Ajinomoto Malaysia : Minutes of the Sixty-Second Annual General Meeting on 29 August 2023

AJINOMOTO (MALAYSIA) BERHAD 196101000252(4295-W)

Head Office:

Lot L1-E-5A and L1-E-5B, Enterprise 4, Technology Park Malaysia,

Lebuhraya Puchong - Sg. Besi,57000 Bukit Jalil, Kuala Lumpur, Malaysia

Tel: [phone]

Manufacturing: No. 1 Persiaran Teknologi 6, Techpark 2@Enstek, 71760, Bandar Enstek, Negeri Sembilan Darul Khusus, Malaysia Tel : [phone] Fax: [phone]

MINUTES OF THE SIXTY-SECOND ANNUAL GENERAL MEETING ("62ND AGM" OR "THE MEETING") OF AJINOMOTO (MALAYSIA) BERHAD HELD ON A VIRTUAL BASIS

HOSTED ON SECURITIES SERVICES E-PORTAL ("SSeP") AT HTTPS://SSHSB.NET.MY/ AT THE BROADCAST VENUE, WHICH IS THE MAIN VENUE OF THE MEETING, AT THE MEETING ROOM OF SECURITIES SERVICES (HOLDINGS) SDN. BHD., LEVEL 7, MENARA MILENIUM, JALAN DAMANLELA, PUSAT BANDAR DAMANSARA, DAMANSARA HEIGHTS, 50490 KUALA LUMPUR, WILAYAH PERSEKUTUAN ON TUESDAY, 29 AUGUST 2023 AT 10:00 A.M.

DIRECTORS	: Y. Bhg. Tan Sri Dato' (Dr.) Teo Chiang Liang (Chairman, Non-
	Independent Non-Executive Director)
	Mr. Cheong Heng Choy (Independent Non-Executive Director)
	Mr. Riichiro Osawa (Managing Director/Chief Executive Officer)
	Mr. Shunsuke Sasaki (Executive Director, Chief Finance Officer)
	Encik Azhan bin Mohacmed (Executive Director)
	Puan Norani Binti Sulaiman (Independent Non-Executive Director)
	Ms. Noriko Fujimoto (Executive Director)
	Ms. Elaine Tan Ai Lin (Independent Non-Executive Director)
	Mr. Yong Kum Cheng (Executive Director)
INDIVIDUAL	: As per Attendance List
MEMBERS,
REPRESENTATIVES
AND PROXIES
PRESENT
BY INVITATION	: As per Attendance List
IN ATTENDANCE	: Ms. Chua Siew Chuan (Company Secretary)
	Mr. Chan Kah Mun, the representative of KPMG PLT, the External
	Auditors of the Company

CHAIRMAN

Y. Bhg. Tan Sri Dato' (Dr.) Teo Chiang Liang ("Tan Sri Chairman" or "the Chairman") was in the chair. He welcomed all shareholders, proxies and corporate representatives participating in the 62nd AGM of the Company remotely from various locations through live streaming.

Tan Sri Chairman informed that the virtual 62nd AGM was conducted via live streaming webcast and online remote voting using the remote participation and voting facilities of SS E Solutions Sdn. Bhd.

Tan Sri Chairman then introduced all the Directors, the Secretary of the Company as well as the External Auditors to the shareholders, proxies and corporate representatives.

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AJINOMOTO (MALAYSIA) BERHAD 196101000252(4295-W)

Head Office:

Lot L1-E-5A and L1-E-5B, Enterprise 4, Technology Park Malaysia,

Lebuhraya Puchong - Sg. Besi,57000 Bukit Jalil, Kuala Lumpur, Malaysia

Tel: [phone]

Manufacturing: No. 1 Persiaran Teknologi 6, Techpark 2@Enstek, 71760, Bandar Enstek, Negeri Sembilan Darul Khusus, Malaysia Tel : [phone] Fax: [phone]

(Minutes of the 62nd AGM held on 29 August 2023 - cont'd)

QUORUM

The requisite quorum being present pursuant to Clause 96 of the Company's Constitution, Tan Sri Chairman declared the Meeting duly convened.

Tan Sri Chairman informed the Meeting that only members whose names appeared in the Record of Depositors on 23 August 2023 or their appointed proxies and appointed corporate representatives were eligible to attend the Meeting.

NOTICE

The Notice convening the Meeting dated 28 July 2023 having been circulated within the prescribed period, was with the permission of the Meeting, taken as read.

POLL VOTING

Tan Sri Chairman informed that the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities") have mandated poll voting for all resolutions set out in the notice of general meetings. Pursuant to the above and Section 330 of the Companies Act 2016 ("the Act"), Tan Sri Chairman exercised his right to direct the vote on all resolutions set out in the Notice of the Meeting to be conducted by way of a poll to demonstrate shareholder democracy of one-shareone-vote.

PROCEEDINGS

Tan Sri Chairman then invited Ms. Chua Siew Chuan ("Ms. Chua"), the Company Secretary to brief all on the proceedings of the Meeting.

Ms. Chua briefed all present that with the remote participation and voting facilities, shareholders, proxies and corporate representatives of the Company are allowed to post questions to the Board and vote remotely at the Meeting.

The Meeting was informed that there were shareholders who were unable to participate in the Meeting and had appointed the Chairman of the Meeting to vote on their behalf. Accordingly, the Chairman would be voting in his capacity as a proxy in accordance with the shareholders' instructions, where indicated.

Ms. Chua then briefed the Meeting that there is no legal requirement for a proposed resolution to be seconded, and as such, the voting module had been made accessible to all shareholders, proxies and corporate representatives to cast and submit their votes from the start of the Meeting and shall continue to be accessible for an additional ten (10) minutes after all the questions transmitted during the Meeting have been dealt with.

Ms. Chua informed that the Meeting would first have a presentation of a quick overview on the financial results and business strategy of the Company as prepared by Mr. Riichiro Osawa ("Mr. Osawa"), the Managing Director/Chief Executive Officer of the Company, followed by the Company's response to the questions from Minority Shareholders Watch Group ("MSWG"). Thereafter, the Meeting would go through all the items on the Agenda, followed

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AJINOMOTO (MALAYSIA) BERHAD 196101000252(4295-W)

Head Office:

Lot L1-E-5A and L1-E-5B, Enterprise 4, Technology Park Malaysia,

Lebuhraya Puchong - Sg. Besi,57000 Bukit Jalil, Kuala Lumpur, Malaysia

Tel: [phone]

Manufacturing: No. 1 Persiaran Teknologi 6, Techpark 2@Enstek, 71760, Bandar Enstek, Negeri Sembilan Darul Khusus, Malaysia Tel : [phone] Fax: [phone]

(Minutes of the 62nd AGM held on 29 August 2023 - cont'd)

by a question and answer session ("Q&A Session") to respond to questions transmitted by shareholders and proxies. Shareholders and proxies may rely on the real-time submission of typed texts to exercise their rights to speak or communicate in a virtual meeting by using the text box facility under the live stream player within the same e-Portal page to transmit their questions and/or remarks during the Meeting.

The Meeting was further informed that SS E Solutions Sdn. Bhd. was the appointed poll administrator and Commercial Quest Sdn. Bhd. was the appointed independent scrutineer to verify the results of the poll voting.

At this juncture, a step-by-step guide together with a short audio clip on the online voting module within the e-Portal was played.

PRESENTATION BY MANAGING DIRECTOR/CHIEF EXECUTIVE OFFICER

A video clip prepared by Mr. Osawa, on the overview of the Company's performance and financial results for the financial year ended 31 March 2023 ("FY2023") and business strategy for the fiscal year or financial year ending 31 March 2024 ("FY2024") was presented at this juncture.

Financial Performance

• Sales Revenue Trend
  Sales revenue increased by 25% from RM484.7 million for the financial year ended 31 March 2022 ("FY2022") to RM603.7 million for FY2023. The double-digit growth of 25% in sales revenue was driven by higher sales volume and selling price, by 9% and 16% respectively, from domestic food services and exports to the Middle East mainly led by AJI-NO-MOTO®, Tumix® and Seri-Aji® products.
• Net Profit Trend
  Net profit was RM27.5 million for FY2023 as compared to RM17.0 million in FY2022. The strong growth in sales revenue was mainly contributed by the increase in sales volume and selling prices. However, the increase was partially offset by rising costs, higher prices of glutamic acid, imported Monosodium Glutamate (MSG), and transitional costs associated with the new factory. In addition, tax credit mainly arising from the unutilised special reinvestment allowance has resulted in a higher net profit.
• Total Equity (Shareholders' Funds)
  Total equity increased from RM506.0 million in FY2022 to RM529.0 million in FY2023. The shareholders' funds were contributed by profit before tax of RM15.9 million and tax credit of RM11.6 million. However, after deducting a dividend payment of RM5.2 million, the total equity was recorded at RM529.0 million. As a result, the net asset value per share of the Company was recorded at RM8.70.
• Dividends
  As announced by the Company on 27 June 2023, the Company declared a first and final single-tier dividend of 9.1 sen per ordinary share in respect of FY2023.

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AJINOMOTO (MALAYSIA) BERHAD 196101000252(4295-W)

Head Office:

Lot L1-E-5A and L1-E-5B, Enterprise 4, Technology Park Malaysia,

Lebuhraya Puchong - Sg. Besi,57000 Bukit Jalil, Kuala Lumpur, Malaysia

Tel: [phone]

Manufacturing: No. 1 Persiaran Teknologi 6, Techpark 2@Enstek, 71760, Bandar Enstek, Negeri Sembilan Darul Khusus, Malaysia Tel : [phone] Fax: [phone]

(Minutes of the 62nd AGM held on 29 August 2023 - cont'd)

• Performance for the first quarter of FY2024
  In the first quarter of FY2024, the Company achieved 5% increase in sales revenue against the preceding year's corresponding quarter, mainly contributed by better selling prices from both Consumer Business and Industrial Business products. However, sales quantity in the current quarter was lower subsequent to the strong demand from the last quarter of previous financial year. Besides, the Company continues to encounter inflationary pressures on raw materials and production costs. Both the Consumer Business and Industrial Business segments achieved commendable operating profits in the current quarter, driven by improved gross profit margins and lower general administration costs.

In the coming quarters, Management would focus on sales and distribution strategies and effective cost control measures to enhance sales growth and improve operational efficiency.

Mission & Vision

• Mission
  To contribute to the world's food and wellness, and to Better Lives for the future.
• Vision
  Be a "Global Customer-Centric Halal Food Company" to contribute in resolving People's
  Food and Health Issues through Our Specialties and Innovative Solutions.

In creating sustainable value of shareholders and other stakeholders, the Company has positioned the Ajinomoto Group Creating Shared Value (ASV) and its message of "Eat Well, Live Well" at the core of its decision making process, guided by the Company's Mission and Vision.

Consumer Business

• Contribute to Health and Well-Being
  "Delicious Salt Reduction" Aji-No-Moto®Smart-Salt Campaign
  The Company always strives to contribute to the health and well-being of customers, particularly the daily salt consumption of Malaysians. With the introduction of Smart Salt "Kurang Garam, Umami Je" campaign from February to March 2023, the Company aims to educate the public on the uniqueness of AJI-NO-MOTO® in reducing salt intake and at the same time maintaining the food's deliciousness with Umami. The message is widely communicated through various Key Opinion Leaders engagements, news releases, and advertisements on Rapid KL buses at Klang Valley area.
  New Product Launch to Meet Customer Needs
  The Company has launched its first frozen halal product in March 2023, which is frozen chicken gyoza. The Company has also widened the product range of Seri-AJI® by introducing "Curry fried rice" variant and a complete mix of "Sup Rempah" to bring convenience cooking in daily life for housewives.

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AJINOMOTO (MALAYSIA) BERHAD 196101000252(4295-W)

Head Office:

Lot L1-E-5A and L1-E-5B, Enterprise 4, Technology Park Malaysia,

Lebuhraya Puchong - Sg. Besi,57000 Bukit Jalil, Kuala Lumpur, Malaysia

Tel: [phone]

Manufacturing: No. 1 Persiaran Teknologi 6, Techpark 2@Enstek, 71760, Bandar Enstek, Negeri Sembilan Darul Khusus, Malaysia Tel : [phone] Fax: [phone]

(Minutes of the 62nd AGM held on 29 August 2023 - cont'd)

• Promote Healthy Eating and Active Living
  ASEAN Victory Project and "aminoVITAL" Promotion
  The Company had organised a series of sport promotional activities during the FY2023. In the 32nd SEA Games in Cambodia this year, the Company continued to engage with Malaysian national athletes in sport nutrition program, under the ASEAN Victory Project. The engagement aims to promote public awareness of healthy eating and active living through the Ajinomoto Group's specialty in amino acids. Throughout the program, the athletes were educated and served well-balanced sports meals and Ajinomoto aminoVITAL®, a jelly sports drink to support the athletes in boosting their performance during training and competition. Besides, the Company has also increased the awareness of aminoVITAL® through various sports events of wet sampling and selling activities such as be the main sponsor of L'Étape Malaysia by Tour de France cycling event, as well as Garmin Asia Run and Golf Club tournament.
  ASEAN Victory Project - Sports School Projects
  The Company also contributed to the health and well-being of junior athletes through educational programmes conducted in sports schools. In FY2023, the Company expanded its sports school projects to include Sabah, in addition to those in Bukit Jalil and Pahang. As part of these initiatives, the Company organised activities such as serving balanced meals through "Winning Meals Kachimeshi®," setting up sports nutritional information corners, and arranging health talks by nutritionists. These efforts aimed to promote the importance of sports nutrition in helping student-athletes achieve victory.

Export Business to Middle East

Sales in the Middle East region has significantly increased by 151% compared to FY2022, marking the highest export business sales record in the Company's history. Despite implementing price increase twice in FY2023 to compensate for the increased costs of production; the export business sales managed to achieve new records. With the strong efforts by the team in strengthening outlets' cultivation and increasing brand awareness through digital spheres via social networking services, the Company was able to achieve sales of RM80 million in FY2023. This effort, combined with enhanced promotions for wholesalers and food service outlets, and the increased demand during the religious "Hajj" and "Umrah" pilgrimages to the Middle East, boosted the demand for the Company's products in the region. Besides that, the Company is actively exploring new business opportunities with the goal of further area expansion in the Middle East and North Africa regions, through the Gulfood exhibition in the United Arab Emirates.

Industrial Business

• Strengthen solution development for Growing Areas and New Customers Needs for further growth
  In FY2023, the Company achieved TOPLINE expansion by developing solutions for targeted growth areas such as plant-based products, ready-to-eat meals and seasoning blenders. A new product namely AJIRISE, was launched to meet the clean- labelling demands. This new product has already been adopted by plant-based

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