Purchase price is 1,777 Japanese Yen per Share

TOKYO - DENSO Corporation today announced outcome of its tender offer of common stock shares. This is in accordance with regulations prescribed in Provision of Clause 1 of Article 210 of the law in the commercial code pertaining to the procedures for retiring shares.

Descriptions

Tender Offeror Name and Address
DENSO Corporation 1-1 Showa-cho, Kariya-shi, Aichi-ken

Tender Offer DetailsSettlement and Commencement Date Method

A Purchase Notice will be mailed to the address of tendering shareholders immediately after the end of the tender offer period. Purchase will be made in cash. The proceeds of purchase after deduction of the withholding tax will be remitted by THE NOMURA SECURITIES CO., LTD. (9-1 1-chome, Nihonbashi, Chuo-ku, Tokyo) to places designated by the tendering individual shareholders who select separate withholding tax at source, and by tendering corporation shareholders immediately after the commencement date of settlement.

Commencement Date: March 17, 2003 (Monday)

Tender Offer Report Copy is Available for Public Inspection at:

DENSO CORPORATION 1-1 Showa-cho, Kariya-shi, Aichi-ken Tokyo Stock Exchange, Inc. 2-1 Nihombashi Kabuto-cho, Chuo-ku, Tokyo The Nagoya Stock Exchange 3-17 3-chome, Sakae, Naka-ku, Nagoya-shi Osaka Securities Exchange Co., Ltd. 6-10 1-chome, Kitahama, Chuo-ku, Osaka-shi

Reference:

1. Decision of the repurchase of its own Shares by the 79th Annual Shareholders' Meeting held on June 27, 2002 Type of shares: Common stock of the Company Total number of shares: Not to exceed 40,000,000 shares Aggregate purchase price: Not to exceed 100 billion yen
2. Status of the repurchase progress as of March 11, 2003 Number of shares already repurchased: 40,000,000 Shares Accumulated purchase price: 76,123 million yen

DENSO Corporation, headquartered in Kariya, Aichi prefecture, Japan, is a leading global automotive supplier of advanced technology, systems and components. Worldwide, the company employs 87,000 people in 30 countries, including Japan. Consolidated global sales for fiscal year ended March 31, 2002 totalled 2,401.1 billion yen (US$18.1 billion). DENSO common stock is traded on the Tokyo, Osaka and Nagoya stock exchanges in Japan.

*1 Figures for the fiscal year ended March 31, 2002 include the effect of an irregular 15-month reporting period, due to 45 overseas subsidiaries and overseas affiliates changing their year-ends to March 31 from December 31.