Following are Ajinomoto's financial results for the six-month period ended September 30,2002.

Unit: Billions of Yen

Consolidated Results Percentage of Previous Year Non-consolidated Results Percentage of Previous Year Net Sales 489.7 (490.0) 106% 330.3 (320.0) 103% Operating Income 23.6 (20.0) 122% 9.6 (6.0) 181% Ordinary Income 26.8 (22.0) 106% 13.6 (12.0) 99% Net Income (Loss) 12.0 (12.0) 74% 10.2 (9.0) 87%

* Numbers in brackets ( ) are published projections of performance results

Consolidated results far surpassed figures for the previous fiscal year in terms of net sales, operating income, and ordinary income. Net sales and net income for this six-month period generally achieved performance projections, while operating income and ordinary income substantially exceeded these projections. Meanwhile, non-consolidated results exceeded results from the previous fiscal year in both net sales and operating income.

Net Sales Y-on-Y Change (Amount) Percentage of Previous Year Operating Income Y-on-Y Change(Amount) Percentage of Previous Year Domestic Food Products 297.5 9.4 103% 11.9 0.7 107% Overseas Food Products 68.8 6.5 111% 4.3 1.5 155% Amino Acids 62.1 5.6 110% 4.9 △1.1 81% Pharmaceuticals 29.4 2.8 111% 6.7 4.0 251% Others 31.8 3.5 112% 1.3 △0.5 70%

In the domestic food business, Hon-Dashi, Cook Do, and other seasoning products showed strong performance, while soups, Amino Vital, frozen foods, coffee products, and Calpis Co., Ltd. products also demonstrated steadily increasing sales.   In the overseas food business, AJI-NO-MOTO and flavored and mixed seasonings for home use performed well, while AJI-NO-MOTO and nucleotides for the food-processing industry also demonstrated a substantial increase in operating income due to increased price per unit sales.   In the amino acid business, despite increased income overall, operating income fell as a result of a reduction in Threonine prices implemented to achieve market expansion.   In pharmaceutical business, Ajinomoto began sales of Actonel, a drug used in the treatment of osteoporosis, while nateglinide and FASTIC, agents for the treatment of diabetes, showed substantial increases in domestic sales. Furthermore, LIVACT, a formula for the treatment of liver cirrhosis, and ELENTAL, an elemental diet, also recorded strong sales growth. As a result of these factors, both net sales and operating income far exceeded results for the same period of the previous year.

Regarding the outlook for the fiscal year ending March 2003, in consolidated results Ajinomoto expects to see net sales of 990 billion yen, operating income of 54 billion yen, and ordinary income of 59 billion yen, while in non-consolidated results it anticipates net sales of 650 billion yen, ordinary income of 30 billion yen, and net income of 21 billion yen. Regarding year-end dividends, the Company plans to distribute six yen per share, an increase of one yen over the previous year, resulting in a total year dividend of 11 yen in combination with the interim dividend.   Forecasts for the six-month period ending March 2003 are based on an exchange rate of 125 yen to the U.S. dollar.

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