Summary of Interim Period Earnings - Record Net Income Despite Lower Sales - and Revisions to the Consolidated Performance Forecast for the Fiscal Year Ending March 31, 2013

Ｉ. Summary of Earnings for the Interim Period of the Fiscal Year Ending March 31, 2013    Sales and Operating Income Down Year-on-Year   ●   Net sales 598.8 billion yen (a 1% decrease from previous interim period)   ●   Operating income 36.8 billion yen (a 14% decrease from previous interim period)   ●   Net income 41.1 billion yen (a 59% increase from previous interim period)       (surpassed the previous record of 25.7 billion yen for the interim period of the fiscal year ended March 31, 2012)    Interim dividend of 8 yen per share, full-year dividend of 16 yen per share planned TOKYO, November 5, 2012 - Ajinomoto Co., Inc. (Ajinomoto Co.) today announced its consolidated financial results for the interim period (April 1 - September 30) of the fiscal year ending March 31, 2013, as outlined in the tables below.     In the food industry, the challenging environment continued as ingredient prices remained high amid mild deflation in the market. In these conditions, net sales for the interim period ended September 30, 2012 decreased 1%, or 5.2 billion yen, compared with the previous interim period to 598.8 billion yen. Operating income decreased 14%, or 5.7 billion yen, to 36.8 billion yen, and ordinary income decreased 11%, or 4.8 billion yen, to 39.2 billion yen. Net income, however, increased 59 percent, or 15.3 billion yen, to 41.1 billion yen due to an extraordinary gain of 27.7 billion yen on the return of the substitutional portion of the welfare pension fund. In the domestic food products business, sales increased 2%, or 4.9 billion yen, to 226.5 billion yen, due to growth in sales of seasonings and processed foods, and frozen foods. Operating income decreased 6%, or 1.0 billion yen, to 17.2 billion yen. This decrease was partly a reflection of reduced selling expenses in the first quarter of the previous fiscal year due to a result of the impact of the March 2011 earthquake. Sales of frozen food products for household use were firm due to strong sales of Gyoza and naturally defrosting products for use in boxed lunches, as well as other factors including the resumption of sales of certain products that were temporarily suspended in the previous year after the earthquake. In the overseas food products business, sales decreased 0.1% to 114.8 billion yen, remaining at the level of the previous interim period as growth in sales of seasonings and processed foods partly offset the negative effect of exchange rates. Operating income decreased 12%, or 1.3 billion yen, to 10.2 billion yen mainly due to the negative effect of exchange rates. Sales of seasonings were firm as sales of umami seasoning AJI-NO-MOTO® and flavor seasonings expanded in Asia. In the Americas, sales were down slightly overall as sales of flavor seasonings in South America decreased compared with the previous interim period due to the negative effect of exchange rates. In processed foods, sales of Birdy® 3 in 1 instant coffee mix powder, Birdy® canned coffee and other beverages increased compared with the previous interim period, and sales of instant noodles grew steadily. Regarding umami seasonings for the food processing industry, in Japan, sales of nucleotides increased steadily as sales volume recovered after dropping due to the earthquake in 2011. However, domestic sales of umami seasoning AJI-NO-MOTO® for the food processing industry decreased due to lower sales volume despite an increase in selling prices. Overseas, sales volume of nucleotides grew, primarily in Asia, and sales rose substantially compared with the previous interim period. However, sales of umami seasoning AJI-NO-MOTO® for the food processing industry decreased significantly, impacted by unfavorable exchange rates and a decline in sales volumes attributable to increases in exports by competitors. Sales of bioscience products and fine chemicals decreased 2%, or 1.7 billion yen, to 96.9 billion yen. Operating income increased 15%, or 0.9 billion yen, to 7.2 billion yen. In the feed-use amino acids business, in addition to the negative effect of exchange rates, selling prices of Lysine, Threonine and Tryptophan declined compared with the previous interim period. However, overall sales increased slightly as a result of higher Lysine sales volume and a substantial increase in sales volume of Tryptophan. In the pharmaceuticals business, sales decreased 14%, or 5.4 billion yen, to 35.9 billion yen, and operating income decreased 68%, or 3.6 billion yen, to 1.8 billion yen. The contribution of in-licensed products kept sales of self-distributed products at the level of the previous interim period despite the impact of National Health Insurance (NHI) drug price revisions. However, sales of products sold through business tie-ups were down substantially from the previous interim period due to factors including the NHI drug price revisions, the effect from competing products and reduced royalty revenues. As a result, pharmaceutical sales decreased overall. Operating income also decreased sharply from the previous interim period due to the decline in sales. Important post-balance sheet events At a meeting of its board of directors on May 8, 2012, Ajinomoto Co. decided to sell all outstanding shares of its wholly owned subsidiary Calpis Co., Ltd. (Calpis), a specified subsidiary as provided by Article 19-10 of the Cabinet Office Order on Disclosure of Corporate Information, etc., to Asahi Group Holdings, Ltd. (Asahi GH). Ajinomoto Co. concluded a contract with Asahi GH for that purpose on the same date. Pursuant to that agreement, Ajinomoto Co. sold all outstanding shares of Calpis to Asahi GH on October 1, 2012. Overview of Sale of Calpis Shares 1. Closing date: October 1, 2012 2. Number of shares to be sold: 73,936,871 shares (entire holding) 3. Sale price:   121.7 billion yen* * The sale price includes dividends from retained earnings paid to Ajinomoto Co. by Calpis of 27.0 billion yen. 4. Ajinomoto Co.'s ownership ratio after sale: -% ＩＩ. Revisions to the Consolidated Performance Forecast for the Fiscal Year Ending March 31, 2013 In view of recent performance trends and other factors, Ajinomoto Co. has revised its performance forecast for the fiscal year ending March 31, 2013, as outlined in the table below. The revised forecast replaces the forecast announced on May 8, 2012.   1.    Revisions to the Consolidated Performance Forecast for the Fiscal Year Ending March 31, 2013 (April 1, 2012 - March 31, 2013) 2.  Reasons for the Revisions      Net sales, operating income and ordinary income have not changed from the previous forecast. When the previous forecast was announced, the approval date for the return of benefit obligations related to past employee service under the substitutional portion of the welfare pension fund was uncertain. Consequently, the financial effect of this approval was not included in the consolidated performance forecast. However, Ajinomoto Co. received the approval from the Minister of Health, Labour and Welfare on September 1, 2012, and accordingly recorded the gain on return of the substitutional portion as an extraordinary gain in the second quarter. In addition, Ajinomoto Co. re-estimated its performance forecast to include loss on devaluation of securities recorded in the first quarter and expected business structure improvement expenses. As a result, Ajinomoto Co. projects that net income will be 47.0 billion yen, an increase of 3.0 billion yen from the previous forecast. This forecast assumes an exchange rate of 78.5 yen to 1 U.S. dollar. There is no change to the dividend forecast announced on May 8, 2012. 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. About Ajinomoto Co. Ajinomoto Co. is a global manufacturer of high-quality seasonings, processed foods, beverages, amino acids, pharmaceuticals and specialty chemicals. For many decades Ajinomoto Co. 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 Co. had net sales of JPY 1,197.3 billion (USD 15.1 billion) in fiscal 2011. For more about Ajinomoto Co., (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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