Ajinomoto Concludes Contract to Sell Calpis Shares

Tokyo, May 8, 2012 - Ajinomoto Co., Inc. (Ajinomoto) announced today that it has concluded a contract to sell all outstanding shares of its wholly owned subsidiary Calpis Co., Ltd. (Calpis) to Asahi Group Holdings, Ltd. (Asahi GH). 1. Overview of the Contract to Sell Shares Ajinomoto will sell all outstanding shares of Calpis to Asahi GH.   Number of shares to be sold   73,936,871 shares (100% of outstanding shares)   Sale price   Approximately JPY 120 billion   Planned closing date   October 1, 2012 2. Background to Sale of Shares Under the FY2011-2013 Medium-Term Management Plan, Ajinomoto is focusing resources on the core businesses of "seasonings & food products" and "advanced bioscience & fine chemicals" to generate growth and reinforce its business structure toward becoming a genuine global company. Ajinomoto Group company Calpis has focused its operations on lactic acid beverages since its establishment in 1917. Its flagship Calpis brand was the first such beverage in Japan. Ajinomoto became the largest Calpis shareholder in 1990, integrated Calpis by acquiring 100% of its outstanding shares in October 2007, accelerated overseas development of its beverage business, and expanded its operations while leveraging synergies in functional areas including purchasing and logistics. Under these circumstances, Ajinomoto carefully considered a formal proposal from Asahi GH in January 2012 to purchase Calpis's shares. Asahi GH expressed its desire to expand Calpis as a key component for growing its core beverage business, citing a strong appreciation for the Calpis brand and Calpis's technology for utilizing lactobacillus and microorganisms, corporate culture and history spanning more than 90 years, and outstanding human resources. Moreover, Calpis and Asahi GH group company Asahi Soft Drinks Co., Ltd. have been building mutual trust through their joint business for vending machine beverage. After due consideration of these issues, Ajinomoto decided that selling its Calpis shares to Asahi GH would contribute to Ajinomoto's plan to concentrate on core businesses, and would further optimize growth over the long term for Calpis. Ajinomoto therefore decided to conclude the contract. 3. Impact on Results The sale of Calpis shares will reduce consolidated net sales for the fiscal year ending March 2013 by approximately JPY 48 billion, but the impact on operating income, ordinary income and net income will be immaterial. Ajinomoto factored the divestiture into the consolidated performance forecast it announced today. Reference Overview of Calpis Co., Ltd. About Ajinomoto Ajinomoto is a global manufacturer of high-quality seasonings, processed foods, beverages, amino acids, pharmaceuticals and specialty chemicals. For many decades Ajinomoto has contributed to food culture and human health through wide-ranging application of amino acid technologies. Today, the company is becoming increasingly involved with solutions for improved food resources, human health and global sustainability. Founded in 1909 and now operating in 26 countries, Ajinomoto had net sales of JPY 1,197.3 billion (USD 15.1 billion) in fiscal 2011. For more about Ajinomoto (TYO: 2802), visit www.ajinomoto.com. For further information, please contact: Ajinomoto Co., Inc. Public Communications Department; pr_info@ajinomoto.com

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