Ajinomoto announces full-year consolidated results Record revenue exceeds \1 trillion Fifth consecutive period of increased sales and operating income Record profit at all levels Dividend up 1 yen to 12 yen; dividend increase to 13 yen planned May 14, 2004 --- Ajinomoto Co., Inc. (Ajinomoto; President: Kunio Egashira) today announced consolidated results for the fiscal year ended March 31, 2004. Consolidated net sales, operating income, ordinary income and net income all reached record levels, as follows. 　Net sales and operating income have now increased for five consecutive periods, and in the fiscal year under review net sales, operating income, ordinary income, and net income all reached record levels. 　Non-consolidated sales also increased year on year, although income at all levels declined. 　In the domestic food segment sales increased considerably following the merger with Frec Corporation. Sales of soups, Amino Vital, amino acid-based sweeteners, coffee, and dairy products also showed steady growth. 　In the overseas food segment, revenue increased from the sale of flavor seasonings and of AJI-NO-MOTO to the food processing industry. Although sales in this segment exceeded the previous comparable period, marketing costs and active investment in new product development resulted in lower income. 　Amino Acids sales increased significantly year on year, and operating income approximately doubled. In particular, sales of feed-use amino acid products, Lysine, Threonine and Tryptophan all increased, resulting in considerably higher revenue and profit. 　Pharmaceutical sales and income were significantly higher than in the previous comparable period, boosted by the strengthened product line up resulting from the acquisition of Shimizu Pharmaceutical Co., Ltd. 　For the fiscal year ending March 31, 2005, Ajinomoto is forecasting consolidated net sales of 1,080 billion yen, operating income of 75 billion yen, ordinary income of 76 billion yen, net income of 45 billion yen, and ROE of above 10%. At the parent level Ajinomoto is forecasting non-consolidated net sales of 665 billion yen, operating income of 20 billion yen, ordinary income of 24.5 billion yen, and net income of 20 billion yen. 　These forecasts are made assuming a dollar/yen exchange rate of 110 yen. For further information please contact: Ajinomoto Co., Inc. Public Relations Department; Tel: +81-3- 5250-8180