Tokyo - DENSO Corporation announced today that its Board of Directors has decided to issue stock options for its directors and employees after it acquires approval from shareholders at the 80th Annual Meeting of Shareholders on June 27, 2003.

Up to 1,200,000 shares of stock and up to 12,000 stock acquisition rights will be valid for this stock option program. The exercise period will be from July 1, 2005 to June 30, 2009.

“By continuing the stock option program, we hope to continue to encourage a sense of ownership across our employees to further enhance productivity and business growth” said DENSO CFO Masatoshi Ano.

DENSO common stock is traded on the Tokyo, Osaka and Nagoya stock exchanges.

DENSO CORPORATION, headquartered in Kariya, Aichi prefecture, Japan is a leading global supplier of advanced technology, systems and components. Worldwide, the company employs 90,000 people in 31 countries and regions, including Japan. Consolidated global sales for the fiscal year ended March 31, 2003 totalled 2,332.8 billion yen (US$19.4 billion or 17.9 billion euros).

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DENSO Corporation posted the press release on this Website, aiming to facilitate timely disclosure of information to its customers, stockholders, investors etc. If you view the information, you may be deemed to be the "First Recipient of Insider Information" within the meaning of the Japanese Securities and Exchange Law and regulations ("Laws"). Then, you will be prohibited from trading the Company's issued securities including stocks and convertible bonds until 11:00 p.m., Apr. 25, 2003 (Japan Time) which is twelve hours after the information is disclosed to media. Any person who violates such prohibition is subject to punishment under the Laws.