In 1996, Nippondenso became DENSO. That change was more than just dropping a few letters from the name. It expresses the fundamental changes that have occurred at the company in recent years.

DENSO of today is a company whose people are thinking globally. Our components are in vehicles from almost every automaker in the world. And every year we continue to expand our global manufacturing network.

Automakers demand ever-higher standards in technology. And DENSO meets that demand with quality components at competitive prices. We invest more of our revenues in R&D than any other Japanese autoparts maker, demonstrating our commitment to moving technology.

At DENSO, we reach out to customers and to our own suppliers through product development. Customers know exactly what they are getting from us. And suppliers know what we need from them.

All that comes together to make a DENSO that is growing. We are always alert to new places to make and sell our products. New technologies are constantly flowing out of DENSO labs. And our network of clients and suppliers continues to expand.






| A MESSAGE FROM THE CHAIRMAN AND PRESIDENT | DENSO IS... |
| GLOBAL SCOPE | PUBLIC-INTEREST ACTIVITIES |
| FINANCIAL SECTION | INVESTOR INFORMATION |