Message to Investors

Since the launch of its groundbreaking product AJI-NO-MOTO, the world’s first umami seasoning in 1909, the Ajinomoto Group (Ajinomoto) has continued to create new value by deepening its knowledge of amino acids and expanding into fields such as health and pharmaceuticals while developing a new dietary culture. Today, we offer a variety of products worldwide, including seasonings, processed foods, beverages, pharmaceuticals, amino acids and specialty chemicals.

Ajinomoto will soon celebrate its 100th anniversary. A-dvance 10, our medium- to long-term management plan for fiscal 2005-2010, is designed to lay the foundation for the next 100 years. Our objective is to increase corporate value through continued growth and an improved profit structure, and we will achieve that by advancing from Japan into the global arena as a leader in foods and amino acids. The four keys to A-dvance 10 are global management, innovative management, group management and commitment to corporate social responsibility. Ajinomoto will continue to make full use of its unique capabilities in foods and amino acids to launch products in growth markets and expand globally while reducing costs and helping our people to make the most of their skills. Quality and commitment to social responsibility and environmental conservation are also hallmarks of A-dvance 10.

Due to rising raw material and fuel prices, currency fluctuation, and intensifying competition in amino acids business etc., our business environment has become rather more severe compared with the end of fiscal 2004, when we made A-dvance 10. However, we will aggressively implement additional measures such as strengthening profitability in existing businesses, and accelerating/promoting health and nutrition business and strategic M&A, to achieve A-dvance 10.

As for return to shareholders, Ajinomoto seeks a balance between short-term and long-term returns. Stable dividends are the key to returns over the short term. Over the medium and long term, we seek to steadily increase dividends as we enhance corporate value. Of note, Ajinomoto Co., Inc. has increased its dividend each year since fiscal 2002. Shareholders have received the benefits of our strategies for growth, and will continue to do so.

In addition to developing original technologies, strengthening our competitiveness as a creative company, and delivering high value to shareholders, we aim to contribute significant advances to food and health and ultimately to a better life for all. I would like to thank you for your continued support and to express my commitment to keeping your trust.

Norio Yamaguchi
President & Chief Executive Officer