DENSO to Repurchase Up to 20 Million shares of Common Stock

25/04/03

Tokyo - DENSO Corporation announced that it will repurchase its own shares of common stock, up to 20 million shares or up to 40 billion yen, after it obtains approval from shareholders at the 80th Annual General Meeting of Shareholders to be held on June 27, 2003.

The Company will purchase its stock after obtaining approval from the shareholders in accordance with Article 210 of the Commercial Code.

“The purchase of the stock will improve capital efficiency, and increase returns to shareholders. Also, the approval of the shareholders will enable DENSO to adopt timely and flexible capital policy measures from time to time in response to changes in the business environment” said DENSO CFO Masatoshi Ano.

The number of shares to be repurchased, up to 20 million shares, is 2.4 percent of DENSO’s total outstanding share as of March 31, 2003, 843 million shares.

For the fiscal year ended March 31, 2003, DENSO repurchased its own stock of 40 million with 76,123 million yen.

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).

IMPORTANT NOTICE:

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.