the shares acquired on the exercise of the option, and, generally averaged with the adjusted cost base of other shares of common stock of
Tucows held as capital property. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
eligible Canadian employee will be entitled to deduct one half of the amount included in the employee's income in computing his taxable income provided the shares qualify as
prescribed shares for purposes of the Income Tax Act (Canada) at the time of their issue and the exercise price for the shares acquired on exercise of the option is not less than the fair market value
of the shares on the date of grant. In general terms, a prescribed share is an ordinary common share where neither Tucows nor certain persons related to Tucows has a right or obligation to redeem,
acquire or cancel the share and there is no reasonable expectation that Tucows will redeem or acquire the share within two years of its issue. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
general, a disposition of shares by an eligible Canadian employee who holds the shares as capital property will give rise to a capital gain or capital loss as follows: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
the extent that the proceeds of disposition, net of any reasonable costs of disposition, exceed the adjusted cost base of the shares to eligible Canadian
employee, the eligible Canadian employee will have a capital gain; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
the extent that the proceeds of disposition, net of any reasonable costs of disposition, are exceeded by the adjusted cost base of the shares to the
eligible Canadian employee, the eligible Canadian employee will have a capital loss. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally,
one half of any capital gain will be included in computing the eligible Canadian employee's income for the year of disposition, and the eligible Canadian employee </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>33</FONT></P>

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<P><FONT SIZE=2>may
normally deduct one half of any capital loss for the year of disposition or preceding or future years to the extent of taxable capital gains. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>We strongly recommend that you consult your own tax advisor with respect to the tax consequences of participating in the offer.</B></FONT></P>

<P><FONT SIZE=2><B>14.&nbsp;&nbsp;EXTENSION OF OFFER; TERMINATION; AMENDMENT.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may extend the period of time during which the offer is open and delay accepting any options tendered to us by publicly announcing the extension and giving
oral or written notice of the extension to the option holders and making a public announcement of the extension. If the offer is extended, then the grant date of the new options will also be extended. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
also expressly reserve the right, in our reasonable judgment, before the expiration date to terminate or amend the offer and to postpone our acceptance and cancellation of any options
tendered for exchange upon the occurrence of any of the conditions specified in section&nbsp;6 beginning on page 20, by giving oral or written notice of the termination or postponement to the option
holders and making a public announcement of the termination or postponement. </FONT><FONT SIZE=2><B>Our reservation of the right to delay our acceptance and cancellation of options tendered for
exchange is limited by Rule&nbsp;13e-4(f)(5) under the
Securities Exchange Act, which requires that we must pay the consideration offered or return the options tendered promptly after termination or withdrawal of a tender offer.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to compliance with applicable law, we further reserve the right, in our discretion, and regardless of whether any event specified in section&nbsp;6 has occurred or is
considered by us to have occurred, to amend the offer in any respect, including, without limitation, by decreasing or increasing the consideration offered in the offer to option holders or by
decreasing or increasing the number of options being sought in the offer. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments
to the offer may be made at any time by public announcement of the amendment. In the case of an extension, the amendment must be issued no later than 9:00&nbsp;a.m., Eastern
Time, on the next business day after the last previously scheduled or announced expiration date. Any public announcement made under the offer will be disseminated promptly to option holders in a
manner reasonably designed to inform option holders of the change. Without limiting the manner in which we may choose to make a public announcement, except as required by applicable law, we have no
obligation to publish, advertise or otherwise communicate any public announcement other than by making a press release to the Dow Jones News Service. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we materially change the terms of the offer or the information concerning the offer, or if we waive a material condition of the offer, we will extend the offer to the extent required
by Rules&nbsp;13e-4(d)(2) and 13e-4(e)(3) under the Securities Exchange Act. These rules require that the minimum period during which an offer must remain open following
material changes in the terms of the offer or information concerning the offer, other than a change in price or a change in percentage of securities sought, will depend on the facts and circumstances,
including the relative materiality of the changed terms or information. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>34</FONT></P>

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<P><FONT SIZE=2><B>15.&nbsp;&nbsp;FEES AND EXPENSES.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not pay any fees or commissions to any broker, dealer or other person for soliciting tenders of options under this offer to exchange. </FONT></P>


<P><FONT SIZE=2><B>16.&nbsp;&nbsp;ADDITIONAL INFORMATION.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have filed with the SEC a Tender Offer Statement on Schedule TO, of which this offer to exchange is a part, with respect to the offer. This offer to exchange
does not contain all of the information
contained in the Schedule TO and the exhibits to the Schedule TO. We recommend that you review the Schedule TO, including its exhibits, and the following materials which we have filed with the SEC
before making a decision on whether to tender your options: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
registration statement on Form&nbsp;S-4 filed with the SEC on August&nbsp;2, 2001 under Rule&nbsp;424 of the Securities Act of 1933.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Our
annual report on Form&nbsp;10-K for the year ended December&nbsp;31, 2001.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Our
quarterly reports on Form&nbsp;10-Q for the quarters ended March&nbsp;31, 2002, June&nbsp;30, 2002, and September&nbsp;30, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Our
registration statement on Form&nbsp;S-8 (registering shares to be issued under the 1996 equity compensation plan) filed with the SEC on
November&nbsp;27, 2001. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
filings, our other annual, quarterly and current reports, our proxy statements and our other SEC filings may be examined, and copies may be obtained, at the SEC's public reference
room located at 450 Fifth Street, N.W., Washington, D.C. 20549. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may obtain information on the operation of the public reference room by calling the SEC at 1-800-SEC-0330. Our SEC filings are also available to
the public on the SEC's Internet site at http://www.sec.gov. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will also provide without charge to each person to whom a copy of this offer to exchange is delivered, upon his written or oral request, a copy of any or all of the documents to which
we have referred you, other than exhibits to those documents (unless the exhibits are specifically incorporated by reference into those documents). Requests should be directed to: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Attention:
Brenda Lazare<BR>
Tucows&nbsp;Inc.<BR>
96 Mowat Avenue<BR>
Toronto, ON M6K&nbsp;3M1<BR>
Canada<BR>
facsimile: (416)&nbsp;531-1257<BR>
e-mail: blazare@tucows.com </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>35</FONT></P>

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<P><FONT SIZE=2>or
by telephoning us at (416)&nbsp;538-5488 between the hours of 9:00&nbsp;a.m. and 5:00&nbsp;p.m., Eastern Time. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
you read the documents listed in this section&nbsp;16, you may find some inconsistencies in information from one document to another. Should you find inconsistencies between the
documents, or between a document and this offer to exchange, you should rely on the statements made in the most recent document. The information contained in this offer to exchange about Tucows should
be read with the information contained in the documents to which we have referred you. </FONT></P>

<P><FONT SIZE=2><B>17.&nbsp;&nbsp;FORWARD LOOKING STATEMENTS; MISCELLANEOUS.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain information contained in this offer is forward-looking information, which is subject to a number of substantial risks and uncertainties. Statements
contained in this offer that are not statements of historical fact may be considered to be forward-looking information. Words such as anticipates, believes, could, estimate, expect, intend, may,
might, should, will, and would and other forms of these words or similar words are intended to identify forward-looking information. Forward-looking statements are made only as of the date of this
offer or as of the date on which they were made. Our actual results could differ materially from those contained in forward-looking statements. Important factors known to us that could cause material
differences are discussed under the caption "Risk Factors" in the above mentioned filings. We undertake no obligation to publicly update or revise any forward-looking information, whether as a result
of new information, future events or otherwise. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are not aware of any jurisdiction where the making of the offer is not in compliance with applicable law. If we become aware of any jurisdiction where the making of the offer is not
in compliance with any valid applicable law, we will make a good faith effort to comply with that law. If, after a good faith effort, we cannot comply with that law, the offer will not be made to, nor
will tenders be accepted from or on behalf of, the option holders residing in that jurisdiction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>We have not authorized any person to make any recommendation on our behalf as to whether you should tender or refrain from tendering your options under the offer.
You should rely only on the information contained in this document or to which we have referred you. We have not authorized anyone to give you any information or to make any representations about the
offer other than the information and representations contained in this document or in the related election form. If anyone makes any recommendation or representation to you or gives you any other
information, you must not rely upon that recommendation, representation or information as having been authorized by us.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>36</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="la1002_schedule_a"> </A>
<A NAME="toc_la1002_1"> </A>
<BR></FONT><FONT SIZE=2><B>Schedule&nbsp;A    <BR>  </B></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="49%" ALIGN="LEFT"><FONT SIZE=1><B>Name<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="49%" ALIGN="CENTER"><FONT SIZE=1><B>Position</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
Erez Gissin</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
Robert F. Young</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
Lloyd N. Morrisett</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
Alan Lipton</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Director</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
Elliot Noss</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Director, President and Chief Executive Officer</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
Stanley Stern</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Chairman of the Board of Directors</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
Michael Cooperman</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Chief Financial Officer and Treasurer</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
Graham Morris</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Chief Operating Officer</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
Supriyo Sen</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Chief Technology Officer</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
Ann Elliott</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Vice President Human Resources</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
address of each director and executive officer is c/o Tucows&nbsp;Inc., 96 Mowat Avenue, Toronto, ON, M6K&nbsp;3M1, Canada. </FONT></P>

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<BR>
<P><br><A NAME="03PHI1002_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_ka1002_1">Exhibit (a)(1)(A)</A></FONT><BR>
</UL>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_kc1002_1">TABLE OF CONTENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ke1002_1">SUMMARY TERM SHEET</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ki1002_1">INTRODUCTION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ki1002_2">THE OFFER</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_la1002_1">Schedule A</A></FONT><BR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(1)(B)
<SEQUENCE>4
<FILENAME>a2100245zex-99_a1b.htm
<DESCRIPTION>EC-99.(A)(1)(B)
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#03PHI1002_3">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="ma1002_exhibit_(a)(1)(b)"> </A>
<A NAME="toc_ma1002_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit&nbsp;(a)(1)(B)    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ma1002_election_to_exchange"> </A>
<A NAME="toc_ma1002_2"> </A>
<BR></FONT><FONT SIZE=2><B>ELECTION TO EXCHANGE    <BR>  </B></FONT></P>

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<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>To:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="93%"><FONT SIZE=2>Tucows&nbsp;Inc.<BR>
96 Mowat Avenue<BR>
Toronto, ON M6K&nbsp;3M1<BR>
Canada<BR>
Attention: Brenda Lazare<BR>
Facsimile: (416)&nbsp;531-1257</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
have received and read the offer to exchange dated January&nbsp;7, 2003 and this election to exchange form. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms and conditions of the offer, I understand that I may elect to exchange my options to purchase shares of common stock, no par value per share, of Tucows that have an
exercise price of $0.91 per share or more in exchange for new options to purchase shares of Tucows common stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
understand and acknowledge that: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Tucows'
acceptance of the eligible options I have elected to exchange in the offer will constitute a binding agreement between Tucows and me upon the terms
and subject to the conditions of the offer and this election form. Upon Tucows' acceptance of the eligible options I have elected to exchange in the offer, the eligible options will be canceled, and I
will have no right to purchase stock under the terms and conditions of the canceled options after the date of Tucows' acceptance. All new options will be subject to the terms and conditions of Tucows
amended and restated 1996 equity compensation plan and a new stock option agreement between Tucows and me. I will receive a copy of the new stock option agreement when the new options are granted;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>under
the circumstances described in the offer to exchange, Tucows may terminate or amend the offer and postpone its acceptance and cancellation of any
options elected for exchange. If the offer is terminated, the eligible options that I have elected to exchange will not be accepted and will remain unchanged and stock option agreements will be
returned to me;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
new options will not be granted until on or promptly after the first trading day that is at least six months and one day after the date Tucows accepts
and cancels the eligible options tendered for exchange;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
exercise price of the new options will be equal to the closing price of Tucows common stock on the OTC Bulletin Board maintained by Nasdaq or any other
securities quotation system or exchange on which Tucows common stock is then quoted or listed on the replacement grant date. The exercise price may be higher than the exercise price of the eligible
options that I elect to exchange in the offer;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
new options will be subject to a vesting schedule designed to approximate the vesting schedule of the options that I tender for exchange;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
there is a merger, acquisition or similar transaction, Tucows may terminate my right to receive new options in exchange for my tendered options. If my
right to receive new options in exchange for the tendered options is terminated because of a merger, acquisition or similar transaction, I will not receive options to purchase securities of the
acquiror or any other consideration for my tendered options;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
receive the new options, I must remain an employee of Tucows or one of its subsidiaries from the date I elect to exchange eligible options through the
replacement grant date. If I am not an employee of Tucows or one of its subsidiaries on the replacement grant date, I will not receive </FONT></DD></DL>
</UL>
<HR NOSHADE>
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<A NAME="page_ma1002_1_2"> </A>
<UL>
<UL>

<P><FONT SIZE=2>any
new options or any other consideration for the eligible options that I elect to exchange and that are accepted for exchange; </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>all
options that I choose not to tender for exchange or that are not accepted for exchange, shall remain outstanding and retain their current exercise price
and vesting schedule;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
I attempt to tender options for part of a specific grant, but not all outstanding options for that grant, my tender of that entire grant will be rejected.
If I attempt to tender some of my options, but do not include all of the options granted to me after August&nbsp;7, 2002, including options with an exercise price below $0.91, my entire tender will
be rejected; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Tucows
has advised me to consult with my own advisors as to the consequences of participating or not participating in the offer. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
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<A NAME="page_ma1002_1_3"> </A>
<UL>
<UL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ma1002_election_to_exchange_1"> </A>
<A NAME="toc_ma1002_3"> </A>
<BR></FONT><FONT SIZE=2><B>ELECTION TO EXCHANGE    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions of the offer to exchange and this election form, I hereby elect to exchange the following eligible options: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="5%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="25%" ALIGN="CENTER"><FONT SIZE=1><B>Date of Eligible<BR>
Option Grant (1)<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="29%" ALIGN="CENTER"><FONT SIZE=1><B>Exercise Price<BR>
of Options Subject to Grant</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="35%" ALIGN="CENTER"><FONT SIZE=1><B>Total Number<BR>
of Outstanding Options<BR>
Subject to Grant(2)</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>2</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>4</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2>5</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="25%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="29%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="35%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>List
each eligible option grant on a separate line even if more than one eligible option was granted on the same grant date. If additional space is needed, please attach a separate
schedule containing the information in the table.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Provide
the total number of shares for which the option remains outstanding (i.e., the total number of shares for which the option has not been exercised) in this column. For each
grant you specify, you must elect to exchange all options covered under the grant, excluding those already exercised. Partial elections will not be accepted. </FONT></DD></DL>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
must complete and sign the following exactly as your name appears on the stock option agreement(s) evidencing the eligible options you are electing to exchange. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="47%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="50%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%" VALIGN="CENTER"><BR><HR NOSHADE><FONT SIZE=2> Signature of Option Holder</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="CENTER"><FONT SIZE=2>Date: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2003</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="47%" VALIGN="CENTER"><BR><HR NOSHADE><FONT SIZE=2> Print Name</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="50%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
signing and returning the election form, I represent and warrant to Tucows: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>I
have full power and authority to elect to exchange the eligible options elected for exchange. When the eligible options are accepted for exchange by
Tucows, they will be free and clear of all security interests, liens, restrictions, charges, encumbrances, conditional sales agreements or other obligations relating to the sale or transfer of them,
other than under the applicable stock option agreement(s). The eligible options will not be subject to any adverse claims.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>upon
request, I will execute and deliver any additional documents determined by Tucows to be necessary or desirable to complete the exchange of the eligible
options I am electing to exchange. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
you have completed, signed and dated the election form, detach and return pages 1-3, together with your original stock option agreement or agreements with respect to any
eligible option grants that you elect to exchange, to the following address no later than February&nbsp;4, 2003: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Tucows&nbsp;Inc.<BR>
96 Mowat Avenue<BR>
Toronto, ON M6K&nbsp;3M1<BR>
Attention: Brenda Lazare<BR>
Facsimile: (416)&nbsp;531-1257 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
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<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="mc1002_instructions"> </A>
<A NAME="toc_mc1002_1"> </A>
<BR></FONT><FONT SIZE=2><B>Instructions    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="mc1002_forming_part_of_the_terms_and_conditions_of_the_offer"> </A>
<A NAME="toc_mc1002_2"> </A></FONT> <FONT SIZE=2><B>Forming Part of the Terms and Conditions of the Offer    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>Delivery of Election Form</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;You must deliver a properly completed and signed original
or facsimile copy of this election form, together with your stock option agreement(s) with respect to any eligible option grants that you elect to exchange, to Tucows at the address on the front cover
of this election form on or before February&nbsp;4, 2003. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The method by which you can deliver any required document is at your option and risk, and the delivery will be made only when actually received by Tucows. If you
elect to deliver your documents by mail, we recommend that you use registered mail with return receipt requested. In all cases, you should allow sufficient time to ensure timely
delivery.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may withdraw any eligible options you have elected to exchange at any time before February&nbsp;4, 2003. If we extend the offer beyond that time, you may withdraw your eligible
options at any time until the extended expiration of the offer. In addition, unless we accept the options you have elected to tender before 12:00 midnight, Eastern Time, on March&nbsp;5, 2003, you
may withdraw your options at any time after March&nbsp;5, 2003 until they are accepted and canceled. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
withdraw eligible options you must deliver a written notice of withdrawal with the required information to Tucows while you still have the right to withdraw the eligible options you
tendered. Withdrawals may not be rescinded, and once you have withdrawn your options you may not retender them. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tucows
will not accept any alternative, conditional or contingent elections. By execution of this election form, you waive any right to receive any notice of the acceptance of your
election, except as provided for in the offer to exchange. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Inadequate Space</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;If you do not have enough space to provide the requested information, please provide any
additional information on a separate schedule and attach it to your election form. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Election to Exchange</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;If you elect to exchange any eligible options, you must complete the table on page 3 of
the election form by providing the following information for each eligible option grant that you elect to exchange: date of grant, exercise price and total number of shares which remain subject to the
eligible option grant. You may elect to exchange all, some or none of your eligible options grants. You may not elect to exchange less than the entire outstanding portion of a particular eligible
option grant. If you elect to exchange any eligible options, you must exchange all of the options granted to you after August&nbsp;7, 2002, including options with an exercise price below $0.91, or
your entire tender will be rejected. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[For
example, if you received (i)&nbsp;one option to purchase 10,000 shares at $2.21 per share on June&nbsp;6, 2000, of which you have exercised 2,500 options and
received common stock therefor and (ii)&nbsp;a second option to purchase 10,000 shares at $0.44 per share on August&nbsp;12, 2002, none of which have been exercised and you elect to exchange all
your outstanding eligible options, you would complete the table as follows:] </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="3%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="30%" ALIGN="CENTER"><FONT SIZE=1><B>Date of Eligible<BR>
Option Grant</B></FONT><HR NOSHADE></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Exercise Price<BR>
of Options Subject to Grant</B></FONT><HR NOSHADE></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="26%" ALIGN="CENTER"><FONT SIZE=1><B>Total Number<BR>
of Shares<BR>
Subject to Grant</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><B>1</B></FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="30%" ALIGN="RIGHT"><FONT SIZE=2>June 6, 2000</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2>2.21</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2>7,500</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><B>2</B></FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="30%" ALIGN="RIGHT"><FONT SIZE=2>August 12, 2002</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2>0.44</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2>10,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><B>3</B></FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><B>4</B></FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2><B>5</B></FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Signatures on Election to Exchange</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;This election form must be signed by the holder of the eligible options
and the signature must correspond with the name as written on the face of the stock </FONT></P>

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<BR>

<P><FONT SIZE=2>
option agreement or agreements to which the eligible options are subject without alteration, enlargement or any change. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Requests for Assistance or Additional Copies</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Please direct any questions or requests for assistance, as well
as requests for additional copies of the offer to exchange or this election form to Brenda Lazare, by telephone at (416)&nbsp;538-5488 or by mail to Tucows&nbsp;Inc., 96 Mowat Avenue,
Toronto ON M6K&nbsp;3M1, Canada, Attention: Brenda Lazare or by email at blazare@tucows.com. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Irregularities</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Tucows will determine, in its discretion, all questions as to the form of documents and the
validity, form, eligibility (including time of receipt), and acceptance of any election to exchange, and all questions as to the number of shares subject to eligible options or to be subject to new
options. Tucows determination of these matters will be final and binding on all parties. Tucows reserves the right to reject any or all elections to exchange eligible options it determines does not
comply with the conditions of the offer, not to be in proper form or the acceptance of which, in the opinion of Tucows' counsel, may be unlawful. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tucows
also reserves the right to waive any of the conditions of the offer or any defect or irregularity in the election with respect to any particular eligible options or any particular
option holder, and its interpretation of the terms of the offer (including these instructions) will be final and binding on all parties. No election to exchange eligible options will be considered to
be properly made until all defects and irregularities have been cured by the option holder or waived by Tucows. Unless waived, any defects or irregularities with elections must be cured within such
time as Tucows shall determine. Neither Tucows nor any other person is or will be obligated to give notice of any defects or irregularities in elections to exchange, and no person will incur any
liability for failure to give any such notice. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Important Tax Information</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;You should refer to Section&nbsp;13 of the offer to exchange beginning on page
30, which contains important tax information. Tucows advises you to consult with your tax adviser with respect to the tax consequences of electing to exchange your eligible options. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Special considerations may apply to employees located outside of the United States or Canada. In some countries, the application of local taxation rules may have
an impact upon the re-grant. If you are an employee based outside of the United States or Canada, we recommend that you consult with your own tax advisor to determine the tax consequences
of the offer under the laws of the country in which you live and work.</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </FONT></P>

<HR NOSHADE>
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<BR>
<P><br><A NAME="03PHI1002_3">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_ma1002_1">Exhibit (a)(1)(B)</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_ma1002_2">ELECTION TO EXCHANGE</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ma1002_3">ELECTION TO EXCHANGE</A></FONT><BR>

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<FONT SIZE=2><A HREF="#toc_mc1002_1">Instructions</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_mc1002_2">Forming Part of the Terms and Conditions of the Offer</A></FONT><BR>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(1)(C)
<SEQUENCE>5
<FILENAME>a2100245zex-99_a1c.htm
<DESCRIPTION>EX-99.(A)(1)(C)
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#03PHI1002_4">QuickLinks</A></FONT>
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="me1002_exhibit_(a)(1)(c)"> </A>
<A NAME="toc_me1002_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit&nbsp;(a)(1)(C)    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>[Tucows Letterhead]  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As you may be aware, many of our outstanding options grants have exercise (or strike) prices that are significantly higher than the current market price of our
common stock. Our Board of Directors is concerned that, for those employees who received option grants with strike prices reflecting these high valuations, we are not creating a meaningful
long-term performance incentive. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result, I am pleased to announce that our Board has approved a voluntary stock option exchange program for our employees. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exchange program will offer employees who hold stock options with an exercise price of $0.91 or higher the opportunity to exchange these options for new options to be granted
approximately 6&nbsp;months and one day from the expiration of the offer. The grant date for new options is anticipated to be on August&nbsp;5, 2003. The number of new options will be equal to the
number of shares subject to options tendered by each eligible option holder and accepted for exchange by us. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eligible
employees will have until <U>February&nbsp;4, 2003</U>, to elect to participate in the program. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached
are the offer documents relating to this program. Please read through these documents very carefully to learn about the terms and features of the program. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
note that neither Tucows nor anyone acting on behalf of Tucows is making a recommendation to you as to whether or not you should participate in the option exchange. Each employee
must make his or her own decision. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brenda
Lazare, our General Counsel, will be available to answer any questions that you may have about the program. Brenda can be reached by telephone at (416)&nbsp;538-5488
or by e-mail at blazare@tucows.com. </FONT></P>

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<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>Thank you,</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
Elliot Noss<BR>
President&nbsp;&amp; Chief Executive Officer</FONT></TD>
</TR>
</TABLE>
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<P><br><A NAME="03PHI1002_4">QuickLinks</A><br></P><!-- TOC_BEGIN -->
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<FONT SIZE=2><A HREF="#toc_me1002_1">Exhibit (a)(1)(C)</A></FONT><BR>
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<DOCUMENT>
<TYPE>EX-99.(D)(1)
<SEQUENCE>6
<FILENAME>a2100245zex-99_d1.htm
<DESCRIPTION>EX-99(D)(1)
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
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<FONT SIZE=3 ><A HREF="#03PHI1002_5">QuickLinks</A></FONT>
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="mg1002_exhibit_(d)(1)"> </A>
<A NAME="toc_mg1002_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit&nbsp;(d)(1)    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="mg1002_tucows_inc._amended_and_restat__tuc02265"> </A>
<A NAME="toc_mg1002_2"> </A></FONT> <FONT SIZE=2><B>TUCOWS&nbsp;INC.<BR>  AMENDED AND RESTATED<BR>  1996 EQUITY COMPENSATION PLAN    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Amended and Restated as of August&nbsp;28, 2001  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of the Tucows&nbsp;Inc. Amended and Restated 1996 Equity Compensation Plan (the "Plan") is to provide (i)&nbsp;designated officers (including
officers who are also directors) and other employees of Tucows&nbsp;Inc., a Pennsylvania corporation formerly known as Infonautics,&nbsp;Inc. (the "Company") and its subsidiaries,
(ii)&nbsp;non-employee members of the board of directors of the Company (the "Board"), and (iii)&nbsp;independent contractors and consultants who perform valuable services for the
Company or its subsidiaries, with the opportunity to receive grants of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock and performance units. The
Company believes that the Plan will cause the participants to contribute materially to the growth of the Company, thereby benefiting the Company's shareholders, and will align the economic interests
of the participants with those of the shareholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
August&nbsp;28, 2001, under the terms of an agreement and plan of merger among the Company (then named Infonautics,&nbsp;Inc.), a wholly-owned subsidiary of the Company and
Tucows&nbsp;Inc., a Delaware corporation ("Tucows Delaware"), the wholly-owned subsidiary of the Company merged with and into Tucows Delaware with Tucows Delaware surviving and becoming a
wholly-owned subsidiary of the Company (the "Merger"). On August&nbsp;29, 2001, the Company changed its name to Tucows&nbsp;Inc. In connection with the Merger, the rights and obligations relating
to outstanding options originally granted under the Tucows Delaware Amended and Restated 1999 Stock Option Plan (the "Tucows Plan") have been assigned to and assumed by this Plan and shall be
satisfied under this Plan. Also in connection with the Merger, the name of this Plan was changed to the Tucows&nbsp;Inc. Amended and Restated 1996 Equity Compensation Plan. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2><I>Administration</I></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Plan shall be administered and interpreted by a committee (the "Committee"), which shall consist of two or more persons appointed by the Board, all of whom shall be
"non-employee directors" as defined under Rule&nbsp;16b-3 under the Securities Exchange Act of 1934 (the "Exchange Act") and "outside directors" as defined under
section&nbsp;162(m) of the Internal Revenue Code of 1986, as amended (the "Code") and related Treasury regulations. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall have the sole authority to (i)&nbsp;determine the individuals to whom grants shall be made under the Plan, (ii)&nbsp;determine the type, size and terms of the
grants to be made to each such individual, (iii)&nbsp;determine the time when the grants will be made and the duration of any applicable exercise or restriction period, including the criteria for
vesting and the acceleration of vesting and (iv)&nbsp;deal with any other matters arising under the Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee shall have full power and authority to administer and interpret the Plan, to make factual determinations and to adopt or amend such rules, regulations, agreements and
instruments for implementing the Plan and for the conduct of its business as it deems necessary or advisable, in its sole discretion. The Committee's interpretations of the Plan and all determinations
made by the Committee pursuant to the powers vested in it hereunder shall be conclusive and binding on all persons having any interests in the Plan or in any grants hereunder. All powers of the
Committee shall be executed in its sole discretion, in the best interest of the Company and in keeping with the objectives of the Plan and need not be uniform as to similarly situated individuals. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2><I>Grants</I></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentives
under the Plan shall consist of grants of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock and performance units (hereinafter
collectively referred to as "Grants"). All Grants shall be subject to the terms and conditions set forth herein and to those other terms and conditions consistent with this Plan as the Committee deems
appropriate and as </FONT></P>

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are specified in writing by the Committee to the individual (the "Grant Instrument"). The Committee shall approve the form and provisions of each Grant Instrument. Grants under a particular section
of the Plan need not be uniform as among the grantees. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2><I>Shares Subject to the Plan</I></FONT></DD></DL>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the adjustment specified below, the aggregate number of shares of Common Stock of the Company (the "Company Stock") that may be issued or
transferred under the Plan is 10,000,000 shares. Notwithstanding anything in the Plan to the contrary, the maximum aggregate number of shares of Company Stock that shall be subject to Grants of stock
options or stock appreciation rights made under the Plan to any one individual during any calendar year shall be 250,000. The shares may be authorized but unissued shares of Company Stock or
reacquired shares of Company Stock, including shares purchased by the Company on the open market for purposes of the Plan. If and to the extent options granted under the Plan terminate, expire, or are
cancelled, forfeited, exchanged or surrendered without having been exercised or if any shares of restricted stock are forfeited, the shares subject to such Grants shall again be available for purposes
of the Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If
there is any change in the number or kind of shares of Company Stock outstanding by reason of a stock dividend, a recapitalization, stock split, a
combination or exchange of shares, or merger, reorganization or consolidation in which the Company is the surviving corporation, a reclassification or change in par value or by reason of any other
extraordinary or unusual events affecting the outstanding Company Stock as a class without the Company's receipt of consideration, or if the value of outstanding shares of Company Stock is
substantially reduced due to the Company's payment of an extraordinary dividend or distribution, the maximum number of shares of Company Stock available for Grants, the maximum number of shares of
Company Stock that may be subject to Grants of stock options or stock appreciation rights to any one individual under the Plan in any calendar year, the number of shares covered by outstanding Grants,
and the price per share or the applicable market value of such Grants shall be proportionately adjusted by the Committee to reflect any increase or decrease in the number or kind of issued shares of
Company Stock to preclude the enlargement or dilution of rights and benefits under such Grants; provided, however, that any fractional shares resulting from such adjustment shall be eliminated. For
purposes of this Section&nbsp;3(b), "shares of Company Stock" and "shares" include referenced shares with respect to stock appreciation rights or, to the extent applicable, performance units. The
adjustments determined by the Committee shall be final, binding and conclusive. Notwithstanding the foregoing, no adjustment shall be authorized or made pursuant to this Section to the extent that
such authority or adjustment would cause any incentive stock option to fail to comply with section&nbsp;422 of the Code. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;As
a result of the Merger, the rights and obligations relating to outstanding options originally granted under the Tucows Plan ("Assumed Options") have
been assigned to and assumed by this Plan. Accordingly, Company Stock authorized for issuance under the Plan shall be used to satisfy the exercise of Assumed Options. The terms and conditions
contained in the grant agreements for Assumed Options shall continue to govern the Assumed Options to the extent not inconsistent with this Plan; provided, however, the terms and conditions of this
Plan are not intended to terminate any terms or provisions of the grant agreements for the Assumed Options that are beneficial to the holders of the Assumed Options. The exercise price per share of an
Assumed Option shall be equal to the per share exercise price of such Assumed Option divided by the exchange ratio of Tucows Delaware common stock to the Company common stock applied in connection
with the Merger subject to the adjustments described in Section&nbsp;3(b) of this Plan. The number of shares underlying an Assumed Option shall be equal to the number of shares of Tucows Delaware
common stock originally underlying the Assumed Option multiplied by the exchange ratio of Tucows Delaware common stock to the Company common stock applied in connection with the Merger, subject to the
adjustments described in Section&nbsp;3(b) of this Plan. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2><I>Eligibility for Participation</I></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
employees of the Company and its subsidiaries ("Employees"), including Employees who are officers or members of the Board, shall be eligible to participate in the Plan. All members
of the Board who are not employees of the Company or any of its subsidiaries ("Non-Employee Directors") shall be eligible only to receive nonqualified stock options pursuant to
Section&nbsp;6. Any independent contractors or consultants who perform valuable services to the Company or any of its subsidiaries ("Consultants") shall be eligible to participate in the Plan, but
shall not be eligible to receive incentive stock options. The Committee shall select the Employees and Consultants to receive Grants and determine the number of shares of Company Stock subject to a
particular Grant in such manner as the Committee determines. (Employees and Consultants who receive Grants under this Plan shall hereinafter be referred to as "Grantees".) </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing
contained in this Plan shall be construed to (i)&nbsp;limit the right of the Committee to make Grants under this Plan in connection with the acquisition, by purchase, lease,
merger, consolidation or otherwise, of the business or assets of any corporation, firm or association, including options granted to employees thereof who become Employees, or for other proper
corporate purpose, or (ii)&nbsp;limit the right of the Company to grant stock options or make other awards outside of this Plan. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD><FONT SIZE=2><I>Granting of Options</I></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Number of Shares</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Committee, in its sole discretion, shall determine the number of shares
of Company Stock that will be subject to each Grant of stock options. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Type of Option and Price</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Committee may grant options intended to qualify as "incentive
stock options" within the meaning of section&nbsp;422 of the Code ("Incentive Stock Options") or options which are not intended to so qualify ("Nonqualified Stock Options") or any combination of
Incentive Stock Options and Nonqualified Stock Options (hereinafter collectively the "Stock Options"), all in accordance with the terms and conditions set forth herein. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
purchase price of Company Stock subject to a Stock Option shall be determined by the Committee and may be equal to, greater than, or less than the Fair Market Value (as defined
below) of a share of such Company Stock on the date such Stock Option is granted; provided, however, that the purchase price of Company Stock subject to an Incentive Stock Option shall be equal to, or
greater than, the Fair Market Value of a share of such Company Stock on the date such Stock Option is granted. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Company Stock is traded in a public market, then the "Fair Market Value" per share shall be the last reported sale price thereof on the relevant date or (if there were no trades
on that date) the latest preceding date upon which a sale was reported. If the Company Stock is not traded in a public market, the "Fair Market Value" per share shall be as determined by the
Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Option Term</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall determine the term of each Stock Option. The term of any
Stock Option shall not exceed ten years from the date of grant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Exercisability of Options</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;Stock Options shall become exercisable in accordance with the terms
and conditions determined by the Committee, in its sole discretion, and specified in the Grant Instrument. The Committee, in its sole discretion, may accelerate the exercisability of any or all
outstanding Stock Options at any time for any reason. In addition, all outstanding Stock Options automatically shall become fully and immediately exercisable upon a Change of Control (as defined
herein) in accordance with the provisions of Sections 11 and 12. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Manner of Exercise</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;&nbsp;&nbsp;A Grantee may exercise a Stock Option which has become exercisable, in
whole or in part, by delivering a notice of exercise to the Committee (in a form established by the Committee) with accompanying payment of the option price in accordance with Subsection
(g)&nbsp;below. Such notice may instruct the Company to deliver shares of Company Stock due upon the exercise of </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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the Stock Option to any registered broker or dealer designated by the Committee ("Designated Broker") in lieu of delivery to the Grantee. Such instructions must designate the account into which the
shares are to be deposited. The Grantee may tender a notice of exercise, which has been properly executed by the Grantee and the aforementioned delivery instructions to any Designated Broker. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Termination of Employment, Disability or Death.</I></FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;In
the event that a Grantee ceases to be an Employee or a Consultant, as the case may be, of the Company for any reason other than a "disability", death, or "termination
for cause", any Stock Option which is otherwise exercisable by the Grantee shall terminate unless exercised within 90&nbsp;days of the date on which the Grantee ceases to be an Employee or
Consultant of the Company (or within such other period of time as may be specified in the Grant Instrument), but in any event no later than the date of expiration of the option term. Any of the
Grantee's Stock Options which are not otherwise exercisable as of the date on which the Grantee ceases to be an Employee or Consultant of the Company shall terminate as of such date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;In
the event the Grantee ceases to be an Employee or Consultant of the Company on account of a "termination for cause" by the Company, any Stock Option held by the
Grantee shall terminate as of the date the Grantee ceases to be an Employee or Consultant of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;In
the event the Grantee ceases to be an Employee or Consultant of the Company because the Grantee suffers a "disability", any Stock Option which is otherwise
exercisable by the Grantee shall terminate unless exercised within one year of the date on which the Grantee ceases to be an Employee or Consultant of the Company (or within such other period of time
as may be specified in the Grant Instrument), but in any event no later than the date of expiration of the option term. Any of the Grantee's Stock Options which are not otherwise exercisable as of the
date on which the Grantee ceases to be an Employee or Consultant shall terminate as of such date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;In
the event of the death of the Grantee while the Grantee is an Employee or Consultant of the Company or within not more than 90&nbsp;days of the date on which the
Grantee ceases to be an Employee or Consultant of the Company on account of a termination of employment specified in Section&nbsp;5(f)(i)&nbsp;(or within such other period of time as may be
specified in the Grant Instrument), any Stock Option which is otherwise exercisable by the Grantee shall terminate unless exercised within one year of the date on which the Grantee ceases to be an
Employee or Consultant of the Company (or within such other period of time as may be specified in the Grant Instrument), but in any event no later than the date of expiration of the option term. Any
of the Grantee's Stock Options which are not otherwise exercisable as of the date on which the Grantee ceases to be an Employee or Consultant shall terminate as of such date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this Section&nbsp;5(f), the term "Company" shall include the Company's subsidiaries and the following terms shall be defined as follows:
(A)&nbsp;"disability" shall mean a Grantee's becoming disabled within the meaning of Section&nbsp;22(e)(3) of the Code and (B)&nbsp;"termination for cause" shall mean, except to the extent
otherwise provided in a Grantee's Grant Instrument, a finding by the Committee, after full consideration of the facts presented on behalf of both the Company and the Grantee, that the Grantee has
breached his or her employment or service contract with the Company, or has been engaged in disloyalty to the Company, including, without limitation, fraud, embezzlement, theft, commission of a felony
or proven dishonesty in the course of his or her employment or service, or has disclosed trade secrets or confidential information of the Company. In such event, in addition to the immediate
termination of the Stock Option, the Grantee shall automatically forfeit all option shares for any exercised portion of a Stock Option for which the Company has not yet delivered the share
certificates upon refund by the Company of the option price. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Satisfaction of Option Price.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Grantee shall pay the option price specified in the Grant
Instrument in (i)&nbsp;cash, (ii)&nbsp;with the approval of the Committee, by delivering shares of Company Stock owned by the Grantee (including Company Stock acquired in connection with the
exercise of a Stock Option, subject to such restrictions as the Committee deems appropriate) and having a Fair Market Value on the date of exercise equal to the option price or (iii)&nbsp;through
any combination of (i)&nbsp;and (ii). The Grantee shall pay the option price and the amount of withholding tax due, if any, at the time of exercise. Shares of
Company Stock shall not be issued or transferred upon exercise of a Stock Option until the option price is fully paid and any required withholding is made. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Election to Withhold Shares.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Grantees may make an election to satisfy the Company income tax
withholding obligation with respect to a Stock Option by having shares withheld up to an amount that does not exceed the Grantee's minimum withholding tax rate for federal (including FICA), state and
local tax liabilities. Such election must be in the form and manner prescribed by the Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Limits on Incentive Stock Options.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Incentive Stock Option shall provide that, to the extent that the
aggregate Fair Market Value of the Company Stock on the date of the grant with respect to which Incentive Stock Options are exercisable for the first time by a Grantee during any calendar year under
the Plan or any other stock option plan of the Company exceeds $100,000, then such option as to the excess shall be treated as a Nonqualified Stock Option. An Incentive Stock Option shall not be
granted to any participant who is not an Employee of the Company or any "subsidiary" within the meaning of section&nbsp;424(f) of the Code. An Incentive Stock Option shall not be granted to any
Employee who, at the time of grant, owns stock possessing more than 10&nbsp;percent of the total combined voting power of all classes of stock of the Company or any "parent" or "subsidiary" of the
Company within the meaning of section&nbsp;424(e) and (f)&nbsp;of the Code, unless the option price per share is not less than 110% of the Fair Market Value of Company Stock on the date of grant
and the option exercise period is not more than five years from the date of grant. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD><FONT SIZE=2><I>Formula Option Grants to Non-Employee Directors; Grants to Committee Members</I></FONT></DD></DL>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
Non-Employee Director or a member of a committee of the Board (a "Committee Member") shall be entitled to receive Nonqualified Stock Options in accordance with this
Section&nbsp;6. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Initial Grant.</I></FONT><FONT SIZE=2> Each Non-Employee Director who is a member of the Board on the effective date of this Plan (as
specified in Section&nbsp;20) will receive a grant of a Nonqualified Stock Option to purchase 15,000 shares of Company Stock as of such date. Each Non-Employee Director who first becomes
a member of the Board after the effective date of this Plan (as specified in Section&nbsp;20), will receive a grant of a Nonqualified Stock Option to purchase 15,000 shares of Company Stock
immediately upon the date he or she becomes a member of the Board. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Committee Member on the effective date of this Plan (as specified in Section&nbsp;20) will receive a grant of a Nonqualified Stock Option to purchase 10,000 shares of Company
Stock with respect to each committee such Committee Member sits on as of such date. Each Committee Member who first becomes a Committee Member after the effective date of this Plan (as specified in
Section&nbsp;20), will receive a grant of a Nonqualified Stock Option to purchase 10,000 shares of Company Stock with respect to each committee such Committee Member sits on immediately upon the
date he or she becomes a Committee Member. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Annual Grants.</I></FONT><FONT SIZE=2> On each date that the Company holds its annual meeting of shareholders, commencing with the 2002 calendar
year, each Non-Employee Director in office both immediately before and after the annual election of directors will receive a grant of a Nonqualified Stock Option to purchase 5,000 shares
of Company Stock. The date of grant of such annual Grants shall be the date of such annual meeting of shareholders. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2><A
NAME="page_mi1002_1_6"> </A> </FONT> <FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On each date that the Company holds its annual meeting of shareholders, commencing with the 2002 calendar year, each Committee Member in office both immediately before and after the
annual election of directors will receive a grant of a Nonqualified Stock Option to purchase 5,000 shares of Company Stock with respect to each committee such Committee Member sits on as of such date.
The date of grant of such annual Grants shall be the date of such annual meeting of shareholders. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Option Price.</I></FONT><FONT SIZE=2> The purchase price per share of Company Stock subject to a Stock Option granted under this Section&nbsp;6
shall be equal to the Fair Market Value of a share of Company Stock on the date of grant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Option Term.</I></FONT><FONT SIZE=2> The term of each Stock Option granted pursuant to this Section&nbsp;6 shall be five years. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Exercisability.</I></FONT><FONT SIZE=2> Options granted under this Section&nbsp;6 shall be fully and immediately exercisable upon the date of
grant. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Administration.</I></FONT><FONT SIZE=2> The provisions of this Section&nbsp;6 are intended to operate automatically and not require
administration. However, to the extent that administrative determinations are required, the provisions of this Section&nbsp;6 shall be made by the members of the Board who are not eligible to
receive grants under this Section&nbsp;6, but in no event shall such determinations affect the eligibility of Grantees, the determination of the exercise price, the timing of the grants or the
number of shares of Company Stock subject to Stock Options granted hereunder. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Applicability of Plan Provisions.</I></FONT><FONT SIZE=2> Except as otherwise provided in, and not inconsistent with, this Section&nbsp;6, the
Nonqualified Stock Options granted to Non-Employee Directors and Committee Members shall be subject to the provisions of this Plan applicable to Nonqualified Stock Options granted to other
persons. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.</FONT></DT><DD><FONT SIZE=2><I>Restricted Stock Grants</I></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Committee may issue or transfer shares of Company Stock to an Employee or Consultant under a Grant (a "Restricted Stock Grant"), upon such terms as the Committee deems appropriate.
The following provisions are applicable to Restricted Stock Grants: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>General Requirements.</I></FONT><FONT SIZE=2> Shares of Company Stock issued pursuant to Restricted Stock Grants may be issued for cash
consideration or for no cash consideration, at the sole discretion of the Committee. The Committee shall establish conditions under which restrictions on the transfer of shares of Company Stock shall
lapse over a period of time or according to such other criteria as the Committee deems appropriate. The period of years during which the Restricted Stock Grant will remain subject to restrictions will
be designated in the Grant Instrument as the "Restriction Period." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Number of Shares.</I></FONT><FONT SIZE=2> The Committee shall grant to each Grantee a number of shares of Company Stock pursuant to a Restricted
Stock Grant in such manner as the Committee determines. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Termination of Employment or Services.</I></FONT><FONT SIZE=2> If the Grantee's employment or service with the Company terminates during a period
designated in the Grant Instrument as the Restriction Period, or if other specified conditions are not met, the Restricted Stock Grant shall terminate as to all shares covered by the Grant as to which
restrictions on transfer have not lapsed, and those shares of Company Stock must be immediately returned to the Company. The Committee may, however, provide for complete or partial exceptions to this
requirement as it deems equitable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Restrictions on Transfer and Legend on Stock Certificate.</I></FONT><FONT SIZE=2> During the Restriction Period, a Grantee may not sell, assign,
transfer, pledge or otherwise dispose of the shares of Company Stock to which such Restriction Period applies except to a Successor Grantee (as defined in Section&nbsp;10). Each certificate for a
share issued or transferred under a Restricted Stock Grant shall contain a legend giving appropriate notice of the restrictions in the Grant. The Grantee shall be entitled to have the legend </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<P><FONT SIZE=2>
removed from the stock certificate or certificates covering any of the shares subject to restrictions when all restrictions on such shares have lapsed. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Right to Vote and to Receive Dividends.</I></FONT><FONT SIZE=2> During the Restriction Period, unless the Committee determines otherwise, the
Grantee shall have the right to vote shares subject to the Restricted Stock Grant and to receive any dividends paid on such shares, subject to such restrictions as the Committee deems appropriate. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Lapse of Restrictions.</I></FONT><FONT SIZE=2> All restrictions imposed under the Restricted Stock Grant shall lapse upon the expiration of the
applicable Restriction Period and the satisfaction of any conditions imposed by the Committee. The Committee may determine, as to any or all Restricted Stock Grants, that all the restrictions shall
lapse without regard to any Restriction Period. All restrictions under all outstanding
Restricted Stock Grants shall automatically and immediately lapse upon a Change of Control, unless the Committee determines otherwise. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Election to Withhold Shares.</I></FONT><FONT SIZE=2> Grantees may make an election to satisfy the Company's income tax withholding obligation
with respect to a Restricted Stock Grant by having shares withheld up to an amount that does not exceed the participant's minimum withholding tax rate for federal (including FICA), state and local tax
liabilities. Such election must be in the form and manner prescribed by the Committee. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>8.</FONT></DT><DD><FONT SIZE=2><I>Stock Appreciation Rights</I></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>General Requirements.</I></FONT><FONT SIZE=2> The Committee may grant stock appreciation rights ("SARs") to any Grantee in tandem with any Stock
Option, for all or a portion of the applicable Stock Option, either at the time the Stock Option is granted or at any time thereafter while the Stock Option remains outstanding; provided, however,
that in the case of an Incentive Stock Option, such rights may be granted only at the time of the Grant of such Stock Option. Unless the Committee determines otherwise, the base price of each SAR
shall be equal to the greater of (i)&nbsp;the exercise price of the related Stock Option or (ii)&nbsp;the Fair Market Value of a share of Company Stock as of the date of Grant of such SAR. A SAR
is exercisable only during the period when the Stock Option to which it is related is also exercisable. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Number of SARs.</I></FONT><FONT SIZE=2> The number of SARs granted to a Grantee which shall be exercisable during any given period of time shall
not exceed the number of shares of Company Stock which the Grantee may purchase upon the exercise of the related Stock Option during such period of time. Upon the exercise of a Stock Option, the SARs
relating to the Company Stock covered by such Stock Option shall terminate. Upon the exercise of SARs, the related Stock Option shall terminate to the extent of an equal number of shares of Company
Stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Value of SARs.</I></FONT><FONT SIZE=2> Upon a Grantee's exercise of some or all of the Grantee's SARs, the Grantee shall receive in settlement of
such SARs an amount equal to the value of the stock appreciation for the number of SARs exercised, payable in cash, Company Stock or a combination thereof. The stock appreciation for a SAR is the
difference between the base price of the SAR as described in subsection (a)&nbsp;and the Fair Market Value of the underlying Company Stock on the date of exercise of such SAR. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Form of Payment.</I></FONT><FONT SIZE=2> At the time of such exercise, the Grantee shall have the right to elect the portion of the amount to be
received that shall consist of cash and the portion that shall consist of Company Stock, which for purposes of calculating the number of shares of Company Stock to be received, shall be valued at
their Fair Market Value on the date of exercise of such SARs. The Committee shall have the right in its sole discretion to disapprove a Grantee's election to receive cash in full or partial settlement
of the SARs exercised and to require that shares of Company Stock be delivered in lieu of cash. If shares of Company Stock are to be received upon exercise of a SAR, cash shall be delivered in lieu of
any fractional share. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>9.</FONT></DT><DD><FONT SIZE=2><I>Performance Units</I></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>General Requirements.</I></FONT><FONT SIZE=2> The Committee may grant performance units ("Performance Units") to any Grantee. Each Performance
Unit shall represent the right of a Grantee to receive an amount equal to the value of the Performance Unit, determined in the manner established by the Committee at the time of grant. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Performance Period.</I></FONT><FONT SIZE=2> At the time of grant of each Performance Unit, the Committee shall establish a performance period
during which performance shall be measured ("Performance Period"). There may be more than one grant in existence at any one time, and Performance Periods may differ. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Performance Goals.</I></FONT><FONT SIZE=2> Prior to the beginning of a Performance Period, the Committee shall establish in writing performance
goals for the Company and its various operating units ("Performance Goals"). The Performance Goals will be comprised of specified levels of one or more performance criteria as the Committee may deem
appropriate such as: earnings per share, net earnings, operating earnings, unit volume, net sales, market share, balance sheet measurements, cash return on assets, shareholder return, or return on
capital. The Committee may disregard or offset the effect of any special charges or gains or cumulative effect of a change in accounting in determining the attainment of Performance Goals. Awards of
Performance Units may also be payable when Company performance, as measured by one or more of the above criteria, as compared to peer companies, meets or exceeds an objective target established by the
Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Performance Measures.</I></FONT><FONT SIZE=2> Performance Units shall be granted to a Grantee contingent upon the attainment of Performance Goals
in accordance with Section&nbsp;9(c). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Performance Unit Value.</I></FONT><FONT SIZE=2> Each Performance Unit shall have a maximum dollar value established by the Committee at the time
of the grant. Performance Units earned will be determined by the Committee in respect of a Performance Period in relation to the degree of attainment of Performance Goals. The measure of a Performance
Unit may, in the Committee's discretion, be equal to the Fair Market Value of a share of Company Stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Grant Criteria. In determining the number of Performance Units to be granted to any Grantee, the Committee shall take into account the Grantee's
responsibility level, performance, potential, cash compensation level, other incentive awards, and such other considerations as it deems appropriate.  </I></FONT></P>

<P><FONT SIZE=2><I> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;Announcement of Grants.</I></FONT><FONT SIZE=2> The Committee shall certify and announce the results for each Performance Period to all Grantees immediately following
the announcement of the Company's financial results for the Performance Period and the filing of its Form&nbsp;10-K or Form&nbsp;10-Q, as the case may be. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Payment.</I></FONT><FONT SIZE=2> Following the end of a Performance Period, a Grantee holding Performance Units will be entitled to receive
payment of an amount, not exceeding the maximum value of the Performance Units, based on the achievement of the Performance Goals for such Performance Period, as determined by the Committee. Payment
of Performance Units shall be made in cash, except that, in the discretion of the Committee, Performance Units which are measured using Company Stock may be paid in shares of Company Stock. Payment
shall be made in a lump sum or in installments and shall be subject to such other terms and conditions as shall be determined by the Committee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Termination of Employment or Services and Change in Control.</I></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>A
Performance Unit Grant shall terminate for all purposes if the Grantee does not remain continuously in the employ or service of the Company at all
times during the applicable Performance Period, except as may otherwise be determined by the Committee, provided that in the event the Grantee terminates employment with the Company within
12&nbsp;months following a Change of Control, a percentage of the Performance Unit payments, if any, for the full Performance Period in which the Grantee so terminates equal to the percentage of the </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

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<UL>
<UL>

<P><FONT SIZE=2>Performance
Period during which the Grantee was in the employ or service of the Company and all amounts for the prior Performance Period, if not then distributed, shall be distributed to such Grantee
in a lump sum. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>In
the event that a Grantee holding a Performance Unit terminates employment with or ceases to provide services to the Company following the end of the
applicable Performance Period, but prior to full payment according to the terms of the Performance Unit award, payment shall be made in accordance with the terms established by the Committee for the
payment of such Performance Unit. </FONT></DD></DL>
<BR>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>10.</FONT></DT><DD><FONT SIZE=2><I>Transferability of Grants</I></FONT></DD></DL>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only
the Grantee or his or her authorized representative may exercise rights under a Grant. Such persons may not transfer those rights except by will or by the laws of descent and
distribution or, with respect to Grants other than Incentive Stock Options, if permitted in any specific case by the Committee in its sole discretion, pursuant to a qualified domestic relations order
as defined under the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the
regulations thereunder. When a Grantee dies, the representative or other person entitled to succeed to the rights of the Grantee ("Successor Grantee") may exercise such rights. A Successor Grantee
must furnish proof satisfactory to the Company of his or her right to receive the Grant under the Grantee's will or under the applicable laws of descent and distribution. Notwithstanding the
foregoing, the Committee may provide, in a Grant Instrument, that a Grantee may transfer Nonqualified Stock Options to his or her children, grandchildren or spouse or to one or more trusts for the
benefit of such family members or to partnerships in which such family members are the only partners (a "Family Transfer"), provided that the Grantee receives no consideration for a Family Transfer
and the Grant Instruments relating to Nonqualified Stock Options transferred in a Family Transfer continue to be subject to the same terms and conditions that were applicable to such Nonqualified
Stock Options immediately prior to the Family Transfer. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>11.</FONT></DT><DD><FONT SIZE=2><I>Change of Control of the Company</I></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
used herein, a "Change of Control" shall be deemed to have occurred if: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;A
liquidation or dissolution of the Company (excluding transfers to subsidiaries) or the sale of all or substantially all of the Company's assets occurs; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;As
a result of a tender offer, stock purchase, other stock acquisition, merger, consolidation, recapitalization, reverse split or sale or transfer of assets, any person
or group (as such terms are used in and under Section&nbsp;13(d)(3) or 14(d)(2) of the Exchange Act) becomes the beneficial owner (as defined in Rule&nbsp;13-d under the Exchange Act),
directly or indirectly, of securities of the Company representing more than 40% of the common stock of the Company or the combined voting power of the Company's then outstanding securities; provided,
however, that for purposes of this subsection 11(b), a person or group shall not include (i)&nbsp;the Company or any subsidiary, (ii)&nbsp;any employee benefit plan (or related trust) sponsored or
maintained by the Company or any subsidiary or (iii)&nbsp;any affiliate (within the meaning of Rule&nbsp;144 under the Securities Act of 1933, as amended) of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;If
at least a majority of the Board at any time does not consist of individuals who were elected, or nominated for election, by directors in office at the time of such
election or nomination; or </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;The
Company merges or consolidates with any other corporation (other than a wholly owned subsidiary) and is not the surviving corporation (or survives only as a
subsidiary of another corporation). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

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<P><FONT SIZE=2><A
NAME="page_mk1002_1_10"> </A> </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>12.</FONT></DT><DD><FONT SIZE=2><I>Consequences of a Change of Control</I></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Notice.</I></FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;If
a Change of Control described in Section&nbsp;11(a), (b)&nbsp;or (d)&nbsp;will occur, then, not later than 10&nbsp;days after the approval by the shareholders
of the Company (or approval by the Board, if shareholder action is not required) of such Change of Control, the Company shall give each Grantee with any outstanding Stock Options or SARs written
notice of such proposed Change of Control. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;If
a Change of Control described in Section&nbsp;11(b) may occur without approval by the shareholders (or approval by the Board) and does so occur, or if a Change of
Control described in Section&nbsp;11(c) occurs, then, not later than 10&nbsp;days after such Change of Control, the Company shall give each Grantee with any outstanding Stock Options or SARs
written notice of the Change of Control. </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Election Period.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Change of Control and effective only upon such Change of Control,
each Grantee shall thereupon have the right, within 90&nbsp;days after such written notice is sent by the Company (the "Election Period"), to make an election as described in Subsection
(c)&nbsp;with respect to all of his or her outstanding Stock Options or SARs (whether the right to exercise such Stock Options or SARs has then accrued or the right to exercise such Stock Options or
SARs will accrue or has accrued upon the Change of Control). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Election Right.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;During the Election Period, each Grantee shall have the right to elect to exercise in full
any installments of such Stock Options or SARs not previously exercised. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Termination of Stock Options.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If a Grantee does not make a timely election in accordance with Subsection
(c)&nbsp;in connection with a Change of Control where the Company is not the surviving corporation (or survives only as a subsidiary of another corporation), the Grantee's Stock Options or SARs
shall terminate as of the Change of Control. Notwithstanding the foregoing, a Stock Option or SAR will not terminate if assumed by the surviving or acquiring corporation, or its parent, upon a merger
or consolidation and, with respect to an Incentive Stock Option, the assumption of the Stock Option occurs under circumstances which are not deemed a modification of the Stock Option within the
meaning of sections 424(a) and 424(h)(3)(A) of the Code. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Tax Limitations.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, if the right described in Subsection (c)&nbsp;in
connection with SARs would make the applicable Change of Control ineligible for desired tax treatment with respect to such Change of Control and, but for those provisions, the Change of Control would
otherwise qualify for such treatment, the Grantee shall receive shares of Company Stock with a Fair Market Value equal to the cash that would otherwise be payable pursuant to Subsection (c)&nbsp;in
substitution for the cash. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>13.</FONT></DT><DD><FONT SIZE=2><I>Amendment and Termination of the Plan</I></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Amendment.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Board may amend or terminate the Plan at any time; provided, however, that any amendment that
increases the aggregate number (or individual limit for any single Grantee) of shares of Company Stock that may be issued or transferred under the Plan (other than by operation of
Section&nbsp;3(b)), or modifies the requirements as to eligibility for participation in the Plan, shall be subject to approval by the shareholders of the Company and provided, further, that the
Board shall not amend the Plan without shareholder approval if such approval is required by Section&nbsp;162(m) of the Code. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Termination of Plan.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall terminate on the day immediately preceding the tenth anniversary of its
initial effective date unless terminated earlier by the Board or unless extended by the Board with the approval of the shareholders. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

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<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Termination and Amendment of Outstanding Grants.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A termination or amendment of the Plan that occurs after a
Grant is made shall not materially impair the rights of a Grantee unless the Grantee consents or unless the Committee acts under Section&nbsp;21 or 22(b) hereof. The termination of the Plan shall
not impair the power and authority of the Committee with respect to an outstanding Grant. Whether or not the Plan has terminated, an outstanding Grant may be terminated or amended under
Section&nbsp;21 or 22(b) hereof or may be amended by agreement of the Company and the Grantee consistent with the Plan. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Governing Document.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Plan shall be the controlling document. No other statements, representations,
explanatory materials or examples, oral or written, may amend the Plan in any manner. The Plan shall be binding upon and enforceable against the Company and its successors and assigns. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>14.</FONT></DT><DD><FONT SIZE=2><I>Funding of the Plan</I></FONT></DD></DL>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Plan shall be unfunded. The Company shall not be required to establish any special or separate fund or to make any other segregation of assets to assure the payment of any Grants
under this Plan. In no event shall interest be paid or accrued on any Grant, including unpaid installments of Grants. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>15.</FONT></DT><DD><FONT SIZE=2><I>Rights of Participants</I></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as provided in Section&nbsp;6, nothing in this Plan shall entitle any Employee, Consultant or other person to any claim or right to receive a Grant under this Plan. Neither this
Plan nor any action taken hereunder shall be construed as giving any individual any rights to be retained by or in the employ of the Company or any other employment rights. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>16.</FONT></DT><DD><FONT SIZE=2><I>No Fractional Shares</I></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
fractional shares of Company Stock shall be issued or delivered pursuant to the Plan or any Grant. The Committee shall determine whether cash, other awards or other property shall be
issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>17.</FONT></DT><DD><FONT SIZE=2><I>Withholding of Taxes</I></FONT></DD></DL>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall have the right to deduct from all Grants paid in cash, or from other wages paid to an employee of the Company, any federal, state or local taxes required by law to be
withheld with respect to such cash awards and, in the case of Grants paid in Company Stock, the Grantee or other person receiving such shares shall be required to pay to the Company the amount of any
such taxes which the Company is required to withhold with respect to such Grants, or the Company shall have the right to deduct from other wages paid to the employee by the Company the amount of any
withholding due with respect to such Grants. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>18.</FONT></DT><DD><FONT SIZE=2><I>Requirements for Issuance of Shares</I></FONT></DD></DL>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Company Stock shall be issued or transferred in connection with any Grant hereunder unless and until all legal requirements applicable to the issuance or transfer of such Company
Stock have been complied with to the satisfaction of the Committee. The Committee shall have the right to condition any Grant made to any Grantee hereunder on such Grantee's undertaking in writing to
comply with such restrictions on his or her subsequent disposition of such shares of Company Stock as the Committee shall deem necessary or advisable as a result of any applicable law, regulation or
official interpretation thereof, and certificates representing such shares may be legended to reflect any such restrictions. Certificates representing shares of Company Stock issued under the Plan
will be subject to
such stop-transfer orders and other restrictions as may be applicable under such laws, regulations and other obligations of the Company, including any requirement that a legend or legends
be placed thereon. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

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<A NAME="page_mk1002_1_12"> </A>
<BR>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>19.</FONT></DT><DD><FONT SIZE=2><I>Headings</I></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
headings are for reference only. In the event of a conflict between a title and the content of a Section, the content of the Section shall control. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>20.</FONT></DT><DD><FONT SIZE=2><I>Effective Date of the Plan</I></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Plan became effective upon consummation of the initial public offering of the Company Stock. The amendment and restatement of the Plan was effective as of August&nbsp;28, 2001. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>21.</FONT></DT><DD><FONT SIZE=2><I>Modification for Grants Outside the U.S.</I></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board may, without amending the Plan, determine the terms and conditions applicable Stock Options Grants or Restricted Stock Grants to participants who are foreign nationals or
employed outside the United States in a manner otherwise inconsistent with the Plan if the Board deems such terms and conditions necessary in order to recognize differences in local law or
regulations, tax policies or customs. </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>22.</FONT></DT><DD><FONT SIZE=2><I>Miscellaneous</I></FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Substitute Grants.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee may make a Grant to an employee of another corporation who becomes an
Employee by reason of a corporate merger, consolidation, acquisition of stock or property, reorganization or liquidation involving the Company or any of its subsidiaries in substitution for a stock
option or restricted stock grant made by such corporation ("Substituted Stock Incentives"). The terms and conditions of the substitute grant may vary from the terms and conditions required by the Plan
and from those of the Substituted Stock Incentives. The Committee shall prescribe the provisions of the substitute grants. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Compliance with Law.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Plan, the exercise of Stock Options and the obligations of the Company to issue or
transfer shares of Company Stock under Grants shall be subject to all applicable laws and to approvals by any governmental or regulatory agency as may be required. With respect to persons subject to
Section&nbsp;16 of the Exchange Act, it is the intent of the Company that the Plan and all transactions under the Plan comply with all applicable provisions of Rule&nbsp;16b-3 or its
successors under the Exchange Act. The Committee may revoke any Grant if it is contrary to law or modify a Grant to bring it into compliance with any valid and mandatory government regulation. The
Committee may also adopt rules regarding the withholding of taxes on payments to Grantees. The Committee may, in its sole discretion, agree to limit its authority under this Section. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Ownership of Stock.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A Grantee or Successor Grantee shall have no rights as a shareholder with respect to any
shares of Company Stock covered by a Grant until the shares are issued or transferred to the Grantee or Successor Grantee on the stock transfer records of the Company. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;</FONT><FONT
SIZE=2><I>Governing Law.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The validity, construction, interpretation and effect of the Plan and Grant Instruments
issued under the Plan shall exclusively be governed by and determined in accordance with the law of the Commonwealth of Pennsylvania. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

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<BR>
<P><br><A NAME="03PHI1002_5">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_mg1002_1">Exhibit (d)(1)</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_mg1002_2">TUCOWS INC. AMENDED AND RESTATED 1996 EQUITY COMPENSATION PLAN</A></FONT><BR>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(D)(2)
<SEQUENCE>7
<FILENAME>a2100245zex-99_d2.htm
<DESCRIPTION>EX-99.(D)(2)
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#03PHI1002_6">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="mm1002_exhibit_(d)(2)"> </A>
<A NAME="toc_mm1002_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit&nbsp;(d)(2)    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="mm1002_tucows_inc._amended_and_restat__tuc03900"> </A>
<A NAME="toc_mm1002_2"> </A>
<BR></FONT><FONT SIZE=2><B>Tucows&nbsp;Inc.<BR>  Amended and Restated 1996 Equity Compensation Plan<BR>  Stock Option Agreement<BR>  for U.S. Employees    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Stock Option Agreement, dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
evidences the grant of an option pursuant to the provisions of the Amended and Restated 1996 Equity
Compensation Plan (the "Plan") of Tucows&nbsp;Inc. (the "Company") to the individual whose name appears below (the "Participant"), covering the specific number of shares of Common Stock of the
Company ("Shares") set forth below, pursuant to the provisions of the Plan and on the following terms and conditions: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>Name
of Participant:
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>Number
of Shares subject to this option:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>Exercise
price per Share subject to this option: $
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2>Date
of grant of this option:
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD><FONT SIZE=2>Type
of option:
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD><FONT SIZE=2>Vesting:
Under the terms of this Stock Option Agreement,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares shall vest
on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, and an
additional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shall vest
on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and on
the last day of each month ending after such date through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, with any remaining Shares vesting
on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>Vesting
ceases immediately upon termination of employment or provision of services for any reason, and any portion of this option that has not vested on or prior to the date of such termination is
forfeited on such date. Once vesting has occurred, the vested portion can be exercised at any time, subject to Section&nbsp;7 below. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>7.</FONT></DT><DD><FONT SIZE=2>The
last day on which the vested portion of this option can be exercised is the earliest of:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a.</FONT></DT><DD><FONT SIZE=2><BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT
SIZE=2>b.</FONT></DT><DD><FONT SIZE=2>the
date on which the Participant's employment or provision of services terminates for "termination for cause" (as defined in the Plan);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>c.</FONT></DT><DD><FONT SIZE=2>90&nbsp;days
following the date that the Participant's employment or provision of services terminates other than for "termination for cause" (as defined in the Plan), death or
"disability" (as defined in the Plan); or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>d.</FONT></DT><DD><FONT SIZE=2>1&nbsp;year
following the Participant's death or "disability" (as defined in the Plan). </FONT></DD></DL>
</DD></DL>

<P><FONT SIZE=2>The
Participant hereby acknowledges receipt of a copy of the Plan as presently in effect. All of the terms and conditions of the Plan are incorporated herein by reference and this option is subject to
such terms and conditions in all respects. Capitalized terms that are used but not otherwise defined herein shall have the meaning given to such terms in the Plan. This Stock Option Agreement
(including the Annex A attached hereto) and the Plan constitute the entire agreement of the parties with respect to the subject matter hereof, and supersede any prior written or oral agreements. If
the Participant is entitled to exercise the vested portion of this option, and wishes to do so, in whole or in part, the Participant shall submit to the Company a notice of exercise, in the form
attached as Annex A, specifying the exercise date and the number of Shares to be purchased pursuant to such exercise, and shall remit to the Company in a form satisfactory to the Company (in its sole
discretion) the exercise </FONT></P>

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<BR>

<P><FONT SIZE=2>
price, plus an amount sufficient to satisfy any withholding tax obligations of the Company that arise in connection with such exercise. </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="46%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="46%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>Accepted and Agreed:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Tucows&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2><BR>
<BR></FONT>
<HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="46%" VALIGN="BOTTOM"><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>Signature of Participant</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="46%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="46%" VALIGN="BOTTOM"><HR NOSHADE></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>Attachment:
Annex A (Form of Notice of Exercise) </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="mo1002_annex_a"> </A>
<A NAME="toc_mo1002_1"> </A>
<BR></FONT><FONT SIZE=2><B>Annex A    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="mo1002_tucows_inc._notice_of_exercise_of_stock_option"> </A>
<A NAME="toc_mo1002_2"> </A></FONT> <FONT SIZE=2><B>TUCOWS&nbsp;INC.<BR>  NOTICE OF EXERCISE OF STOCK OPTION    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the provisions of the Tucows&nbsp;Inc. Amended and Restated 1996 Equity Compensation Plan (the "Plan") and the Stock Option Agreement dated
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, issued by Tucows&nbsp;Inc. (the "Company")
to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, (the "Stock Option Agreement"), I hereby exercise the (circle one) [nonqualified stock option or
incentive
stock option] granted under the terms of the Stock Option Agreement to the extent of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of the Common
Stock of the Company (the "Shares"). I deliver to the Company
herewith a certified check in payment for the Shares, in an amount equal to the exercise price per Share set forth on the Stock Option Agreement multiplied by the number of Shares as to which this
notice of exercise applies. </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%"><BR><FONT SIZE=2>PARTICIPANT: </FONT><FONT SIZE=2><B>[TYPE NAME</B></FONT><FONT SIZE=2>]</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
<BR>
Date:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%"><FONT SIZE=2><BR>
<BR></FONT>
<HR NOSHADE><FONT SIZE=2> Participant's signature</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%"><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%"><BR><HR NOSHADE><FONT SIZE=2> Address</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%"><BR><HR NOSHADE><FONT SIZE=2> Social Security Number</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2><B>Note:</B></FONT><FONT SIZE=2> If options are being exercised on behalf of a deceased Participant, then this Notice must be signed by the Participant's personal representative
and must be accompanied by a certificate issued by an appropriate authority evidencing that the individual signing this Notice has been duly appointed and is currently serving as the Participant's
personal representative under applicable local law governing decedents' estates. </FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><B>Tucows&nbsp;Inc.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Amended and Restated 1996 Equity Compensation Plan<BR>
Stock Option Agreement<BR>
for Canadian Employees  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Stock Option Agreement, dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
evidences the grant of an option pursuant to the provisions of the Amended and Restated 1996 Equity
Compensation Plan (the "Plan") of Tucows&nbsp;Inc. (the "Company") to the individual whose name appears below (the "Participant"), covering the specific number of shares of Common Stock of the
Company ("Shares") set forth below, pursuant to the provisions of the Plan and on the following terms and conditions: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>Name
of Participant:
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>Number
of Shares subject to this option: Shares
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>Exercise
price per Share subject to this option: $
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2>Date
of grant of this option:
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD><FONT SIZE=2>Vesting:
Under the terms of this Stock Option Agreement,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares shall vest
on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, and an
additional&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shall vest
on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and on the
last day of each month ending after such date through&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, with any remaining Shares vesting
on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>Vesting
ceases immediately upon termination of employment or provision of services for any reason, and any portion of this option that has not vested on or prior to the date of such termination is
forfeited on such date. Once vesting has occurred, the vested portion can be exercised at any time, subject to Section&nbsp;6 below. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.</FONT></DT><DD><FONT SIZE=2>The
last day on which the vested portion of this option can be exercised is the earliest of:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>a.</FONT></DT><DD><FONT SIZE=2><BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT
SIZE=2>b.</FONT></DT><DD><FONT SIZE=2>the
date on which the Participant's employment or provision of services terminates for "termination for cause" (as defined in the Plan);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>c.</FONT></DT><DD><FONT SIZE=2>90&nbsp;days
following the date that the Participant's employment or provision of services terminates other than for "termination for cause" (as defined in the Plan), death or
"disability" (as defined in the Plan); or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>d.</FONT></DT><DD><FONT SIZE=2>1&nbsp;year
following the Participant's death or "disability" (as defined in the Plan). </FONT></DD></DL>
</DD></DL>

<P><FONT SIZE=2>The
Participant hereby acknowledges receipt of a copy of the Plan as presently in effect. All of the terms and conditions of the Plan are incorporated herein by reference and this option is subject to
such terms and conditions in all respects. Capitalized terms that are used but not otherwise defined herein shall have the meaning given to such terms in the Plan. This Stock Option Agreement
(including the Annex A attached hereto) and the Plan constitute the entire agreement of the parties with respect to the subject matter hereof, and supersede any prior written or oral agreements. If
the Participant is entitled to exercise the vested portion of this option, and wishes to do so, in whole or in part, the Participant shall submit to the Company a notice of exercise, in the form
attached as Annex A, specifying the exercise date and the number of Shares to be purchased pursuant to such exercise, and shall remit to the Company in a form satisfactory to the Company (in its sole
discretion) the exercise </FONT></P>

<HR NOSHADE>
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<BR>

<P><FONT SIZE=2>
price, plus an amount sufficient to satisfy any withholding tax obligations of the Company that arise in connection with such exercise. </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="46%" ALIGN="CENTER"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="46%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>Accepted and Agreed:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2>Tucows&nbsp;Inc.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2><BR>
<BR></FONT>
<HR NOSHADE></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="46%" VALIGN="BOTTOM"><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>Signature of Participant</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="46%" VALIGN="BOTTOM"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="46%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>Title:</FONT></TD>
<TD WIDTH="46%" VALIGN="BOTTOM"><HR NOSHADE></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>Attachment:
Annex A (Form of Notice of Exercise) </FONT></P>

<HR NOSHADE>
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<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ms1002_annex_a"> </A>
<A NAME="toc_ms1002_1"> </A>
<BR></FONT><FONT SIZE=2><B>Annex A    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ms1002_tucows_inc._notice_of_exercise_of_stock_option"> </A>
<A NAME="toc_ms1002_2"> </A></FONT> <FONT SIZE=2><B>TUCOWS&nbsp;INC.<BR>  NOTICE OF EXERCISE OF STOCK OPTION    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the provisions of the Tucows&nbsp;Inc. Amended and Restated 1996 Equity Compensation Plan (the "Plan") and the Stock Option Agreement dated
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, issued by Tucows&nbsp;Inc. (the "Company")
to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, (the "Stock Option Agreement"), I hereby exercise the option granted under the terms of the Stock
Option Agreement to
the extent of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of the Common Stock of the Company (the "Shares"). I deliver to the Company herewith a
certified check in payment for the Shares, in an amount equal to the
exercise price per Share set forth on the Stock Option Agreement multiplied by the number of Shares as to which this notice of exercise applies. </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%"><BR><FONT SIZE=2>PARTICIPANT: </FONT><FONT SIZE=2><B>[TYPE NAME</B></FONT><FONT SIZE=2>]</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
<BR>
Date:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
<BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%"><FONT SIZE=2><BR>
<BR></FONT>
<HR NOSHADE><FONT SIZE=2> Participant's signature</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%"><BR><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%"><BR><HR NOSHADE><FONT SIZE=2> Address</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="39%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="51%"><BR><HR NOSHADE><FONT SIZE=2> Social Security Number</FONT></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2><B>Note:</B></FONT><FONT SIZE=2> If options are being exercised on behalf of a deceased Participant, then this Notice must be signed by the Participant's personal representative
and must be accompanied by a certificate issued by an appropriate authority evidencing that the individual signing this Notice has been duly appointed and is currently serving as the Participant's
personal representative under applicable local law governing decedents' estates. </FONT></P>

<HR NOSHADE>
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<BR>
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<BR>
<P><br><A NAME="03PHI1002_6">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_mm1002_1">Exhibit (d)(2)</A></FONT><BR>
</UL>
<FONT SIZE=2><A HREF="#toc_mm1002_2">Tucows Inc. Amended and Restated 1996 Equity Compensation Plan Stock Option Agreement for U.S. Employees</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_mo1002_1">Annex A</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_mo1002_2">TUCOWS INC. NOTICE OF EXERCISE OF STOCK OPTION</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ms1002_1">Annex A</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ms1002_2">TUCOWS INC. NOTICE OF EXERCISE OF STOCK OPTION</A></FONT><BR>
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