On January 27, 2003, DENSO Corporation announced the outcome of the repurchase of its own shares through N-NET of the Nagoya Stock Exchange in Japan.

Descriptions 1. Reasons for the repurchase: To repurchase its own shares to raise shareholders' value and to prepare for timely financial policy under changing business environment 2. Type of shares: Common stock of the Company 3. Number of shares repurchased: 10,000,000 shares 4. Purchase price: 1,832 yen per share 5. Date of repurchase: January 28, 2003 (Tuesday) 6. Method of Repurchase: Through the Nagoya Stock Exchange's N-NET (Closing-price transaction)

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 January 28, 2003 Number of shares already repurchased: 33,300,000 shares Accumulated purchase price: 64,217 million yen   Contact: Sadayoshi Yokoyama +81 566-25-5594 sadayoshi_yokoyama@denso.co.jp Goro Kanemasu +81 566-25-5594 goro_kanemasu@denso.co.jp