DENSO Corporation (the "Company ") hereby makes the following announcement. The Exercise Price of the 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)" resolved by the board of directors pursuant to Article 280-20 and 280-21 of the Commercial Code on July 21, 2003) and other related items were determined on the date hereof pursuant to the resolution passed at the meeting of the board of directors held on August 1, 2003.

1. Issue Date of Stock Acquisition Rights: August 1, 2003
2. The Amount to be Paid upon Exercise of Stock Acquisition Rights: 2,090 yen per share
3. Total paid- in value of the shares of the common stock of the Company to be issued upon exercise of the Stock Acquisition Rights: 2,328,260,000 yen
4. Non-Capitalization of the Exercise Price: 1,045 yen per share

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 employees in 31 countries and regions, including Japan. Consolidated global sales for the year ended March 31, 2003 totaled US$19.4 billion.

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
3. Date of resolution of the Board of Directors that decided the detail of stock acquisition rights to be issued as stock: June 21, 2003
4. Schedule of Issuance:

• July 21, 2003 The 2nd meeting of the Board of Directors
• July 22, 2003 Filing of the Registration Statement at the Ministry of Finance, Kanto Branch
• August 1, 2003 Filing of the Finalized Registration Statement at the Ministry of Finance, Kanto Branch
• August 1, 2003 Registration Deadline