Increased revenues and profits in interim results Consolidated net income up 80% to 22 billion yen Large increase in operating income driven by domestic food products, amino acids Full year dividend of 13 yen planned

November 12, 2004--- Ajinomoto Co., Inc. (Ajinomoto; President & CEO: Kunio Egashira, Headquarter: Tokyo, Japan) today announced interim results for the fiscal year ending March 31, 2005. Consolidated net sales reached 545.6 billion yen and consolidated operating income, ordinary income and net income were all substantially higher than in the previous comparable period. Non-consolidated revenue was also higher, with significant increases in income. Consolidated interim results for six months ended September 30, 2004 Billions of yen   Net sales Operating income Ordinary Income Net Income Interim period ended September 30, 2004 545.6 36.2 37.6 22.0 Increase over previous interim period ended September 30, 2003 6% 32% 31% 80% Forecast - issued Sept. 28, 2004 540.0 33.0 33.0 18.5 Non-consolidated interim results for six months ended September 30, 2004 Billions of yen   Net sales Operating income Ordinary Income Net Income Interim period ended September 30, 2004 333.2 9.8 14.2 10.5 Increase over previous interim period ended September 30, 2003 1% 76% 40% 70% Forecast - issued Sept. 28, 2004 335.0 8.0 11.0 9.0 Consolidated interim results by segment Billions of yen   Net Sales YoY Change - amount YoY Change - percent Operating income YoY Change - amount YoY Change - percent Domestic food products 304.8 1.6 1% 13.1 2.7 26% Overseas food products 77.8 8.1 12% 3.5 (0.7) (17%) Amino acids 91.5 19.3 27% 18.0 8.9 99% Pharmaceuticals 40.2 0.6 2% 4.6 (0.9) (16%) Other 31.2 (0.3) (1%) 2.1 0.1 8% 　In the domestic food products segment, sales of Cook Do, mayonnaise, Amino Vital, coffee and beverages were good, and although there was a small decrease in sales resulting from changes to the product lineup accompanying the merger of J-OIL MILLS, INC., net sales were higher than in the previous interim period. Operating income in this segment improved significantly as a result of more concentrated marketing investment and reducing costs. 　In the overseas food products segment net sales of AJI-NO-MOTO and flavored and mixed seasonings were higher than in the previous interim period, but aggressive marketing investment resulted in lower income. 　Amino Acids sales increased considerably, with operating income nearly double that of the previous comparable interim period. Sales of feed-use amino acid products, pharmaceutical intermediates, special chemicals and sweeteners all increased, with a marked rise in revenue and profits. 　Pharmaceutical sales were higher than in the previous interim period, boosted by sales of non-insulin-dependent diabetes treatment FASTIC and other products, but operating income from the segment decreased due to factors including the impact of pharmaceutical pricing adjustments. 　For the full financial year ending March 31, 2005, Ajinomoto is forecasting net sales of 1.08 trillion yen, operating income of 75 billion yen, ordinary income of 76 billion yen, and net income of 45 billion yen, with ROE of more than 10%. These forecasts are made assuming a dollar/yen exchange rate of 108 yen. 　A dividend of 7 yen per share will be proposed for the second half of the year. Combined with the dividend for the first half, the planned full year dividend is therefore 13 yen per share, 1 yen higher than last year. For further information please contact: Ajinomoto Co., Inc. Public Relations Department; Tel: +81-3- 5250-8180 TOP