Status of Dialogue

Through our investor relations activities, DENSO is communicating information to shareholders, other investors and analysts in a timely and appropriate manner and advancing a dialogue through efforts by Company's management and IR team. By doing so, we aim to reduce information gaps with capital markets in our efforts to enhance our corporate value.
The following is a summary of the dialogue with shareholders and investors conducted by the Company's management and others in 2023.

・Main correspondents
Dialogue days and business briefings: CEO, CFO, CTO
Financial results briefings and individual dialogues: CFO, EO,IR team

・Overview of shareholders and investors with whom we held dialogues
Held approximately 250 dialogues with domestic and foreign institutional investors, totaling approximately 1,750 companies.

・Main themes and concerns in the dialogue
Advantages of the company in priority domains (electrification and ADAS) and the status of sales expansion. Response to electric vehicles (BEVs), progress of business portfolio reform and policy for reducing cross-shareholdings and approach to cash allocation, etc.

・Status of feedback to management and the Board of Directors on shareholder opinions and concerns identified in the dialogue
At each financial results meeting, dialogue day, and business briefing, the opinions and questions of participants, analyst reports, stock price trends, and other information are compiled and fed back to the board of directors.

・Items incorporated based on dialogue and subsequent feedback
We have explained the issues of particular interest in our focus areas, such as electrification, ADAS, semiconductor, software and creating new value in non-automotive sectors, which we received from shareholders and investors at our quarterly financial results briefings and individual meetings, and reflected them in the content of the Dialogue Day held in November 2023. In addition, we held a briefing session on our semiconductor and other businesses and a tour of our CO2 recycling facility and electrification plant to deepen everyone's understanding of our company.