orporate roe C eae To provide a better future for the next generation amid a paradigm shift, which occurs once every 100 years, we will reaffirm our significance to society o delier a etter tre to te as we accelerate sustainability management—the management ideology next eneration tro or prodt we have adopted since our founding—going forward. and erie e ill or it paion

and exiteent to realie

an enried oile oiet and

ontrite to te tainale

rot o tat oiet

Look at the world with a brighter vision for the future.

Cherish nature and learn to live together in harmony.

Welcome changes and meet challenges unafraid. oi Aria

Embrace diversity and cooperate to enhance technologies. Preident C

More than ever before, we will value the DENSO tradition of

Monozukuri as we pursue new value and create

new “Cores” for years to come.

After all, everything we do is to provide a better future

for the next generation.

01 For details, please see the DENSO Integrated Report 02 DENSO Philosophy Foundation Major Points for Understanding DENSO Contributing to a better world DENSO Spirit Expansive Business Domains Boldly taking on new challenges Clearing the way for future automobiles by creating value together with no matter what the circumstances through DENSO’s six core businesses that create The DENSO Spirit is one of foresight, credibility, and collaboration. It also green value and provide peace of mind embodies the values and beliefs that DENSO has cultivated since its Since its founding, DENSO has promoted the development of advanced founding in 1949. The DENSO Spirit permeates the actions of all DENSO technologies related to automobiles. At the same time, the Company has employees around the world. a vision for the future expanded its business domains by applying these technologies in various fields.

Other Automotive Non-automotive Business (Factory Automation / Agriculture, etc.) Thermal Sensing System, Number of DENSO Employees Systems Semiconductor Consolidated Practicing the DENSO Spirit DENSO Spirit Revenue Mobility Systems 170,000 4.9trillion A spirit of foresight, credibility and collaboration Powertrain Electrification Systems Systems The DENSO Spirit expresses values and beliefs shared by our employees

around the world that have driven us to contribute to the automotive industry Research and Development, Global Business Foundation and society as a whole since our establishment in 1949. Monozukuri, and Hitozukuri Leveraging our global foundation to bring We are committed to happiness to people around the world and create a creating the best products better tomorrow DENSO’s three greatest strengths are its R&D, Monozukuri Aiming to be a company that can meet the needs of its various customers (the art of making things), and Hitozukuri (human resource development). around the world and earn their trust, DENSO has expanded its business with Foresight Credibility Collaboration By having these strengths complement each other, DENSO is able to push 200 consolidated subsidiaries in 35 countries and regions across the globe. Providing surprises and Providing quality and Achieving the highest forward with its business activities and provide new value to society. impressions in a way reliability beyond results by working Number of Patents Held Globally that only DENSO can customer expectations as a team Ratio of Overseas Ratio of Overseas Revenue to Total Employees* Vision Quality First Communication 40,000 Revenue

Number of Medals Won at % Creativity On-site Verification Teamwork % 53 World Skills Competitions 48 Challenge Kaizen, Human Development Continuous Improvement 69 * Ratio of employees at overseas subsidiaries to total employees

03 04 DS as ormuated te oterm oicy ic serves as a visio or at te ompay aims to be by additio to maimii te vaue e provide trou oterm ree ad peace o mid to o our covetioa areas o ocus e ave adopted te oicy e teme o ispiri uided by tese tree temes e i strive to ai te uderstadi o our sareoders reardi te various eorts e pursue By combii te strets e possess uder eac teme e i eerate e vaue or society

oan rinin hope or the uture or our panet societ an a peope

Our oa or A company a coninuously geneaes value o enic moiliy a acieves susainailiy appiness and peace o mind o eveyone

eace reen reen o min asti vitaity or te eviromet Coniue o susainailiy y inceasing eciency and educing envionmenal impac

eace o min rovidi a sese o ebei Coniue o uue moiliy a is sae moe comoale and convenien o eveyone

nspirin nspirin Mai a dierece Coniue o appiness o eveyone oug inspiing valueadded oeings

rincipes Approach Attitue Appoac and Aiude o acievemen o goals Open air eiae assion or ad i ad it Deiver vaue or a ar peopes codece ision diverse parters to peope ordide by oeri vaue tat nitiatie eric society trasceds epectatios ontriute to an enriche ae the initiatie in enerate aue that aresses moie societ enironmenta stearship atent nees A proactie sense o utiate reationships to roie moiit or a peope oiie comprehensie commitment to aress share oas ae smart unctionait the technooica capaiities chaene or a Epore ne usiness es stanar Assert a commanin ee in manuacturin riht uture

In order to fulfill our slogan of “Bringing hope for the future for our planet, society and all people”, DENSO is focusing on the fields of electrification, advanced safety and Four Focus autonomous driving, and connected driving. We are also working to provide new Fields mobility value and establish factory automation and agriculture as our non-automotive businesses. In these ways, we are contributing to the improvement of industrial and social productivity.

Electrification Advanced Safety and Autonomous Driving

Provided Value Provided Value Reducing environmental burden Realizing a safe society without accidents, and realizing highly efficient mobility and free and comfortable mobility

DENSO has been engaged in the development DENSO aims to create a mobile society of electric vehicle systems that are eco- without accidents and in which all people friendly and enable even more comfortable can move safely and with peace of mind. travel. As a result, DENSO has realized high Guided by this aim, DENSO has functioning, compact, and fuel-efficient developed reliable, high-quality safety products that are essential for hybrid vehicles technologies. By enhancing our long- and is producing these products around the cultivated sensing technologies as well as world. Going forward, we will leverage our our AI and information technologies, we expansive business domains to form linkages will further contribute to the between various in-vehicle systems and development of autonomous driving. products in an effort to efficiently manage Maintaining our firm commitment to energy within vehicles. In this manner, we will quality, which we have adopted since our further improve fuel efficiency and contribute founding, we will deliver genuine peace of to the conservation of energy. mind for the future of the mobile society.

Connected Cars Non-Automotive Businesses (Factory Automation and Agriculture)

Provided Value Provided Value Realizing a new mobile society Contributing to improved social that connects vehicles, people, and goods and industrial productivity

Amid the major transition from the trend DENSO has a solid track record of of owning a vehicle to the trend of using introducing factory automation (FA) a vehicle as a service, DENSO is pursuing systems in 130 factories. Leveraging this efforts in the Mobility-as-a-Service record, we will propose and provide FA (MaaS) business, which involves providing systems that can meet the diverse needs mobility services that move people and of our customers, thereby making goods. Going forward, we aim to provide extensive contributions to the safe, secure, and efficient transportation development of the manufacturing / Business Overview / methods with low environmental burden industry. Also, with the aim of delivering for people with vehicles and for those happiness to all people through without, thereby contributing to the agriculture, we will draw on the expertise realization of anew mobile society. and know-how we have cultivated in the automotive field to offer new value in agricultural fields.

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Eectriication stems oiit stems

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e ave een engaged in e developmen o Busiess Activities DENSO is elping o uild a sociey Busiess Activities elecicaion ecnologies o many yeas Toug Developmen and manuacue o yid and elecic ca dive sysems poe a is iendly o e envionmen and Developmen and povision o eleconic sysems sevices and plaoms a suppo all aspecs o moiliy ese eos e ave amassed a solid poducion supply and elaed poducs and poe supply and saing sysem pas suc Developmen and manuacue o cocpi poducs including I conol unis mees eadup displays Ds ai a ensues ualiy o oiliy y condiione panels and dive saus moniosDSs as alenaos and saes ac ecod aound e old enancing e oeing inegaed sysems including Developmen and manuacue o conneced ca poducs including elemaics conol unis TCs ETC inveicle Developmen and manuacue o elecic poe seeing moos conol ae peomance and educing e sie o ey poducs sensos semiconducos engine conol devices and oadoveicle and veicleoveicle communicaion devices moos and elecic conol unisECs Developmen and manuacue o auonomous diving AD and advanced dive assisance sysem ADAS poducs a ae essenial o yid veicles ile also Developmen and manuacue o vaious inds o small moo sysem unis ECs and plaoms ile aing including vision sensos millimeeave ada sensos sona sensos dive assisance ECs and aiag sensos and ECs ealiing educed uel consumpion oving oad poducs suc as indsield ipe sysems poe indo moos engine e iniiaive in ems o veicles and Developmen and manuacue o eleconics poducs including poeain conol ECs and ody conol ECs e ill leveage e ide ange o usiness elds in conol moos and loe ans end uses y connecing veicles Planning and developmen o eoale poducs including alse acceleaion conol devices ic e ae involved o om lins eeen vaious eatures ic ae one means o moiliy i eatures ide vaiey o ecnological noo acoss a oad inveicle sysems and poducs and oougly inasucue and y uilding opimally e ave a oad ange o ecnologies a ae essenial o ealiing advanced dive assisance ange o usiness domains a eend om inenal manage enegy eciency In ese ays e ill conolled moiliy sysems sysems ADAS and auonomous diving AD including oad envionmen ecogniion uman comusion engine saing sysems and poe caging macine ineace I conneced cas and poeain conol e ae also ale o undeae e ue enance uel peomance and coniue o poducs o poducs poeed y eleciciy suc as yid developmen o poducs a da on ou compeensive sengs in ese aeas y melding e uniue value and peomance o inveicle poducs i IT poducs e ae ale e consevaion o enegy cas elecic auomoiles and uelcell veicles Ailiy o o uild us i ou cusomes a encouages em o coninue using ou poducs i peace da on noo and eensive usiness domains o o mind e ae also ale o develop igly secue poducs and sevices a poec e saey o engage in compeensive sysemased developmen ou cusomes

I uman acine Ineace D eadp Display DS Dive Saus onio TC Telemaics Conol ni ETC Eleconic Toll Collecion Sysem AD Auonomous Diving ADAS Advanced Dive Assisance Sysem EC Eleconic Conol ni ensin sem emiconuctor NonAutomotie usinesses actor Automation

ioneerin the inustr throuh Enhancin the prouctiit o the semiconuctor an sensin technooies manuacturin inustr an contriutin to reaie an ecorien comortae to an improe uait o ie ith a an sae moiit an societ commitment to our oncutiate technooies

DENSO ill consolidae and gealy Busiess Activities DENSO as a solid ac ecod o inoducing acoy auomaion Busiess Activities enance is cossoganiaional Developmen and manuacue o micoeleconic devices including inveicle poe A sysems in acoies on a gloal asis eveaging is Developmen and manuacue o indusial euipmen es ecnological developmen o semiconducos semiconduco sensos and inegaed cicuis ICs ecod e ill popose and povide A sysems a can mee e eemplied y ou auomaed euipmen modules and indusialuse oos semiconducos ain and sensos divese needs o ou cusomes e oe soluions pacages a Developmen and manuacue o euipmen o use y sociey including eyes in ode o suppo innovaion in include lean auomaion ic das on e pocess design and andy eminals and R and RID paymen and ecogniion soluions and auomoiles oeove oug e noo o online managemen a e ave culivaed ove povision o sevices developmen o eleconic elemenal eatures many yeas oug e manuacue o auomoive componens ecnologies a oe value opimied Eensive poduc lineup om sensos o poe modules and In addiion o pocess auomaion a leveages oos R codes o e ne moile sociey e ill developmen capailiies in elemenal ecnologies and a codes and adio euency idenicaion RID ese eatures Advanced ecnological sengs capale o inouse educe e envionmenal uden and soluions pacages povide eaues o suppoing opeaional semiconduco manuacuing Inegaion o ecnologies elp uild a sociey in ic people can impovemens oug e use o IoT Toug ese soluions Developmen capailiies in veical inegaion o accumulaed in e auomoive move saely and i peace o mind semiconducos a saisy needs o ige uncionaliy pacages e ill mae eensive coniuions o e eld and uniue ecnologies and smalle sies o sysem poducs developmen o e manuacuing indusy ceaed in nonauomoive elds

DENSO popieay inegaed semiconduco developmen RIDRID is a sysem a uses elecomagneic aves o simulaneously scan om semiconducos o ECs and acuaos muliple sales ags iou conac

NonAutomotie usinesses Aricuture

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researc ad deveopmeta starti poit or creati e vaue DS is tai steps to urter strete pai ad &D esearc ad by accuratey perceivi societys eeds i order to produce competitive products Deveopmet very year e ormuate roadmaps tat icorporate caes i reuatios ad treds i te oba commuity decidi at &D temes are to be started or termiated

Aance research ocuse ommitment to orirst oa structure tron partnerships on the uture e ave esalised coniuing o a i ecnical cenes ased DENSO povides ecnologies and Te Advanced Reseac and Innovaion ee old y ceaing value ogee ougou e old apan e poducs o e olds auomaes As Cene ee esalised in Tese i a vision o e uue as e nied Saes emany Cina e es pane i e es laoaoies ae esponsile o long DENSO Pilosopy y eenly asce Tailand India and ail DENSO soluions DENSO collaoaes i em RD and ae saeoea aining social canges e ave een anscends e inenal and eenal auomaes o mee a ide ange o aciliies A ese laoaoies e engaging in poduc developmen i oundaies o e Company and enduse needs i ecnologies and conduc eseac and developmen o a commimen o oldss since ou collaoaes i auomaes eseac noo accumulaed oug e uue ecnologies looing ve o esalismen e ave developed ove insiuions univesiies and oe developmen o ne ecnologies in yeas aead e peom advanced olds poducs including gas oganiaions o develop advanced evey eld ecnology eseac in a ide ange o inecion ea pump sysems common ecnologies and poducs a mee elds om poe semiconducos suc ail sysems millimeeave ada and e needs o eac egion as silicon caide SiC o ey AI eecos ic ave povided us i a ecnologies o auonomous diving diving oce o go ic as led o commecialiaion ove e nea em uemoe in ode o advance e developmen o compeiive poducs in accodance i ou cusomes needs e ae locaing RD uncions on e on lines o innovaion suc as in inland and Isael and esalising oup companies i RD uncions oing elaionsips i vaious ocaions i saellie RD uncions lieminded panes including local univesiies eseac oganiaions and saup companies

Since its inception, DENSO has thoroughly integrated in-house technologies. Through Monozukuri positive steps are taken to design and manufacture equipment, Monozukuri production lines, materials, and processing methods. This enables us to provide society with the world’s most advanced groundbreaking technologies and products conceived by our R&D.

Materials technology that creates things that Production technology that gives shape to DENSO’s First-Class factory IoT* that Quality Assurance that helps protect don’t exist World-First ideas leverages the knowledge of people precious lives

To pursue product performance and quality, if we don’t have DENSO leverages world-class micro-processing and an We take our abundance of data on people, products, and Early in our history, DENSO established a proving ground and suitable general purpose materials, we create them. This is assembly line that improves production efficiency and facilities and convert it into valuable information, such as test chambers, which was very unique for an auto parts part of our commitment to DENSO’s Monozukuri. DENSO’s quality. DENSO also supports world-first products and the information on signs of equipment flaws and information manufacturer. These state-of-the-art facilities, equal to materials engineers are active on a global scale and world’s highest level of product performance and quality that contributes to expert know-how. We offer such those of auto manufacturers, are used to ensure the quality collaborate with materials manufacturers to develop from a Monozukuri perspective by designing and information to people that desire it at the times they need it and durability of DENSO products and technologies. materials that help us achieve world-first products and manufacturing its own equipment and production lines. and in a format that they prefer. By doing so, we are world-best performance. accelerating activities aimed at making improvements and contributing to the growth of people. We aim to form global linkages between our 130 plants in an effort to improve productivity by 30% on a Groupwide basis.

* Factory Internet of Things

19 20 e best products are made by te best peope DS as positioed associates as its most importat assets itouuri ats y DS as ocused o te traii ad si deveopmet o empoyees based o te idea tat uma resource deveopmet supports &D ad Moouuri

ntroucin a oa common personne eeopin oun empoees ho i pa Nurturin oun technicians eeopment o eaers or the manuacturin manaement sstem to promote the actie oa roes sector DENSO elieves nuuing advanced enginees and roe o a ierse roup o empoees DENSO implemens an oveseas aining pogam i e ecnicians o can develop and manuacue innovaive In addiion o e aining o e oup companies in apan In anuay DENSO inoduced a gloal common pupose o aving employees in ei s o ealy s poducs is ey o e go o e company DENSO as een acceping ainees om oveseas since pesonnel managemen sysem ageing e nealy epeience dieen value sysems culues and usiness ased on is concep e ae opeaing DENSO Indusial o develop leades and poducion supevisos o memes o senio managemen a is eaduaes and a pacices and acuie e necessay epeience and Scool poviding e cuiculum o ecnical ig scool and oveseas oup companies and poducion divisions a oal eac oup company noledge o e acive on a gloal scale ecnical college ic aes ove e adiion o e o ainees om ases in counies Tis sysem incopoaes a loal Individual ade a Addiionally e ae acively inceasing e nume o ecnical aining scool esalised in e povide e oneyea couses o poducion enginees ocuses on e individual capailiies o senio managemen oppouniies o oveseas employees o o a ou e also suppo e developmen o ecnicians in e poducion oes and macine mainenance aiming a memes y using a common gading ool o evaluae and eaduaes in apan In doing so e ae encouaging ou domesic goup companies and ou supplies ecogniion o oles nuuing song aaeness and pomoe is senio sa DENSO allos is pesonnel aound young employees o develop emselves om a gloal In oveseas e ave esalised e aining aciliies a e esponsiiliies as coe uman esouces and impoving e old o develop ei caees on a gloal scale Toug pespecive manuacuing ases and ae cuenly poviding vaious noledge aou applied ecnology in ems o poducion is sysem DENSO aims o ue develop is gloal suppo suc as inoducing aining ools dispacing e also povide a soem couse o poducion oes usiness y ecuiing employees i a divese ange o insucos and acceping ainees a DENSO Indusial mons o e employees o canno ae a longem ideas and ailiies Scool couse Tainees o ou aining sysem ave ecome ullledged As o Noveme a DENSO Indusial Scool young ecnicians and some o em on e medals in oldSills Compeiion A oal o ecnicians o o caegoies paicipaed in e oldSills Compeiion eld in aan in Augus om apan Tailand Indonesia ienam and eico and on one gold medals o silve medals and ee one medals

Accumuate eas on at A or is ompetitions

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As vehicles become more connected, the presence of software technologies in the auto industry is increasing. To enhance our competitiveness in these fields, DENSO Towa rd is expanding its expertise within the company, introducing advanced development Future Growth opportunities and actively pursuing external collaboration, strengthening our capabilities and accelerating our overall development speed.

ntrodtion o adaned deelopent etod

Cltiatin people in te otare tenoloie In agile development, it is assumed that changes will occur to cannot adopt a conventional approach to development in specifications and design from the early stages of which requirements are rigorously determined before actual Innovations such as autonomous driving and connected vehicles require development. Instead of strictly determining requirements development begins. Rather than waiting until requirements unique skills and expertise. DENSO is focusing on expanding the from the beginning, agile development starts by breaking are determined to begin the development process, we take an capabilities of our engineers in software-related technologies as well as development work into small increments based on a flexible agile development approach in which we work together with optimally assigning teams to the right projects. Through our “Software set of requirements and gradually moving forward with automobile manufacturers to expand functions while receiving Engineer Grade System,” which visualizes software engineers’ capabilities, development by repeating a process that involves frequent feedback from end-users. DENSO is working to strengthen the skills of individual engineers and installation and test execution. For example, mobility services, Under an approach of “Creating together with end-users,” allocate the right talent to the right project. which involve providing transportation methods to people as a through this kind of close communication, we will rapidly service, represent a new domain for both DENSO and its establish a cycle of improvement within the development customers, who are automobile manufacturers. The needs of process. end-users are diverse and change rapidly, which means that we

Systematically cultivating and certifying people in the software technologies, Difference between agile development and conventional development and allocating the best personnel for each project Agile development is an optimal development method for meeting the needs of end-users in this era of rapid change. Crrent tre Conventional Development (Waterfall System Development) e e Cltiatin and Certiin Define conditions Estimations / Orders Development Testing Quality control Service in Response to defects Development Development support support Certification Cultivation Determining requirements Develop things that are only Method Measures at the initial stages operable at the final stage Planning and Planning and er o eploee External er o eploee research certification research Knowledge In-house education In-house exams Self-study Agile Development Systems External seminars Systems In-house and information Development Development development certification gathering development Skills and in-house Defect New function and in-house New function Defect New function Completion of Design production Testing Service in production Testing training repair design service in repair design Software Software IT infrastructure IT infrastructure development development Work On-the-job training Only the least amount of Expand functions Work experience Rotation functions necessary while receiving feedback from end-users Mass Mass Develop things that are operable and can be production production adapted throughout the development process an an

23 24 trenthen eterna coaoration echnooies an taent

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DSs Busiess Aiace Stratey

Aeva Inc. (collaboration) Infineon Technologies (investment) Qualcomm Technologies, Inc. (collaboration) Advanced Aurora Innovation Inc. (investment)* JOLED Inc. (investment) Renesas Electronics Corporation (investment) Safety / Blaize (investment) J-QuAD DYNAMICS INC. (investment) Toyota Research Institute - Advanced Development, Inc. Autonomous Global Positioning Augmentation Service Metawave Corporation (investment) (newly established) Driving Corporation (newly established) Morpho, Inc. (investment) MIRISE Technologies Corporation quadric.io (investment) (newly established)

BluE Nexus Corporation eSOL Co., Ltd. (investment) NTT DATA MSE Corporation (newly established) Software Tokyo Institute of (investment) FLOSFIA INC. (investment) Development / Technology PiNTeam Holding GmbH Honeywell International, Inc. (industry-academia inestment Electrification Development collaboration) (collaboration) Toyota Tsusho DENSO Resource Ibiden Co., Ltd. (investment) Toshiba Information Electronics (Thailand) Co., Ltd Reinforcement Systems (Japan) (newly established) TDSG (newly established) Corporation (investment)

AgriD, Inc. (newly established) Airbiquity Inc. (investment) Envoy Technologies Inc. NTT Communiacations (investment) Certhon Build B.V. (investment) BlackBerry Limited Corporate (collaboration) (collaboration) Global Mobility Service, Inc. DENSO AgriTech Solutions, Inc. RideCell, Inc. (investment) (newly established) (investment) Non- ustainaiit Connected Bond Mobility Inc. Iwasaki Co., Ltd. (investment) Vehicles (investment) InfiniteKey, Inc. (acquisition) Automotive CREATIONLINE, INC. Lambda:4 (investment) OPExPARK Inc. (newly established) (investment) MaaS Global Ltd. (investment) Triceed-Agri Corporation DellFer, Inc. (investment) NDIAS, LTD. (newly established) anaement (newly established)

ome company name e Advanced Tecnologies oup Panesip and indusyacademia collaoaion Apil o une as o e ime o announcemen

DENSO aims to be a force for good, whether it’s crafting technology that improves the safety and efficiency of vehicles, or in our sustainable management of all of our facilities. Sustainability DENSO has aligned with the United Nations 17 Sustainable Development Goals to Management promote prosperity while protecting the planet.

The Environment Peace of Mind elated elated n order to realie a tainale oile oiet tat i eoriendl and in i all people an i trentenin or eort in te field o ator atoation and artifiial experiene appine and peae o ind i orin to rede te enironental intelliene n addition to alit ontrol atiitie tat enre te delier o ae and ere ipat o or ine atiitie ile ipleentin enironental anaeent tat prodt to toer tee field ontrite to te proiion o prodt tat realie open reate eonoi ale tro te prit o orldleadin enironental eien and and onenient oilit i in trn proide peae o ind ee field alo proote i reore prodtiit tenoloial deelopent tat elp rede tra aident and tra aet atiitie a ell a addre te ie o te delinin orore aid apan poplation deline

aor Ation Priar Atiitie PC C alit Arane loal rai aet Proet DENSO ECO VISION is an action plan focused on realizing sustainable regions and societies in 2050. This latest ECO VISION DENSO, since its foundation, has promised to DENSO not only offers products that ensure sets three targets (Target 3) to be achieved in 2025: ENERGY 1/2; CLEAN × 2; and GREEN × 2. provide safe, reliable, and high-quality services that safety, it also implements traffic safety educational The Company will also promote 10 specific actions (Action 10) to realize these three targets in the respective categories of will satisfy customers' needs and earn their trust. activities, which are carried out by employees, products, production (factories), associates (employees), and management. We have designated the “thorough implementation for members of local communities around the of the Quality First principle, the practice of quality world. These activities focus on traffic accidents assurance from the beginning of production, and the and aim to offer peace of mind to those most promotion of quality control with full employee vulnerable to accidents, including children and the Three Targets (Target 3) Action 10 participation” as our basic quality assurance policies, elderly (educational activities commenced in fiscal Vision Sensor 2016 and, as of fiscal 2020, have been carried ENERGY CLEAN GREEN and we are promoting the “Customer First” principle out by 76 Group companies, including DENSO Ai to ale C eiion in our product creation. CORPORATION, in Japan and 18 other countries tro tenoloie tat reole loal arin a and regions around the world). Ultimate Eco materials & New green Our employees act as models for practicing

ell a ener and reore Products fuel efficiency low emissions technologies ie traffic safety and work to form connections with local communities. By doing so, we believe we Ai to ale te aont o Minimum Minimum CO2 Nature rich can encourage people around the world to give impact enironentall aardo Monozukuri workplace consideration to sustainability. Production production tane diare and ate tro te ontin o prootion o iproe Low carbon Earth conscio- ent Environmental lifestyle & usness,know- volunteer action Associates transport ledge & skills Ai to reate eniron entriendl onitie Environmental tro ine atiitie value efficient Millimeter-Wave Radar Sensor

tat realie a aronio Management management A nighttime pedestrian model used in our assessment of oexitene it natre collision avoidance braking systems

27 28 Corporate Foundation Social Contribution Activities（Volunteer） Related SDGs To conduct sound and stable business activities and realize sustainable growth amid the As a good corporate citizen, DENSO proactively undertakes community-based social contribution rapidly changing business environment, a solid corporate foundation is essential. To this activities with the objective of contributing to society’s sustainable development. We want to be end, DENSO is engaged in efforts to promote the active role of its personnel and to known as a good corporate neighbor, trusted by our communities. enhance the motivation of its employees through health management and other measures to ensure they are able to use their abilities to the greatest extent possible. DENSO is also working to strengthen information security and compliance. Efforts such as these help ensure that the Company does not damage its corporate value. Symbiosis with the environment Safe and reliable urban development Cultivating people Aiming to foster children’s Primary Activities Primary Activities Preserving the rich, abundant For a society where people can 1 creativity and realize a Promoting diversity & inclusion Health and productivity management* nature of each community live with peace of mind barrier-free society We value new ideas that are created by our employees with Good physical and mental health is essential for ensuring the In addition to promoting DENSO carries out a range of activities DENSO carries out various initiatives diverse backgrounds, and we believe that nurturing kindhearted, happiness of our employees and their families, and provides the environmentally friendly manufacturing to ensure that people can live with generating community interest with the thoughtful employees who respect each other’s individuality is source for working in a lively and energetic manner. as part of our business activities, as a peace of mind, including traffic safety aim of providing local children with essential for realizing sustainable growth. To this end, we are DENSO positions promoting the health of its employees as an corporate citizen DENSO also and crime prevention activities and opportunities to experience the promoting diversity and inclusion, which involves making full use important management task, and announced its Health undertakes environmental preservation support for areas affected by natural fascination and joy of creating things of the skills and perspectives of our employees around the world Declaration in September 2016. At the same time, to encourage activities in the local community. disasters. In 2014, a group of (manufacturing) as well as promoting in order to realize an organizational environment and culture that activities that promote employee health and raise the level of employees was formed to carry out the independence of people with embraces all individuals, regardless of gender, age, nationality, health awareness in the workplace, DENSO is working to enhance traffic safety educational activities on a various disabilities. disability, sexual orientation, career history, and value systems. its health-related initiatives from the perspective of both physical voluntary basis. and mental health. As a result of such efforts, DENSO was included in the Health & Productivity Stock Selection,*2 which is promoted by the TSE and the Nippon Kenko Kaigi (Japan Health Council), for the 5th year in a row. In addition, 37 domestic Group companies have also been included in the White 500 Program.

*1 “Health and productivity management” is a registered trademark of the NPO Kenko Keiei Kenkyukai. *2 The Superior Health & Productivity Companies (the White 500) Program is not restricted to listed companies and recognizes corporations that implement superior health and productivity management in collaboration with insurers such as health insurance associations. This program commenced in 2017.

SAY NO PLASTIC BAGS drive (Thailand) Traffic safety education (USA) Supporting the sports for the challenged

29 30 Soon after the company’s foundation in the 1950s, DENSO began establishing sporting clubs with the aim of “Generating energy Sports in the workplace”. Today, the entire DENSO group in Japan is supporting teams Activities and individual athletes in a variety of sports under the motto of “Let’s move hearts together through sports.”

Reasons Why We Make Efforts in Sports

Encouraging our employees Creating connections with local communities Through the emotions, excitement, We wish to deepen our interaction and inspiration that come from with local communities by offering sports, we aim to increase the excitement to people living near vitality of the workplace. Company offices and sharing with them our dreams and energy.

Making progress together with the sports industry Passionately enhancing our technological capabilities We hope to realize people’s dreams We develop and provide products to by supporting teams and athletes the teams we sponsor. Through the that are active on a global stage. support we have continued to offer Through sports, we will show our to motorsports since the 1960s, we gratitude toward society. have been pursuing outstanding levels of quality and world-leading advanced technologies.

[Basketball] Teams and Athletes Representing DENSO DENSO Iris [Boating] DENSO Boating Club [Nine-member volleyball] DENSO TEN Red Phoenix [Short-distance running] Mariko Nagano, Miki Sugiyama Hinami Yamanaka [Alpine skiing] Konatsu Hasumi [Ice hockey] Nana Fujimoto / Sports Activities of [Archery] Ren Hayakawa DENSO Group / [Volleyball] [Softball] [Long-distance running] [Table tennis] DENSO Airybees DENSO Bright Pegasus DENSO Fleet Serose DENSO Polaris

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ly, Corporate Profile

Appendix As of March 31, 2021

Copan Proile

Company name DENSO CORPORATION

Established December 16, 1949

Head Office 1-1, Showa-cho, Kariya, Aichi 448-8661, Japan

Capital 187.5 billion

Revenue Consolidated basis 4,936.7 billion (US44.6 billion)*1

Operating Profit Consolidated basis 155.1 billion (US1.4 billion)*1

Profit*2 Consolidated basis 125.1 billion (US1.1 billion)*1

Employees Consolidated basis： 168,391 Non-consolidated basis：46,272

Consolidated Subsidiaries 200 (Japan 64, North America 23, Europe 32, Asia 74, Others 7)

Affiliates under the Equity 88 Method (Japan 24, North America 11, Europe 17, Asia 32, Others 4

Fiscal Year From April 1 to March 31

DENSO website *1: U.S. dollar amounts have been translated, for convenience only, at the rate of 110.71 yen US1, the approximate exchange rate prevailing on March 31, 2021. Billion is used in the American sense of one thousand million. *2: Profit attributable to owners of the parent company.

01 02 Financial Data

Consolidated Revenue by Business Group Revenue Operating Profit

Other Automotive 6.4 % (billion yen) (billion yen) 6,000 500 Non-automotive Business 5,362.8 5,108.3 5,153.5 4,936.7 (Factory Automation / Agriculture, etc.) 3.3 % Thermal Systems 5,000 412.7 4,527.1 400 % 23.6 330.6 4,000 316.2 Sensing System, 300 Semiconductor 3.0% 4,936.7 3,000 billion yen 200 Mobility Systems 21.9 % Powertrain Systems 2,000 155.1 April 2020 - March 2021 % 100 22.5 1,000 61.1

Electrification Systems 0 0 19.4 % 2017 2018 2019 2020 2021 (fiscal year) 2017 2018 2019 2020 2021 (fiscal year)

Sales by Customers Profit Total Assets

Aftermarket / Non-automotive Business (billion yen) (billion yen) 80,000 % 400 1 1.9 320.6 70,000 6,767.7 300 60,000 5,764.4 5,792.4 TOYOTA Group: 257.6 254.5 5,651.8 5,150.8 Others 18.8 % TOYOTA, DAIHATSU, HINO 50,000 200 4,936.7 50.6 % 40,000 FORD 2.2 % billion yen 30,000 April 2020 - March 2021 125.1 SUBARU % 100 2.3 68.1 20,000

10,000 GM 2.6 % HONDA 0 0 2017 2018 2019 2020 2021 (fiscal year) 2017 2018 209 2020 2021 (fiscal year) FCA, PSA 3.9 % 7.5 %

03 04 As of March 31, 2021 Global Network

Japan Europe Including DENSO CORPORATION North America Companies Companies Companies 32 65 23 Employees Employees Employees 15,324 79,267 24,516 Revenue Revenue Revenue Asia Others 519.7 Companies 3,177.0 1,026.2 Companies billion yen billion yen billion yen 74 7 Employees Employees 46,476 2,808 Revenue Revenue 1,303.8 40.4 billion yen billion yen

Revenue by Segment Europe Asia Japan North America Others

(billion yen) (billion yen) (billion yen) (billion yen) (billion yen) 1,416.4 652.5 1,278.5 1,303.8 3,266.0 3,263.5 3,177.0 1,212.4 583.3 1,176.3 80 600 1,200 3,000 1,200 72.7 *The number of employees 519.7 1,026.2 60.7 excludes personnel 60 dispatched to consolidated 400 800 2,000 800 companies but includes 40.4 40 personnel on loan from consolidated companies. 200 4 00 1,000 400 Temporary staff are also 20 excluded from the number of employees. 0 0 0 0 0 *Consolidated revenue is from 2019 2020 2021 (fiscal year) 2019 2020 2021 (fiscal year) 2019 2020 2021 (fiscal year) 2019 2020 2021 (fiscal year) 2019 2020 2021 (fiscal year) external customers.

05 06 As of April 1, 2021 DENSO Website ain ailitie in apan rop Copanie Global Network

As of March, 2021 eadarter Plant aoratorie ploee ain ine apan Headquarters 13,125 - Manufacture starters, alternators, inverters, motor generators, electric power 3D INCORPORATED DENSO KATSUYAMA CO., LTD. DENSO WELL CORPORATION Anjo Plant 4,778 steering motors APINES CO., LTD. DENSO KYUSHU CORPORATION DENSO WIPER SYSTEMS, INC. Manufacture car air-conditioners, radiators, electronic diesel/gasoline fuel injection Nishio Plant 7,236 components AUBASS CO., LTD. DENSO LOGITEM CORPORATION DENSO WISETECH CORPORATION Manufacture of instrument clusters, head-up displays, millimeter-wave radar DENSO ABASHIRI TEST CENTER CORPORATION DENSO MIYAAKI, INC. DENSO YAMAGATA CO., LTD. Takatana Plant 3,070 sensors, vision sensors, various sensors components DENSO AgriTech Solutions, Inc. DENSO MTEC CORPORATION DENSO YUSEN TRAVEL CORPORATION Kosai Plant 3,669 Manufacture of compact motors for wiper systems, power windows, etc. DENSO AIR SYSTEMS CORPORATION DENSO NET CO., LTD. HAMADEN P & S CO., LTD. Manufacture of ignition components, advanced safety products, valve train Daian Plant 4,664 components, exhaust emission control components DENSO AIR SYSTEMS TOYOSHINA CORPORATION DENSO POWERTRAIN TECHNOLOGIES CORPORATION HAMANAKODENSO CO., LTD. Kota Plant 3,420 Manufacture of integrated circuits and electronic control components DENSO AIR SYSTEMS YASAKA CORPORATION DENSO PRESS TECH INC. IPICS CORPORATION Functional parts for car air-conditioners and water pump for fuel-cell vehicle and Toyohashi Plant 1,062 DENSO AIRCOOL CORPORATION DENSO REMANI CORPORATION J-QuAD DYNAMICS INC. servo motor module and CO2 heat pump hot water supply systems DENSO AIRCOOL OTARI CORPORATION DENSO SEIBI CO., LTD. KYOSAN DENKI CO., LTD. Hirose Plant 1,055 Manufacture of inverters, ECUs and power semiconductors DENSO BLOSSOM CO., LTD. DENSO SERVICE NISHISAITAMA CO., LTD. KYOSAN TECS CO., LTD. Agui Plant 850 Manufacture of machinery and tools DENSO COMMUNICATIONS CORPORATION DENSO SERVICE OKINAWA CO., LTD. MAULTECH CORPORATION Toyohashi East Plant 781 Manufacture of compact motors for blowers, cooling fans, etc. DENSO CREATE, INC. DENSO SI CORPORATION NSITEE, INC. enmyo Plant 964 Manufacture electronic diesel/gasoline fuel injection systems DENSO DAISHIN CORPORATION DENSO SOLUTION JAPAN CORPORATION SANKYO RADIATOR CO., LTD.

Advanced Research and Innovation Center 242 Research in functional materials, AI and ergonomics DENSO ELECTRONICS CORPORATION DENSO TAIYO CO., LTD. SHIMIU INDUSTRY CO., LTD. R&D in advanced driver assistance systems, connected fields, and automotive DENSO EMC ENGINEERING SERVICE CORPORATION DENSO TECHNO CO., LTD. SOKEN, INC. Global R&D Tokyo 127 electronic systems fi elds DENSO FA YAMAGATA CO., LTD. DENSO TEN Limited TD MOBILE CORPORATION Global R&D Tokyo, Haneda 109 Advanced mobility development DENSO FACILITIES CORPORATION DENSO TEN STAFF Limited Nukata Proving Ground 27 Test driving for automotive components DENSO FINANCE & ACCOUNTING CENTER CO., LTD. DENSO TEN TECHNOLOGY Limited Obu Technology Training Institute 26 Engineers training DENSO FUKUSHIMA CORPORATION DENSO TEN TECHNOSEPTA Limited Shin Yokohama Innovation Lab 26 Research and development of MaaS DENSO HOKKAIDO CORPORATION DENSO TRIM CORPORATION Akihabara Innovation Lab 5 Research and development of connected car services DENSO IT LABORATORY, INC. DENSO UNITY SERVICE CORPORATION As of March 31, 2021 DENSO IWATE CORPORATION DENSO WAVE INCORPORATED

e iiion rane Tokyo Offi ce Osaka Division Iwate Branch Muromachi Branch Tokyo Division Hiroshima Division Kobe Branch Takamatsu Branch Tokyo Division Utsunomiya Offi ce Nagoya Offi ce Nagoya Minami Branch Kohoku Branch *2 *2 Opend in May 2021

07 08 DENSO Website rop Copanie Global Network

As of March, 2021 ort Aeria Remarks : Below table shows Country or Region name’. rope Remarks : Below table shows Country or Region name’.

USA DENSO INTERNATIONAL AMERICA, INC. Canada DENSO MANUFACTURING CANADA, INC. Nether- DENSO INTERNATIONAL EUROPE B.V. Poland DENSO POLAND Sp. z o.o. lands DENSO AIR SYSTEMS MICHIGAN, INC. DENSO SALES CANADA, INC. DENSO EUROPE B.V. DENSO THERMAL SYSTEMS POLSKA Sp. z o.o. DENSO MANUFACTURING ARKANSAS, INC. DENSO TEN CANADA Limited

DENSO MANUFACTURING ATHENS TENNESSEE, INC. Belgium DENSO BELGIUM N.V. Portugal AUTO RADIADORES JDEUS, LDA. DENSO MANUFACTURING MICHIGAN, INC. Mexico ASMO MANUFACTURING DE MEICO, S.A. DE C.V. AUTO RADIADORES DAS BEIRAS, LDA.

DENSO MANUFACTURING NORTH CAROLINA, INC. DENSO AIR SYSTEMS DE MEICO S.A. DE C.V. Czech DENSO CECH s.r.o. JOAO DE DEUS & FILHOS, S.A. Republic DENSO MANUFACTURING TENNESSEE, INC. DENSO MEICO S.A. DE C.V. DENSO MANUFACTURING CECH s.r.o. Radinorte - SOCIEDADE DE RADIADORES DO NORTE, LDA.

DENSO PERSONNEL SERVICE AMERICA, INC. DENSO TEN MEICO, S.A. DE C.V. LIPLASTEC s.r.o. SULRADIADORES, UNIPESSOAL, LDA. DENSO PRODUCTS AND SERVICES AMERICAS, INC. HAMADEN MEICO S.A. DE C.V.

DENSO REINSURANCE AMERICA, INC. France DENSO AUTOMOTIVE FRANCE S.A.R.L. Russia DENSO SALES RUS L.L.C. DENSO TEN AMERICA Limited

DENSO TEN TECHNOSEPTA USA, Limited Germany DENSO ADAS Engineering Services GmbH Spain DENSO BARCELONA S.A.

KYOSAN DENSO MANUFACTURING KENTUCKY, LLC DENSO AUTOMOTIVE Deutschland GmbH DENSO SISTEMAS TERMICOS ESPANA S.A.

SYSTE PRODUCTS ARKANSAS COMPANY DENSO TEN EUROPE GmbH FUJITSU TEN ESPANA, S.A. SYSTE PRODUCTS CORPORATION DENSO WAVE EUROPE GmbH

Sweden DENSO SWEDEN AB Hungary DENSO MANUFACTURING HUNGARY LTD.

Turkey DENSO OTOMOTIV PARCALARI SANAYI A.S. Italy DENSO ITALY S.R.L.

DENSO MANUFACTURING ITALIA S.p.A. UK DENSO AUTOMOTIVE UK LTD.

DENSO THERMAL SYSTEMS S.p.A. DENSO MANUFACTURING UK LTD.

DENSO MARSTON LTD. Morocco DENSO THERMAL SYSTEMS MOROCCO S.A.R.L.

09 10 DENSO Website rop Copanie Global Network

As of March, 2021 Aia Remarks : Below table shows Country or Region name’.

China DENSO (CHINA) INVESTMENT CO., LTD. Singapore DENSO INTERNATIONAL ASIA PTE. LTD. India DENSO INTERNATIONAL INDIA PVT. LTD. Philippines DENSO PHILIPPINES CORPORATION

DENSO (CHANGHOU) FUEL INJECTION SYSTEM CO., LTD. DENSO TEN SINGAPORE Private Limited DENSO HARYANA PVT. LTD. DENSO TECHNO PHILIPPINES, INC.

DENSO (GUANGHOU NANSHA) CO., LTD. DENSO WAVE SINGAPORE PTE. LTD. DENSO INDIA PVT. LTD. DENSO TEN PHILIPPINES CORPORATION DENSO (TIANJIN) BODY PARTS CO., LTD. DENSO KIRLOSKAR INDUSTRIES PVT. LTD. DENSO TEN SOLUTIONS PHILIPPINES CORPORATION

DENSO (TIANJIN) THERMAL PRODUCTS CO., LTD. Thailand DENSO INTERNATIONAL ASIA CO., LTD. DENSO SUBROS THERMAL ENGINEERING CENTRE INDIA PVT. LTD. DIE CORPORATION

DENSO AUTO PARTS SALES (TIANJIN) CO., LTD. AIR SYSTEMS (THAILAND) CO., LTD. DENSO TEN MINDA INDIA Private Limited QUINTESSENTIAL PROPERTIES DEVELOPMENT CO., LTD. DENSO FA SHANGHAI Co.,Ltd. DENSO (THAILAND) CO., LTD. DENSO THERMAL SYSTEMS PUNE PVT. LTD.

DENSO AIR SYSTEMS TIANJIN CO., LTD. DENSO ELECTRONICS (THAILAND) CO., LTD. UAE DENSO SALES MIDDLE EAST & NORTH AFRICA FE.

DENSO KOTEI AUTOMOTIVE ELECTRONICS (WUHAN) CO., LTD. DENSO SALES (THAILAND) CO., LTD. Indonesia PT. DENSO INDONESIA DENSO MANUFACTURING (HANGHOU) CO., LTD. DENSO TEN THAILAND Limited PT. DENSO MANUFACTURING INDONESIA Viet Nam DENSO MANUFACTURING VIETNAM CO., LTD.

DENSO MANUFACTURING (TIANJIN) MOTOR CO., LTD. DENSO TOOL & DIE (THAILAND) CO., LTD. PT. DENSO SALES INDONESIA HAMADEN VIETNAM CO., LTD. DENSO SHANGHAI SMART MOBILITY TECHNOLOGY CO., LTD. SIAM DENSO MANUFACTURING CO., LTD. PT. DENSO TEN AVE INDONESIA

DENSO TEN (CHINA) Limited SIAM KYOSAN DENSO CO., LTD. PT. DENSO TEN MANUFACTURING INDONESIA

DENSO TEN ELECTRONICS (WUI) Limited Toyota Tsusho DENSO Electronics (Thailand) Co., Ltd. PT. HAMADEN INDONESIA MANUFACTURING

DENSO TEN PRECISION ELECTRONICS (TIANJIN) Limited

DENSO TEN RESEARCH AND DEVELOPMENT (TIANJIN) Limited Australia DENSO AUTOMOTIVE SYSTEMS AUSTRALIA PTY. LTD. Malaysia DENSO (MALAYSIA) SDN. BHD. ter Remarks : Below table shows Country or Region name’. DENSO TEN TRADING (TIANJIN) Limited DENSO INTERNATIONAL AUSTRALIA PTY. LTD. NIPPON WIPER BLADE (M) SDN. BHD.

GONGCHENG DENSO (CHONGQING) CO., LTD. DENSO TEN AUSTRALIA PTY. Limited Argentina DENSO MANUFACTURING ARGENTINA S.A.

GUANGHOU DENSO CO., LTD. Myanmar DENSO MYANMAR CO., LTD.

TIANJIN DENSO ELECTRONICS CO., LTD. Cambodia DENSO (CAMBODIA) CO., LTD. Brazil DENSO DO BRASIL LTDA.

TIANJIN DENSO ENGINE ELECTRICAL PRODUCTS CO., LTD. PIT & GO AUTOMOTIVE SERVICE (CAMBODIA) CO., LTD. Republic of DENSO KOREA CORPORATION DENSO INDUSTRIAL DA AMAONIA LTDA. Korea TIANJIN FAWER DENSO AIR-CONDITIONER CO., LTD. SANKYO RADIATOR (CAMBODIA) CO., LTD. DENSO TEN KOREA Limited DENSO MAQUINAS ROTANTES DO BRASIL LTDA. TIANJIN FUJITSU TEN ELECTRONICS CO., LTD. KOREA WIPER BLADE CO., LTD. DENSO SISTEMAS TERMICOS DO BRASIL LTDA. TIANJIN SHIMIU PENG YING PLASTICS CO., LTD. DENSO TEN DO BRASIL LTDA. WUI DENSO AUTOMOTIVE PRODUCTS CO., LTD. YANTAI SHOUGANG DENSO CO., LTD. South DENSO SALES SOUTH AFRICA (PTY), Limited Africa

Taiwan DENSO TAIWAN CORP.

11 12 irectors an Auit uperisor oar emers

Repesenaive Repesenaive eme o Audi Supevisoy Audi Supevisoy Directors eme o e e oad Audit & oad eme oad eme oad Supervisory Pesiden CEO Board oi Aima uiio Singo oomi Nia Members Sinoaa uamua

eme o e oad eme o e oad Ouside Audi Ouside Audi Supevisoy oad Supevisoy oad eme eme Independen Oce Independen Oce enicio Io asusi asui asuo oo auo iamua

eme o e oad Ouside Dieco

Aio Toyoda eoge Olco Independen Oce

Ouside Dieco Ouside Dieco Independen Oce Independen Oce

Sigei uo isuya usida

January.July, 20212019