Summary of Interim Period Earnings and Revision of Consolidated Performance Forecast for the Fiscal Year Ending March 31, 2009

I. Summary of Earnings for the Interim Period of the Fiscal Year Ending     March 31, 2009     Sales Up, Profits Down Year-on-Year     ・ Operating Income: 20.2 billion yen (29% decrease from previous interim period)     ・ Net Loss: 4.8 billion yen (net income 13.9 billion in previous interim period)     Interim dividend of 8 yen per share, full-year dividend of 16 yen per share planned November 7, 2008 - Ajinomoto Co., Inc. (Ajinomoto; President & CEO: Norio Yamaguchi; Headquarters: Tokyo, Japan) today announced its consolidated financial results for the interim period of the fiscal year ending March 31, 2009, as outlined in the tables below. Compared with the previous interim period, net sales increased 3% to 626.4 billion yen, operating income decreased 29% to 20.2 billion yen and ordinary income decreased 31% to 18.8 billion yen. Net loss was 4.8 billion yen. (Billions of yen, rounded down)   Consolidated Results Year-on-Year Change (%) Net sales 626.4 (626.4)  +3% Operating income  20.2  (20.2) -29% Ordinary income  18.8  (18.8) -31% Net income  -4.8  (-4.8) ─ Note: Figures in parentheses are previously announced forecast. Consolidated Segment Information (Billions of yen, rounded down)   Sales Year-on-Year Change Year-on-Year Change (%) Operating Income Year-on-Year Change Year-on-Year Change (%) Domestic Food Products 335.8 20.6 +7%  7.5  0.8 +13% Overseas Food Products  80.2  3.3 +4%  6.7 -1.1 -15% Amino Acids 139.5 -5.6 -4%  6.3 -1.6 -21% Pharmaceuticals  42.9  0.4 +1%  6.6 -1.9 -23% Other  27.7 -2.0 -7%  0.8 -0.6 -40% Corporate and Eliminations  ─  ─  ─ -7.9 -3.7 +88%   In the domestic food products business, despite the impact of higher raw material prices, sales and operating income increased compared with the previous interim period due in part to the addition of Calpis Co., Ltd. as a wholly owned subsidiary and other factors. Sales of HON-DASHI were below the level of the previous interim period, but sales of consommé and Chinese dashi products were up slightly and sales of umami seasoning AJI-NO-MOTO, the Cook Do line, and mayonnaise and mayonnaise-type dressings increased steadily. The frozen foods market has been gradually recovering, but the market downturn caused by incidents that threatened food safety and security is still affecting core products for household use such as Gyoza (Chinese dumplings) and Ebi Shumai, and sales declined from the previous interim period. Sales of beverages increased substantially, reflecting the addition of Calpis Co., Ltd. as a wholly owned subsidiary.   In the overseas food products business, sales increased as sales volume of AJI-NO-MOTO and flavor seasonings for the household and restaurant markets increased substantially, although the stronger yen had a negative currency translation effect, primarily in Asia. Operating income declined from the previous interim period mainly due to the worldwide rise in raw material prices. In Asia, sales of AJI-NO-MOTO to the household and restaurant markets and flavor seasonings for household use increased only slightly due to currency translation. In the Americas, sales of flavor seasonings for household use were strong in South America.   In the amino acids business, sales were steady excluding the effect from business restructuring. Operating income declined from the previous interim period due to the significant impact of higher raw material and energy prices and exchange rates. In umami seasonings for processed food manufacturers, sales volume of AJI-NO-MOTO to the food processing industry increased, reflecting a solid market both in Japan and overseas, and sales increased strongly. In feed-use amino acids, sales of Lysine and Tryptophan were solid, but sales of Threonine decreased slightly. Sales of pharmaceutical fine chemicals fell sharply from the same period of the previous fiscal year, reflecting unfavorable sales in Europe.   In the pharmaceuticals business, sales of self-distributed products decreased compared with the previous interim period, but overall sales increased due to strong sales of products marketed through alliances. However, income declined due to the effect of NHI price revisions and an increase in research and development expenses.   In addition, Ajinomoto recorded an impairment loss of 13.4 billion yen in the current interim period on goodwill of the Amoy Food Group, a consolidated subsidiary. Due to higher costs resulting from rising raw material prices, Ajinomoto can no longer expect this subsidiary to generate the earnings assumed at the time of acquisition. Therefore, Ajinomoto wrote down the book value of the goodwill to the recoverable value. As a result, net loss for the period was 4.8 billion yen.   II. Consolidated Performance Forecast for the Fiscal Year Ending      March 31, 2009   In view of recent performance trends and other factors, Ajinomoto has revised its performance forecast for the fiscal year ending March 31, 2009, as outlined in the table below. The revised forecast replaces the forecast announced on May 9, 2008. 1. Revisions to the Consolidated Performance Forecast for the Fiscal Year Ending    March 31, 2009 (April 1, 2008 - March 31, 2009) (Millions of yen; %)   Net sales Operating income Ordinary income Net income Net income per share (Yen) Previous forecast (A) 1,272,500 to 1,277,500 65,000 to 70,000 61,000 to 66,000 30,000 to 33,000 42.94 to 47.24 Revised forecast (B) 1,240,000 50,000 47,000 5,000 7.16 Amount of change (B-A) -37,500 to -32,500 -20,000 to -15,000 -19,000 to -14,000 -28,000 to -25,000 -40.08 to -35.78 Percentage change (%) -2.9 to -2.6％ -28.6 to -23.1％ -28.8 to -23.0％ -84.8 to -83.3％ -84.8 to -83.3％ [Reference]: Results for the fiscal year ended March 31, 2008 1,216,572 60,523 55,736 28,229 41.94 2. Reasons for the Revision   In the domestic food products business, operating income is projected to fall short of the previous forecast due to factors including higher-than-expected raw material prices. In the overseas food products business, operating income is also projected to be below the previous forecast due to the negative currency translation adjustment caused by the strong yen, higher raw material prices and other factors. In the amino acids business, operating income is projected to be lower than the previous forecast, also due to the negative currency translation adjustment caused by the strong yen and higher raw material prices. As a result, total operating income for the full fiscal year is expected to be lower than the previous forecast. In addition, net income is projected to be lower than the previous forecast, partly because Ajinomoto recorded a 13.4 billion extraordinary loss on impairment of goodwill of Amoy Foods Group, a consolidated subsidiary, in the second quarter of the fiscal year.   This forecast assumes an exchange rate of 102 yen to 1 U.S. dollar.   There is no change to the dividend forecast announced on May 9, 2008. Note: The performance forecast above is based on information available to the Company as of the date   of this news release. Various factors could cause actual results to differ materially from the above   forecast. For further information, please contact: Ajinomoto Co., Inc. CSR & Corporate Communications Department; Tel: +81-3- 5250-8180

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