Ajinomoto Co., Inc. Forecast for the Fiscal Year Ending March 31, 2016 (FY2015) and Outlook

November 5, 2015 Takaaki Nishii President & CEO Contents

I. Overview of FY2015 Forecast FY2015 Forecast ・・・・・・P2 Factors in Changes in FY2015 Operating Income Forecast ・・・・・・P3 FY2015 Forecast by Segment ・・・・・・P4 FY2015 Forecast - Ordinary Income and Net Income ・・・・・・P5 Targeted Composition of Operating Income ・・・・・・P6 Roadmap to a Genuine Global Specialty Company ・・・・・・P7 II. GROW: Accelerate Growth Momentum ・・・・・・P9-17 III. FIT: Further Business Structure Reinforcement ・・・・・・P19-22 IV. Evolution of the Management Foundation ・・・・・・P24-25 V. Environmental, Social and Governance (ESG) Initiatives・・・・・・P27 VI. FY2015 Financial Strategy ・・・・・・P29-30

Reference Coffee Market in Japan, Basic Information on Coffee Beans Assumptions of FY2015 Forecast I. Overview of FY2015 Forecast FY2015 Forecast

No change in net sales from the initial forecast. Operating income revised upward. (Upward revision for International Food Products. On the other hand, downward revisions for Japan Food Products and pharmaceuticals)

Net sales(left scale) FY2015 Changes indicated in red* FY2014 YoY Operating income (right scale) Revised Profit attributable to owners of parent(right scale) (¥ Billion) (\ Billion) Results Change forecast (¥ Billion) 80 Net sales 1,263.0 1,006.6 +25.5% 1,000 Operating income 86.0 74.5 +15.4% Profit attributable to owners of parent 67.5 46.5 +45.2% 60 Net income per share (¥) 114.72 78.54 +46.1% * Changes from "Revision to Consolidated Performance Forecast," announced on August 27, 2015 40 Ref.: Excluding impact of amortization of goodw ill, etc. of Windsor and AGF 500 Amortization of goodwill, etc. 7.0 0.8 -

Operating income before amortization of goodwill, etc. 93.0 75.3 +23.4% 20 Revisions from Initial Forecast  Operating income

+: Impact of exchange rates on umami seasonings for 0 0 processed food manufacturers, etc. +: Overseas growth of seasonings and processed foods FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 forecast +: Product revisions and cost reductions for coffee products Revised -: Expenses incurred for integration of the gastrointestinal disease business and Eisai Co., Ltd. Note: From FY2011, sales promotion discounts are deducted -: Impact of contraction of gift market from net sales under a new accounting treatment.

Changes in assumed exchange rates. Raw material and fuel prices maintained a low level compared with the previous fiscal year; change from initial forecast. Impact of exchange rates Changes indicated in red Assumed exchange rates (vs. JPY) (vs. FY2014, \ Billion) 1H-FY2015 FY2015 FY2015 1H-FY2015 FY2015 FY2015 Results* Revised Initial Results* Revised Initial forecast forecast forecast forecast USD 120.0 115.0 121.9 Translation +0.2 +2.3 +1.9 EUR 135.0 143.0 135.1 Trade +4.4 +1.0 +1.5 THB 3.5 3.5 3.6 Total +4.6 +3.3 +3.4 BRL 34.0 45.0 36.9 * Average rate during the period Impact of raw material and fuel price changes (YoY) （vs. FY2014, \ Billion） -: cost increase FY2015 FY2015 1H-FY2015 Revised Initial Results forecast forecast Fermentation main 3.2 -1.3 2.0 raw materials Fermentation sub 1.3 -0.1 0.8 raw materials Energy 1.5 -0.2 0.9 Raw materials f or -0.7 -2.1 -0.3 domestic food products Total 5.3 -3.7 3.4

FY2015Amortiza- FY2015Amortiza- FY2014 Amortiza- YoY Change Revised tion of Initial tion of DifferenceResults tion of O.P.% O.P.%* O.P.% O.P.%* O.P.% O.P.%* forecast goodwill, forecast★ goodwill, (A)-(B) (C) goodwill, Amount % (A) etc. (B) etc. etc.

Net sales 1,263.0 1,263.0 0.0 1,006.6 256.3 15% Japan Food Products 404.5 407.2 -2.7 289.0 115.4 39% International Food Products 502.7 500.0 2.7 384.1 118.5 30% Life Support 157.5 157.5 0.0 149.1 8.3 5% Healthcare 135.7 135.7 0.0 120.9 14.7 12% Other 62.6 62.6 0.0 63.3 -0.7 -1% Operating income 86.0 6.8% 7.3% 7.0 82.0 6.4% 7.0% 7.0 4.0 74.5 7.4% 7.4% 0.8 11.4 15% Japan Food Products 26.8 6.6% 7.2% 2.4 27.9 6.8% 7.4% 2.4 -1.1 24.8 8.6% 2.0 8% International Food Products 43.2 8.5% 9.5% 4.6 36.3 7.2% 8.1% 4.6 7.0 31.9 8.3% 8.5% 0.8 11.2 35% Life Support 12.8 8.1% 12.8 8.1% 0.0 14.3 9.6% -1.5 -10% Healthcare 3.7 2.7% 5.2 3.8% -1.5 3.1 2.6% 0.5 18% Other -0.5 -0.3% -0.2 -0.3% -0.3 0.2 0.3% -0.7 - Ordinary income 89.0 85.0 4.0 82.8 6.1 7% Profit attributable to owners of parent 67.5 65.0 2.5 46.4 21.0 45% Exchange rate JPY/USD 120.0 115.0 109.76 JPY/EUR 135.0 143.0 138.69

Changes indicated in red ★ Based on “Revision to Consolidated Performance Forecast for the Fiscal Year Ending March 31, 2016,” announced on August 27, 2015 * Excluding amortization of goodwill, etc. of Windsor and AGF. However, figures for AGF are provisional.

Record-high profit attributable to owners of parent expected due to increases in every level of income. FY2015 ★Change from Forecast on August 27, 2015 FY2014 Revised Difference Main Factors Results (¥ Billion) forecast Net sales 1,263.0 1,006.6 256.4 ★ Operating income 86.0 74.5 11.5 Non-operating income (-:losses) 3.0 8.2 -5.2 Interest income 2.7 2.8 -0.1 Dividend income 0.9 1.1 -0.2 Equity in earnings of nonconsolidated subsidiaries and affiliates 2.9 5.1 -2.2 Effect of consolidation of AGF Interest expense -2.7 -2.1 0.5 Other (net) -0.8 1.2 -2.0 ★ Ordinary income 89.0 82.8 6.1 Extraordinary gains (-:losses) 25.0 -3.7 28.8 Gain on step acquisitions 18.0 0.0 18.0FY2015: AGF Gain on sales of shares in affiliated companies 25.0 0.0 15.0FY2015: NISSIN-AJINOMOTO ALIMENTOS LTDA. Loss on liquidation of subsidiaries -3.4 -1.8 -1.5 Impairment losses -0.1 -10.4 10.3 Other (net) -14.5 8.5 -23.0 Net income before income taxes 114.0 79.0 34.9 Income taxes 37.2 23.6 13.5 Effective tax rate FY2014: 29.9%, FY2015 forecast: 32.6% Net income 76.8 55.3 21.4 Profit attributable to non-controlling interests 9.3 8.8 0.4 ★ Profit attributable to owners of parent 67.5 46.4 21.0 Copyright © 2015 Ajinomoto Co., Inc. All rights reserved. 5 Targeted Composition of Operating Income Raise earnings quality by controlling the ratio of bulk businesses and pursuing specialty groupwide. 150.0 (¥ Billion) 150 Amortization of goodwill, etc. 10.0 of Windsor and AGF (¥7.0 billion)

(Provisional figure for AGF). （93.0） 91.0 Animal nutrition 86.0 8.0

74.5 6.6 Pharmaceuticals 72.6 71.2 69.4 2.0 64.0 8.9 113 61.8 140.0 1.7 9.9 135 0.2 3.5 5.3 8.3 Calpis 11.6 5.1 9.8 (until FY2012) 50 3.2 5.6 4.8 40.8 4.8 1.5 83.0 77.4 Food Products, 13.7 62.1 56.3 AminoScience (excluding animal 2.3 47.5 44.9 47.4 47.8 nutrition)

23.3

Bulk businesses* 0 000 0 FY2020 （Target） Bulk business* profit ratio 12 17 32 23 19 ー 15 15 Around 10 (%) 10 • Bulk businesses: Umami seasonings for processed food manufacturers, animal nutrition, sweeteners Copyright © 2015 Ajinomoto Co., Inc. All rights reserved. 6 Roadmap to a Genuine Global Specialty Company Accelerate growth to take aim at becoming one of the global top 10 companies.

Achieve stable profit growth with a shift to specialty EPS growth of around 10%/year

Transition to a global food Accelerate company growth momentum Become a top 10 Build foundation for Accelerate with the food manufacturer* aim of becoming a global company * Excludes beverage one of the top 10 manufacturers FY2015 ～ FY2011 FY2012 FY2013 FY2014 Revised FY2016 FY2020 Actual Actual Actual Actual Forecast (Targets) (Vision) Operating profit (¥ Bil.)/OP margin (%) 72.6/7.5 71.2/7.5 61.8/6.5 74.5/7.4 86.0/6.8 91.0/8 150.0/10 ROE 6.9% 7.8% 7.1% 7.4% 9.8% 9% 10%~ EPS (¥) 61.3 74.4 68.7 78.5 114.7 100 150 Operating profit excl. goodwill, etc. (¥ Bil.)1 /OP margin (%) 75.3/7.5 93.0/7.3 ROE excl. goodwill, etc.1 7.4% 10.5% EPS excl. goodwill, etc.1 (¥) 79.4 123.7 Bulk business profit ratio2 23% 19% － 15% 15% Around 10% 10% 1. Reference data excluding amortization of goodwill and intangible fixed assets of Windsor and AGF. 2. Bulk businesses: Umami seasonings for processed food manufacturers, animal nutrition, sweeteners Copyright © 2015 Ajinomoto Co., Inc. All rights reserved. 7 II. GROW: Accelerate Growth Momentum (1) Japan Food Products/Seasonings & Processed Foods (2) Japan Food Products/Frozen Foods (3) Japan Food Products/Coffee Products (4) International Food Products/Seasonings & Processed Foods (5) International Food Products/Frozen Foods (6) Healthcare/Amino Acids, Pharmaceuticals, Other Business GROW: Accelerate Growth Momentum (Japan Food Products) (1)-1. Market Environment in Japan: Population Decline and Trend toward Ready-Made/Simpler Meals

Estimated Future Food Expenditures, Estimated Future Relative Food Expenditures in Total and per Person (Index: 2010=100) by Item (All Households) (12 items) 100% 110 Food service Alcoholic 107 107 beverages 105 80% Beverages 104 Prepared foods 100 100 Confectioneries 60% Fats and oils, 97 97 Seasonings 95 Fruits 40% Vegetables and 91 Seaweed 90 Milk and Eggs

Total food expenditure 20% Meat 85 Food expenditure per person Seafood Population Grains 0% 80

Source: “Estimated Future Food Consumption amid Population Decline,” June 2014 revision, Policy Research Institute, Ministry of Agriculture, Forestry and Fisheries Copyright © 2015 Ajinomoto Co., Inc. All rights reserved. 9 GROW: Accelerate Growth Momentum (Japan Food Products/Seasonings & Processed Foods, Frozen Foods) (1)-2. Expand Specialty Business Domains Using Original Ingredients and Technologies

Continue to grow by utilizing Ajinomoto’s original ingredients and technologies in all domains that make up deliciousness to offer unique customer value.

Business alliance with Kitchen Value Chain T.HASEGAWA CO., LTD. Ajinomoto’s unique Marketing Survey, etc. (Announced in technologies August 2015) Blending, granulation, rapid solubility, etc. Revised in fall Components of Flavor deliciousness Ability to identify 2015 Fall 2015 new product (Aroma) Ajinomoto’s unique customer needs ingredients Changing customer needs and New kokumi substance Spring 2015 Tastes environment fermentation fragrance, new product Kokumi flavor × Emerging/developing countries Low salt/low sugar/low fat Economic development 5 base tastesTaste Urbanization, growth of Umami nuclear families Salty Sour Basic technologies Developed countries Sweet Bitter Analytical technology, evaluation technology, etc. Decrease in household size Working wives Cooking by men Texture Active seniors Fall 2015 new products

Worldwide Rollout of Technologies and Knowhow Originated in Japan

● Cook Do® Okazu Gohan ● Ajinomoto KK Okome for Asian Chicken Rice Fukkura Choriryo Note: Sold in 8 prefectures including (For Restaurant Use) the Tokyo metropolitan area ・ Uses enzyme technology to ・ Recreates natural chicken broth bring out rice’s ability to retain flavor with low-impact retort moisture and keep rice sterilization technology fluffy longer by simply adjusting ・ Uses meat broth ingredients to the volume of water used in enhance the taste of chicken cooking broth/chicken fat

Spread of Aroma, Taste and Flavor across the Palate (Image) ● Ajinomoto Frozen Foods Co., Inc. Flavor) Taste Intensity (ofAroma, and Fragrance of Kokumi substance The Chahan black garlic oil developed by and scallion oil the Ajinomoto Group Components that make ・ Uses a new “kokumi” (taste enhancing) fat delicious developed substance and components that by the Ajinomoto Group make fat delicious developed by Ajinomoto Co. Kokumi ・ Recreates the taste of fried rice made Aroma by professional Chinese chefs at Flavor

home Typical frozen fried rice

Top Middle Last Time

(2) Market Environment for Frozen Foods in Japan and Outlook

Market Environment for Frozen Foods in Japan Outlook

◆ Household-use ◆ Household-use Work for recovery by strengthening sales of Flat overall year on year as the home dining market products for home dining such as Gyoza, expands but the boxed lunch market contracts Yawaraka Wakadori Kara-Age and cooked rice products. 670.7 668.0 (Billion yen) 647.2 Interim FY2015 ◆ Fall 2015 new product 617.8 YoY Change Restaurant and institutional-use The Chahan 0％ Continue to expand initiatives in the ready-made Market Stagnation/Weakening of Growth meal market, centering on gyoza and processed ・Home dining products continue to expand, Growth in Frozen Food Use after the while boxed lunch products have reached the end of a cycle of new entries chicken products, and with major customers. Great East Japan Earthquake ・ Change in sales promotion method (to everyday low ・ Renewed awareness of frozen food’s value price) ・ Increase in new entries for boxed lunches ・ Pesticide/contaminant incidents ◆ Increasing productivity FY2011 FY2012 FY2013 FY2014 Japan’s retail prepared frozen food market (2015 Ajinomoto Frozen Foods Co., Inc. survey) Implement full-scale productivity increases for ◆ Restaurant and institutional-use cooked rice products and desserts. Slight year-on-year increase overall as ready-made meals sold strongly and restaurant/food service sales were firm

(3) Accelerating Synergy with Ajinomoto General Foods, Inc. (AGF)

Newly consolidated from April 2015 Themes of Main Initiatives ・ Orientation for Become a global center in the domain of beverages ⇒ Begin joint R&D in the science of deliciousness and powder Generating Synergy engineering technology R&D ⇒ Start building a new structure for transfer of center functions Combine R&D + ・Integrate the gift product businesses at AGF (April 2016) ⇒ Create “food, beverage and health” value Domestic: Strengthen Group ⇒ Strengthen the personal gift domain collaboration ・Cooperate in the restaurant wholesale channel Overseas: Accelerate expansion of Japan (Sales of AGF’s products by Ajinomoto Co.) beverage business areas (Start from Tokyo, Kanto and Tohoku in October 2015) and product domains ・AGF technical support in countries where the beverage business + already operates (from September 2015) Strengthen governance ⇒ Start in Thailand by raising quality of Birdy® and reducing costs Roll out in stages to Brazil, Vietnam and Philippines Main Growth Products ・Feasibility study for rollout to new areas and expansion into new business domains (Rollout in stages from second half of 2015） ⇒ Newly enter retail business:

Overseas ⇒ Expand domains in countries where business is already conducted: Thailand, Brazil, Vietnam, Philippines ⇒ Rollout to restaurants using exports from Japan: Asia

AGF AJINOMOTO SALES Personal domain (THAILAND) CO., LTD. ・Reduce costs with centralized purchasing and joint procurement (stick-type, etc.) Canned coffee, stick-type Purchasing

Copyright © 2015 Ajinomoto Co., Inc. All rights reserved. 13 GROW: Accelerate Growth Momentum (International Food Products/ Seasonings & Processed Foods) (4) International Food Products Create country/area pillars to follow Japan with rapid growth originating in the “Five Stars” countries. Aim to Double/Triple Growth in “Five Stars” : Achieve double-digit growth in FY2015 sales on a local currency basis at all subsidiaries

： scale of sales expansion by FY2020 ◆Thailand: Expand top line of menu-specific seasonings and Birdy® Complete renewal of ® (vs. FY2012, local currency basis) in addition to core AJI-NO-MOTO® and flavor seasonings Birdy (November) Espresso/Latte/Black businesses. 3x ◆Brazil: Launch 9 additional new products for Satis® in the new Vietnam 3x domain of menu-specific seasonings (total 12 products). 2x Philippines ◆Indonesia: Established new company in the frozen bread business (July). Market entry scheduled for July 2016. Umechan, new Thailand product in Vietnam ◆Vietnam: New entry centered on healthy ingredients. 3x Launch of Umechan concentrated apricot extract (October). Indonesia ◆Philippines: Firmly establish the No. 1 presence in the seasonings market with AJI-NO-MOTO® and flavor seasonings GINISA® • Expansion of and PORK SAVOR®. mid/upper income segment 3x Growth rate of Sales of main products: • Modernization of GDP growth rate Ajinomoto Group Brazil Strong-selling seasonings eating habits/ Five Stars *Source: IMF (FY15-1H) CY14 (Results) (YoY; local currency basis) channels CY15 (Forecast)Local currency basis Thailand 0% +3%AJI-NO-MOTO +1% ® 6％, RosDee® 6％ Brazil -1% -2%Sazon +6%® 10%, SABOR AMI® 7% Indonesia +4% +4% +14%Masako® 17％, AJI-NO-MOTO® 4％ Vietnam +5% +5% +10%AJI-NO-MOTO® 9％, Aji-ngon® 8％ Philippines +4% +5% +11%AJI-NO-MOTO® 7％, GINISA® 15％

Copyright © 2015 Ajinomoto Co., Inc. All rights reserved. 14 GROW: Accelerate Growth Momentum (International Food Products/Frozen Foods) (5) Initiatives in the Frozen Foods Business of Ajinomoto Windsor, Inc. (“AWI”): Accelerating Synergy

Established AWI and Integrated the North American Consumer Foods Business on April 1, 2015

Basic Policy: Achieve ¥100 billion or more in sales in the North American frozen foods business by 2020 and establish the Ajinomoto Group as the clear No. 1 in Asian/Ethnic foods

① The Ajinomoto Group’s production and ② Customer base enhanced by integration with the former development technologies Windsor Quality Holdings, LP

Reinforce our portfolio of Japanese and other Asian food products and strengthen our profit structure

① Strengthen the Profit Structure with Ajinomoto Group Technologies ② Use the Customer Base to ・ Improve productivity Expand Sales ・ Introduce Japanese-style ・ Restructure R&D potstickers and other mainstay products through the Japanese-style potstickers for former Windsor’s sales cooking without water or oil, channels produced at the Portland Plant (Introduced in April 2015) (former Ajinomoto North America, Inc.) Efforts to improve ① Strengthen the Production Base for Frozen Rice productivity Products ・ Building a new production line for frozen rice products at the Oakland Plant to expand production capacity and ① Strengthen the Production Base for Frozen create an efficient supply system Noodles (Construction began in September 2015 with ・ Established Ajinomoto Toyo Frozen Noodles Inc., completion scheduled for August 2016) a joint venture with Toyo Suisan Kaisha, Ltd. (April 2015) ・ Building a frozen noodle plant with Toyo Suisan (Construction began in June 2015 with completion scheduled for March 2016) Japanese-style ramen Strong-selling already on sale Yakitori Fried Rice Oakland Plant

Copyright © 2015 Ajinomoto Co., Inc. All rights reserved. 15 GROW: Accelerate Growth Momentum (Healthcare/Amino Acids, Pharmaceuticals) (6)-1. Strengthen the Healthcare Business with Bioscience and Fine Chemical Technologies Evolution of Pharmaceuticals and Medicine Ajinomoto Co.’s Initiatives

Development of Cell Culture Transpla Media for Regenerative Medicine ntation

Regenerative Propagation Differentiation ・ Culture media for effective propagation of iPS/ES cells (world’s highest level) Medicine

Cell culture medium iPS cell Cell culture medium product for clinical research on ion for basic research on iPS/ES cells iPS/ES cells (Launched Oct. 2014) Image of regenerative medicine using human (Launched Oct. 2015) iPS cells

(Large-molecule drugs) StemFit AK03 StemFit® AK02N Biopharrmaceuticals ®

・ Ajinomoto Genexine Co., Ltd. (South Korea): Manufacture of cell culture media for biopharmaceuticals

・ Ajinomoto Althea, Inc. (U.S.): Entered the fields of contract manufacture of formulations and proteins, mainly for biopharmaceuticals, and ADC (antibody drug conjugates), where growth is expected. (Construction began in March 2015 with completion scheduled for January 2017)

Small-molecule ・ Contract manufacture of pharmaceutical intermediates and active pharmaceutical ingredients such as anticancer drugs drugs (S.A. Ajinomoto OmniChem N.V, in Belgium, Granules OmniChem Private Ltd. In India) ・ Manufacture and sale of pharmaceuticals in the field of gastrointestinal diseases (AJINOMOTO PHARMACEUTICALS CO., LTD. → EA Pharma Co., Ltd. (new integrated company from April 2016))

Copyright © 2015 Ajinomoto Co., Inc. All rights reserved. 16 GROW: Accelerate Growth Momentum (Healthcare/Other) (6)-2. Strengthen the Healthcare Business with Bioscience and Fine Chemical Technologies

Support for Health Examinations (Lifestyle to Medical) with “AminoIndex Technology”

Overview of AminoIndex Technology

・ A technology that measures to concentration of amino acids in 5ml of blood (a single sample) to identify current health conditions and the risk of disease Change in the Amino Acid Concentration Balance in the Blood of Pancreatic Cancer Patients AminoIndex® Cancer Screening (from 2011) ・ Cancer risk assessment test Seven types of cancer - Stomach, lung, colon - Pancreatic (from August 24, 2015) - Prostate (men) - Breast, utero-ovarian (women)

★ AminoIndex® (cancer screening and metabolic disease screening) has been designated a “ME-BYO Brand” as a product/service that contributes to “ME-BYO” (pre-disease) industry creation in Kanagawa Prefecture. (August 2015)

Copyright © 2015 Ajinomoto Co., Inc. All rights reserved. 17 III. FIT: Further Business Structure Reinforcement (1) Shift from Bulk Commodities to Specialty Products (2) Resource-Saving Fermentation Technologies (3) Structural Reinforcement of Businesses with Issues FIT: Further Business Structure Reinforcement (Animal Nutrition, Umami Seasonings for Processed Food Mfrs., Sweeteners) (1) Shift to Specialty Products in Bulk Commodities Business: Reducing Dependence on Bulk Products

Animal Nutrition Animal Nutrition (% of operating income)

32% in FY2014 ⇒ 50% in FY2015 Commodities 50 40 （Lysine, Threonine, Ratio of specialty products expected to reach 50% 68 Over Tryptophan) with solid sales of Valine, AminoGut® and others and 50% 50 60 Specialty products accelerated development of demand for AjiPro®-L. 32 0 FY13FY14 FY15 FY16 FY20 (Forecast) (Target) (Target) Umami Seasonings for Processed Food Mfrs. MSG (% based on weight) Commodities 30 29 26 15 (Industrial 70% in FY2014 ⇒ 71% in FY2015 32 applications) Growth of retail AJI-NO-MOTO®, flavor seasonings 85 Specialty products and menu-specific seasonings. 68 70 71 74 (Consumer Continue strengthening structure of bulk business with applications) cost reductions. FY13FY14 FY15 FY16 FY20 (Forecast) (Plan) (Target)

Sweeteners Sweeteners (% based on sales)

Commodities 30 49% in FY2014 ⇒ 50% in FY2015 52 51 50 43 (Bulk ingredients) Bulk: Sale of European plant. 70 Specialty products Retail: Accelerated sales for season of high demand 48 49 50 57 (Retail, specialty ←→Adjusted to exchange ingredients) overseas. rate in Medium-Term Plan FY13FY14 FY15 FY16 FY20 Copyright © 2015 Ajinomoto Co., Inc. All rights reserved. (Forecast) (Plan) (Target) 19 FIT: Further Business Structure Reinforcement (Life Support/Animal Nutrition) (1)-2. Shift to Specialty Products in Bulk Commodities Business: Initiatives to Promote Specialty in the Animal Nutrition Business

Specialty in the Animal Nutrition Business

Markets/Characteristics

Valine For poultry/swine; global market development under way

AjiPro®-L For dairy cows; growth from U.S. to global market

AquaLys® For fisheries; South America

AminoGut® Healthy growth supplement for weaned swine

Other Rollout to each region

Initiatives for AjiPro®-L

January 2015 ・ Introduction of third- From Sept. 2014 generation product Completion of From April 2015 Introduction of capacity expansion ・ Rollout to other areas Start of sales in Japan and second-generation (Asia, China, Europe) product 1,500 → 6,500 parts of Europe metric tons/yr. ・ Further capacity expansion

Copyright © 2015 Ajinomoto Co., Inc. All rights reserved. 20 FIT: Further Business Structure Reinforcement (2) Resource-Saving Fermentation Technologies (R&D Leadership): Planned ¥5.5 Billion in Cost Reductions in FY2015 (vs. FY2013)

Specific Measures FY2011-2013 FY2014 FY2015 FY2016 Introduced in Brazil High performance （FY13/Q1） (Higher reduction rate) MSG ★ Rollout to other regions Technologies to （FY14/Q3～） High performance reduce ★ Introduction in Thailand High performance main raw materials Nucleotides （FY14/Q1） Feed-use amino Introduced in Brazil ★High performance acids （FY13/Q2） Introduced in the U.S. High performance （FY12/Q2）

MSG Introduced in Thailand High performance （FY13/Q4） Rollout to Technologies to other regions reduce sub raw Introduced in Brazil Establishment/maturity High performance materials and energy （FY11/Q1） of technology

Feed-use amino Introduced in the U.S. High performance acids （FY13/Q3） Introduced in Europe High performance （FY13/Q4） Feed-use amino Introduced in Brazil Increase use rate Use of non-edible materials acids （FY11/Q4） in Brazil Expand self-production Partial self-production of main Introduced in Brazil/Vietnam rate in Brazil raw materials and energy MSG （FY12/Q1)(FY13/Q4) （FY15/Q1）

Cost reduction effect ¥5.0B Plan ¥5.5B Actual: ¥4.0B Plan: ¥7.0B (Single-year forecast vs. FY2013) (2011-2013 total) (¥1.5B vs. 2014) 21 Exchange rate: JPY 115/USD 1 Copyright © 2015 Ajinomoto Co., Inc. All rights reserved. FIT: Further Business Structure Reinforcement

(3) Structural Reinforcement of Businesses with Issues

Sweeteners Business (Aspartame) Pharmaceuticals Business (AJINOMOTO PHARMACEUTICALS CO., LTD.) Initiative Note: Announced on Aug. 27 and Oct. 16, 2015 Initiative ・ Sale of all shares of a production and sales Note: Announced on Oct. 15, 2015 subsidiary in France ・ New integrated company name: EA Pharma Co., Ltd ・ Details of integration: The gastrointestinal disease ・ Transferee: HYET Holding B.V. (Netherlands) treatment business of Eisai Co., Ltd. will be split off ・ Transfer price: 1 euro (approx. ¥135) and succeeded by AJINOMOTO ・ Transfer date: October 15, 2015 PHARMACEUTICALS via an absorption-type split ・ Scheduled date of establishment: April 1, 2016 ・ Extraordinary loss: Approx. ¥7.0 billion ・ Equity ownership: Eisai Co., Ltd. 60%, Ajinomoto Co. Inc. 40% ・ Vision: Japan’s largest specialty gastrointestinal Expected Effect pharmaceutical company ・ Achieve a high capacity utilization rate and reduce total fixed expenses by consolidating Significance of Integration production at the Tokai Plant (Mie Prefecture) ・ Provide wide-ranging solutions and information (Impact on operating income: + approx. ¥0.5 with an enhanced product lineup billion in FY2015) ・ Expanded pipeline for continuous new drug discovery ・ Greater competitiveness due to synergy generated from integration

22 Copyright © 2015 Ajinomoto Co., Inc. All rights reserved. IV. Evolution of the Management Foundation Global Corporate Governance Toward Becoming a “Genuine Global Specialty Company” Global Governance Policy (GGP) (Introduced October 2014) Prompt decision-making and acceleration of business growth with an HQ that leads and local operations that can run on their own

統率するＨＱ An HQ That Leads Board取締役会 of Directors （グローバルＨＱ）(Global HQ) 経営会議Management （ＨＱ決裁） Committee (HQ approval) Globalグローバル Corporate コーポレート部門Department

Business事業本部 divisions

Local Operations That Can任される現場 Run on Their Own

Delegation権限移譲 of authority ラ海国 Ajinomoto地（起案/決裁）(Drafting/Approval) アテ＜備考＞ SEA Latin 外内 Note: 域本ン Main Main ◆海外主要法人 Regionalセ overseas主 domestic主 ◆ Main Overseas Corporation 統 Americaア・味の素ウィンザー社 (米国、冷凍食品） Headquartersア headquarters部 corporation要 corporations要・ Ajinomoto Windsor, Inc. (U.S., frozen food) 括メ Co., Ltd.ン ◆◆国内主要法人Main Domestic Corporations 社リ法法・味の素冷凍食品社人人・ Ajinomoto Frozen Foods Co., Inc. カ・ AJINOMOTO・味の素製薬社 PHARMACEUTICALS CO., LTD. (Subsidiaries,（子会社、孫会社） Sub-subsidiaries) ・ Ajinomoto・味の素ゼネラルフーヅ社 General Foods, Inc. タ ◯ Ajinomoto ベ Ajinomoto Co.,イ味 ◯○○ Vietnamト (Thailand)味の Ajinomoto味 Co., ナLtd. Plan to introduce global rules Ltd. 素のムの素素 (GGP) for all Group companies from April 2016

Global Human Resources Management (Form a group of 200 next-stage management personnel)

A Governance Structure with an HQ That Leads and Local Operations That Can Run on Their Own Form a Solid Base of Global Human Resources

Global Human Resources Management System

統率するＨＱ経営会議Management （ＨＱ決裁） Committee An HQ That Leads (HQ approval) Globalグローバル Corporate （グローバルＨＱ）(Global HQ) コーポレート部門Department Business 事業本部divisions

Local Operations That Globalグローバル基幹人財 Key Human Resources Can任される現場 Run on Their Own

Latinラ Main海国 Ajinomoto地 Main アテ overseas外 domestic SEA域 local 内統セ本ン主主 Position Management Talent Management HR evaluations that make clear the Assign/appoint the right person for the job necessary job and human resource Identify/cultivate human resources requirements Penetration of the Ajinomoto Group Philosophy (Align our values)

25 Copyright © 2015 Ajinomoto Co., Inc. All rights reserved. V. Environmental, Social and Governance (ESG) Initiatives Orientation of Future ESG-Related Initiatives Strategic Development of ASV (Ajinomoto Group Shared Value)

Global Trend Ajinomoto Group Goal Ajinomoto Group’s Status Sustainable Development Goals Become a Genuine Selected for the Dow Jones (SDGs) for 2030 Global Specialty Sustainability World Index (Adopted by the United Nations on Company (2 years in a row) September 25, 2015)

Clear Environmental, Social and Governance (ESG) Policy Contribution to society Solutions to social issues through business = Stakeholders Environment ・ Shareholders Information Ｓociety sharing ・ Customers Commitment ・ Communities Ｇovernance ・ Employees, etc.

Set numerical targets for ESG in the FY2017-2019 Medium-Term Management Plan

Prioritize use of operating cash flow for investments for growth and further enhance shareholder returns.

Generate Free Cash Flow Weighted Allocation Shareholder Returns toward Investments for Growth Increase operating income Target payout ratio: 30% Proactive use of M&A and alliances FY2014 (scheduled): ¥24 per share and net income Transfer of all equity in FY2015 (forecast): ¥26 per share NISSIN-AJINOMOTO ALIMENTOS LTDA.: ¥15.0 billion Total return: Aim for 50% EBITDA to sales ratio: 12% level Flexibly consider share repurchases Prioritize CAPEX

Dividends per share Payout ratio (¥) (%) 30 70 Policies for Prioritizing Uses of Cash Flow and Shareholder Returns 67.1 28 Dividends per share 60 ・ No change to the policies in the FY2014-2016 Medium-Term Management Plan Payout ratio★ 26 - Investments for growth: Multiple projects under consideration 50 - Free cash flow target: ¥120 billion (3 years) 24 36.7 - Capital procurement: Interest-bearing debt (max. 50% net debt*/equity ratio) 40 * Net debt is interest-bearing debt - Cash on hand and in banks x 75% 22 29.1 30.6 28.9 30 - Payout ratio: 30% per single fiscal year 20 26.1 24.2 - Total shareholder returns: Cumulative 50% during FY2014-2016 Medium-Term 26 20 Management Plan (3 years) 18 24 20 16 18 10 ★: Assumptions do not include extraordinary gain from 16 16 16 16 the equity transfer of NISSIN-AJINOMOTO ALIMENTOS 14 0 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 LTDA. in the denominator. (Scheduled)(Revised forecast) Copyright © 2015 Ajinomoto Co., Inc. All rights reserved. 29 FY2015 Financial Strategy Share Repurchase November 5, 2015 Press Release

Decision to conduct a share repurchase to increase the level of shareholder returns and improve capital efficiency.

1. Class of shares: Common stock 2. Total number of shares to be repurchased: 20 million* (maximum) *3.38% of total shares outstanding, excluding treasury stock 3. Total amount to be paid for repurchase: JPY 30.0 billion (maximum) 4. Period of share repurchase: November 6, 2015 to February 24, 2016 5. Method of repurchase: Purchase in the market through a trust bank 6. Other: Ajinomoto Co. plans to retire all of the shares repurchased under this program by resolution of the board of directors, pursuant to Article 178 of the Corporation Law. For reference (as of September 30, 2015) Total number of shares outstanding (excluding treasury stock) 591,781,348 Number of shares of treasury stock 2,689,306

Reference [Reference] Coffee Market in Japan

1. Coffee Market in Japan (FY2013) Growth over 10 Years in the Dry Coffee Market ・ Consumer purchase price: ¥2.8 trillion ¥ 140.0 Billion 2003 to 2013 AGF (75% of the non-alcoholic beverage market) Growth Share Machine Rate ・ Coffee bean consumption volume: 450,000 tons, -12% Regular Home regular 2nd 4th in the world (world total 9 million tons) +67% 1st ・ Cups per person/year (10g/cup): 351 cups Personal regular Total for the year 53.0 billion cups

+148% 1st ・ Characteristics: The out-of-home (outdoor: convenience Stick-type store at-the-counter fresh-brewed coffee, office) and Instant and personal categories (stick-type, etc.) are drivers. + Stick- Instant (jar) Future growth. type -46% 2nd

+319% 1st Instant (refill-type) 2. Characteristics of the Dry Coffee Market in Japan ・The personal category (stick-type, etc.) is expanding. ʻ03ʻ04ʻ05ʻ06ʻ07ʻ08ʻ09ʻ10ʻ11ʻ12 ʻ13 Unit price more than twice that of instant coffee. Retail (supermarket, convenience store, drug store, home center) sales turnover (¥ Billion) Source: INTAGE SRI

1. Production volume: 9 million tons 2. Production ratio and core producing countries in 2014-2015: Arabica variety 55% (Brazil, Colombia, Ethiopia) Robusta variety 45% (Vietnam, Brazil, Indonesia)

Thousand bags Arabicaアラビカ種（生産量） (Production Volume) Thousand bags ロバスタ種（生産量）Robusta (Production Volume) (One bag = 60kg) (One bag = 60kg)

No changes

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Year Year

Foreign exchange rates (vs JPY) Feed-use amino acids Changes indicated in red Sensitivity of translation effects to full 1) Estimated market size (Thousand MT) Avg. rate year O.P. FY2013 FY2014 FY2015 (Forecast) USD 120.0 ±\1 → approx. \100 million Lysine 2,100 2,300 around 2,250 EUR 135.0 ±\1 → approx. \50 million Threonine 400 445 around 490 THB 3.5 ±\0.01 → a little under \100 million Tryptophan 14 23 around 28 BRL 34.0 ±\1 → approx. \200 million 2) Sales volume of the Ajinomoto Group (Thousand MT) FY2013 FY2014 FY2015 (Forecast) Lysine 350 350 around 350 Impact of exchange rate for trade Threonine 110 110 around 120 - 1 JPY vs. USD → approx. + ¥200 million - 0.1 EUR vs. USD → approx. + ¥700 million Tryptophan 5 5 around 5 - 0.1 BRL vs. USD → approx. + ¥350 million 3) Market price forecast (USD/kg, CIF) FY2015 (Forecast)** - 1 THB vs. USD → approx. + ¥800 million FY2014 1H Full Year Lysine 1.40 around 1.45 around 1.30 Threonine 2.75 around 2.10 around 2.30 Tryptophan 16.5 around 15 around 10 Spread* 250 around 170 around 180 *Spread (USD/ST) is the price difference between soybean meal and corn on the Chicago Board of Trade (CBOT). ** Does not correspond with assumptions in Ajinomoto’s forecast of results.

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