Ajinomoto announces consolidated interim results Revenue, income increase; operating income up 16% Interim dividend up 1 yen to 6 yen; full year dividend of 12 yen planned

November 14, 2003 --- Ajinomoto Co., Inc. (Ajinomoto; President: Kunio Egashira) today announces consolidated interim results for the financial year ending March 31, 2004. Net sales, operating income, ordinary income and net income all exceeded the previous interim period, as follows.   In the domestic food product segment, operating income decreased. Although sales of frozen foods increased significantly, and sales of processed foods such as coffee and soups, and amino acid supplement Amino Vital were also higher than in the previous comparable period, higher advertising and other marketing expenses were recorded.   Operating income also decreased in the overseas food products segment. Revenue from the sale of AJI-NO-MOTO and flavored and mixed seasonings exceeded the previous comparable period, but marketing costs and active investment in new product development resulted in lower income.   Amino acids sales and operating income increased significantly year on year. Sales of feed-use amino acid products Lysine, Threonine, and Tryptophan all increased, resulting in significantly higher revenue and profit.   Pharmaceutical sales were significantly higher than in the previous interim period, boosted by the strengthened product line up resulting from the acquisition of Shimizu Pharmaceutical Co., Ltd., in December 2002. Operating income from the segment decreased, reflecting an increase in R&D expenses and the fact that last year�fs results included pricing adjustments relating to transactions in previous years.   For the full financial year ending March 31, 2004, Ajinomoto is forecasting net sales of 1,050 billion yen, operating income of 65 billion yen, ordinary income of 67 billion yen, and net income of 35 billion yen, unchanged from the forecast issued on May 14, 2003.  The dividend for the second half of the year will be 6 yen per share, the same as for the year before. Combined with the dividend for the first half, the dividend for the whole year is planned to be 12 yen per share.   These forecasts are made assuming a dollar/yen exchange rate of 115 yen. For further information please contact: Ajinomoto Co., Inc. Public Relations Department; Tel: +81-3- 5250-8180 End

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