Press Release Ajinomoto Co., Inc. 15-1, Kyobashi 1-chome Chuo-ku, Tokyo President: Kunio Egashira Acquisition set to expand Ajinomoto�fs Pharmaceutical business October 28, 2002 --- Ajinomoto Co., Inc. (Ajinomoto) today announced it had concluded an agreement to wholly acquire Shimizu Pharmaceutical Co., Ltd., and its subsidiary Shimizu Medical Co., Ltd., (respectively, Shimizu Pharmaceutical and Shimizu Medical) from Suzuyo & Co., Ltd., and other Suzuyo group companies. The move is part of Ajinomoto�fs drive to reinforce its competitiveness in its pharmaceuticals business, particularly in the infusions and clinical nutrition fields. In line with the acquisition, Ajinomoto has lifted forecasted net sales of Ajinomoto�fs pharmaceuticals company in fiscal 2004 (ending March 31, 2005) from an originally targeted ¥71 billion to ¥96 billion, with operating income expected to reach ¥13 billion, against an initially projected ¥9 billion. Projected net sales for fiscal 2005 are ¥103 billion, with projected operating income of ¥15 billion (both figures exclude consolidation write-offs). The acquisition is in line with the Ajinomoto Group�fs far-reaching restructuring initiatives to become the global No. 1 or strong No. 2 in each of its businesses. By fiscal 2004, the final term in its current three-year management plan, Ajinomoto aims to achieve consolidated net sales of ¥1.1 trillion, net income of ¥45 billion, and a return on equity (ROE) of at least 10%. The Ajinomoto group is taking further steps to bolster its specialization in infusions, clinical nutrition, gastrointestinal and related areas, and intends to employ its Total Nutrition Care concept to serve the evolving medical treatment needs of Japan�fs aging society. 1. Details The Ajinomoto Group is working under its current three-year management plan to become a distinctive player that is trusted worldwide, and in keeping with that vision is pursuing a strategy to expand and strengthen its pharmaceutical business. Ajinomoto�fs pharmaceutical business aims to create and commercialize innovative drugs for three main areas. The first is infusion and clinical nutrition products. The second is treatments for gastrointestinal diseases, especially liver and inflammatory bowel disease (IBD), and the third is for diabetes and other lifestyle diseases. To date, Ajinomoto has concentrated on developing drugs based on its expertise in amino acids, and has driven the business forwards by developing new drugs for niches in the global pharmaceutical market, while building strong niche positions in the infusion, clinical nutrition, and gastrointestinal fields in Japan. In December 1999, Ajinomoto acquired the infusion and clinical nutrition businesses of Aventis Pharma Ltd. in Japan to establish Ajinomoto Pharma Co., Ltd. Since then, Ajinomoto has established its operations as Japan�fs first enterprise to support Total Nutrition Care. Ajinomoto Pharma is a leading manufacturer of products that link nutrition and medical treatment, focusing on ways to improve quality of life through infusions. It has steadily increased its share of the infusions market through its high-calorie total parenteral nutrition product PNTWIN. The acquisitions of Shimizu Pharmaceutical and Shimizu Medical are designed to further broaden the Ajinomoto group�fs infusion and clinical nutrition lineups. By adding Shimizu Pharmaceutical�fs electrolyte infusions and dialysis products, Ajinomoto Pharma will be well positioned to serve the rising need for nutritional management of patients, providing Total Nutrition Care. From April 1, 2003, Ajinomoto Pharma will be solely responsible for the sales of Shimizu Pharmaceutical�fs products. Ajinomoto will review Shimizu Pharmaceutical�fs sales, marketing, and research and development capabilities, and will move rapidly to build an efficient new structure for those operations. Shimizu Pharmaceutical�fs top quality production capabilities will continue operating under the name of Shimizu Pharmaceutical as an integral part of Ajinomoto group. 2. Schedule October 28   Transfer agreement signed December 2   Shares and capital transfer April 1, 2003   Sales shifted from Takeda Chemical Industries 3. Shimizu Pharmaceutical profile Paid-in capital ¥80 million Headquarters 235 Miyakami Shimizu-shi, Shizuoka Prefecture Businesses Researching and developing, manufacturing, and selling pharmaceuticals and medical equipment. Main products include electrolyte infusions, dialysis agents, and anti-clotting agents Sales and income Net sales: ¥20 billion; ordinary income ¥1.7 billion (year ended March 2002) Number of employees 592 4. Shimizu Medical profile Paid-in capital ¥100 million Headquarters 2-1-16 Kaigan, Minato-ku, Tokyo Businesses Researching and developing, manufacturing, and selling pharmaceuticals and medical equipment. Main products include medical equipment and transfusions for peritoneal dialysis. Sales and income Net sales: ¥1.5 billion; ordinary loss: ¥0.4 billion (year ended December, 2001) Number of employees 50 (including 14 people seconded from Shimizu Pharmaceutical) For further information please contact: Ajinomoto Public Relations Department; Tel: +81-3- 5250-8180 TOP