DENSO Corporation (the "Company") hereby makes the following announcement. At the meeting of the board of directors held on July 21, 2003, the board of directors determined the details of stock acquisition rights to be issued as stock options to directors and employees of the Company and directors of any of its subsidiaries (the "Stock Acquisition Right(s)") pursuant to Article 280-20 and 280-21 of the Commercial Code and the resolution at the 80th Annual General Meeting of Shareholders on June 27, 2003.

The amount to be paid upon exercise of Stock Acquisition Rights and other items to be determined shall be decided on August 1, 2003 (Issue Date of Stock Acquisition Rights).

Reference:

1. Date of resolution of the Board of Directors that decided the proposal at the 80th Annual General Meeting of Shareholders: April 25, 2003
2. Date of resolution of the 80th Annual General Meeting of Shareholders: June 27, 2003