Ajinomoto reports record consolidated net income, fourth consecutive year of increased sales, profits Dividend up one yen to 11 yen; further increase to 12 yen proposed Forecasting sales to exceed one trillion yen, further record results Tokyo, May 14, 2003 – Ajinomoto Co., Inc. today announced consolidated results for the financial year ended March 31, 2003. Key consolidated and non-consolidated results are as follows. Overall results    Consolidated net sales, operating income, and ordinary income increased for the fourth consecutive financial year, to their highest levels. A new record net income of 33.1 billion yen was also recorded. On a non-consolidated basis net sales, operating income, ordinary income, and net income all increased year on year. Results by segment   In the domestic food products business, sales of products such as Hon-Dashi and Cook Do grew steadily, and sales growth also continued in soups, Amino Vital, amino acid-based sweeteners, frozen foods, coffee, Calpis products, and dairy products.   In overseas food products, sales of flavored and mixed seasonings increased, while higher unit prices of nucleotides for the food processing industry contributed to significantly higher operating income.  Sales in the amino acids business increased overall, although the impact of exchange rate movements and a reduction in unit prices for bulk amino acid-based sweeteners resulted in a year on year decrease in operating income.   In pharmaceuticals, Actonel, a preparation used in the treatment of osteoporosis, was adopted by an increasing number of medical institutions and sales increased, as did sales of ATELEC, an antihypertensive cardiovascular agent, and LIVACT, a branched-chain amino acid formula for the treatment of liver cirrhosis. Shimizu Pharmaceutical’s sales after Ajinomoto’s acquisition of the company are also included in this period, and net sales and operating income both increased significantly over the previous year.   For the fiscal year ending March 31, 2004 Ajinomoto forecasts consolidated sales of 1,050.0 billion yen, consolidated operating income of 65.0 billion yen, consolidated ordinary income of 67.0 billion yen, and net income of 35.0 billion yen. Non-consolidated sales are forecast at 667.0 billion yen, with operating income of 21.0 billion yen, ordinary income of 25.0 billion yen and non-consolidated net income for the period of 20.5 billion yen.   These forecasts are based on an assumed exchange rate of 120 yen to the U.S. dollar. *** ENDS ***

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