Annual Report
___________
Profile
Financial Highlights
To Our Shareholders
Our Continuing Commitment to Excellence
Brands that Satisfy and Delight, Worldwide (Food Products)
Execute Effective Strategies for Global Market Leadership (Amino Acids)
Innovate to Grow as a Specialty Pharmaceutical Company (Pharmaceuticals)
Health Is the Basis for Profitable Growth
Respect Stakeholders, Society and the Environment
Research and Development: Focused, Efficient and Global
Board of Directors and Auditors
Stakeholder-Oriented Corporate Governance
Ajinomoto at a Glance
Fiscal 2004 Highlights
Review of Operations
Domestic Food Products
Overseas Food Products
Amino Acids
Pharmaceuticals
Financial Section
Six-Year Summary of Selected Financial Data
Management's Discussion and Analysis
Consolidated Balance Sheets
Consolidated Statements of Income
Consolidated Statements of Shareholders' Equity
Consolidated Statements of Cash Flows
Notes to Consolidated Financial Statements
Global Network
Major Subsidiaries and Affiliates
Investor Information
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