Annual Report 2025

AJINOMOTO (MALAYSIA) BERHAD Registration No: 196101000252 (4295-W)

AJINOMOTO (MALAYSIA) BERHAD

[Reg. No. l96l0l000252 (4295-W)]

He6d Office

Lot Ll-E-5A and Ll-E-5B,

Enterprise 4, Technology Park Malaysia, Lebuhraya Puchong- Sg. Besi,

57000 Bukit Jalil, Kuala Lumpur, Malaysia. Tel: (603) 7980 6958

M6nuf6cturing

No. l Persiaran Teknologi 6, Techpark 2@Enstek,

7l760, Bandar Enstek,

Negeri Sembilan Darul Khusus, Malaysia. Tel: (606) 737 7000

Fax: (606) 737 700l

https://www.6jinomoto.com.my

Ajinomoto (Malaysia) Berhad

Registration No: 196101000252 (4295-W)

ANNUAL REPORT 2025

ANNUAL REPORT 2025

EAT WELL, LIVE WELL

WHAT'S INSIDE

1. Corporate Information

2. Management Discussion and Analysis

11 Director's Pro昀椀le

17 Corporate Governance Overview Statement

32 Additional Compliance Information

1. Statement of Directors' Responsibility in Relation to the Financial Statements

2. Statement on Risk Management and Internal Control

38 Audit Committee Report

42 Statistics of Shareholdings

1. Financial Highlights

2. Financial Statements

1. List of Properties

2. Notice of Annual General Meeting

102 Sustainability Statement

- Form of Proxy

Scan this to view our Annual Report online.

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Annual Report 2025

BOARD OF DIRECTORS

Tan Sri Dato' (Dr.) Teo Chiang Liang

(Chairman)

Cheong Heng Choy Riichiro Osawa

(Managing Director / Chief Executive Of昀椀cer)

(resigned w.e.f. 31 March 2025)

Daisaku Wadami

(Managing Director / Chief Executive Of昀椀cer)

(appointed w.e.f. 1 April 2025)

Shunsuke Sasaki

(Chief Finance Of昀椀cer)

(resigned w.e.f. 30 June 2025)

Taishi Akiyama

(Chief Finance Of昀椀cer)

(appointed w.e.f. 1 July 2025)

Norani Binti Sulaiman Noriko Fujimoto

(resigned w.e.f. 31 March 2025)

Akihiko Nozaki

(appointed w.e.f. 1 April 2025)

Elaine Tan Ai Lin Yong Kum Cheng Zarina Binti Basar

(appointed w.e.f. 1 July 2025)

BANKERS

MUFG Bank (Malaysia) Berhad Malayan Banking Berhad

Standard Chartered Bank Malaysia Berhad

AUDITORS

KPMG PLT

SOLICITORS

Lee, Ling & Partners

SECRETARIES

Chua Siew Chuan (MAICSA 0777689)

SSM PC No. 201908002648

Yeow Sze Min (MAICSA 7065735)

SSM PC No. 201908003120

REGISTERED OFFICE

Lot L1-E-5A and L1-E-5B, Enterprise 4, Technology Park Malaysia, Lebuhraya Puchong - Sg. Besi,

Bukit Jalil,

57000 Kuala Lumpur, Malaysia Tel: 603-7980 6958

Fax: 603-7981 1731

Customer Service: https://www.ajinomoto.com.my/customer-service

Company/ Corporate inquiries: corporate@ajikl.com.my

Business/ Product inquiries: customerfeedback@ajikl.com.my

SHARE REGISTRAR

Securities Services (Holdings) Sdn. Bhd.

Level 7, Menara Milenium, Jalan Damanlela, Pusat Bandar Damansara,

Damansara Heights, 50490 Kuala Lumpur

Tel : 603-2084 9000

Fax: 603-2094 9940 / 603-2095 0292

Email: info@sshsb.com.my

STOCK EXCHANGE LISTING

Main Market of the Bursa Malaysia Securities Berhad

Annual Report 2025

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

History & Milestones

Ajinomoto (Malaysia) Berhad ("the Company"), established in 1961, is one of the earliest Japanese companies to set up of昀椀ce in Malaysia and was accorded Pioneer Status bene昀椀ts by the Malaysian Government. Over the years, Ajinomoto has grown into a trusted brand and expanded its footprint both locally and globally. The Company currently operates a smart eco-friendly manufacturing plant in Bandar Enstek, Negeri Sembilan with its corporate of昀椀ce located at Technology Park Bukit Jalil, Kuala Lumpur. It also manages 10 sales branches nationwide and one overseas sale of昀椀ce in Jeddah, Saudi Arabia.

The Company offers a comprehensive range of products, from household seasonings to commercial food service and industrial solutions. It remains a leader in Malaysia for monosodium glutamate ("MSG") under the renowned AJI-NO-MOTO® brand. Today, it has 昀椀rmly established a signi昀椀cant role in the food seasoning and processed food market, offering products for household use, food service and food processing industries.

Establishment of Ajinomoto (Malaya) Co., Ltd

Commencement of AJI-NO-MOTO®

plant operation Awarded HALAL Certification

Launch of AJI-EKI™ (Hydrolysed Vegetable Protein Liquid)

Inauguration of Effluent Treatment Management (SALAM)

• Launch of PAL SWEET® Sweetener

• Launch of Hydrolysed Vegetable Protein (HVP)

  Powder

• Establishment of Production 2 (seasonings and food production line) factory

• Launch of AJIMATE™ Taste Enhancing Seasoning

• Awarded AJI-NO-MOTO® Product Certification

  Launch of Seri-Aji® Menu

  Specific Seasoning

  Launch of Slim Up™ Sweetener

  1961

  1965

  1971 1982 1989

  1993 1996 2000

  1963 1968 1978 1988 1992 1994 1998

  Corporate name was changed to Ajinomoto (Malaysia)

  Sdn Bhd

  Company name was changed to Ajinomoto (Malaysia) Berhad as the public company

  Launch of AJI-SHIO® Table Topping Seasoning

  Launch of AJI-PLUS™

  Blended Flavour Enhancer

  Launch of AJI-AROMA™

  Flavour Enhancing Seasoning

  Launch of AJI.MIX™

  Blended Seasoning

  Awarded ISO 9001

  Certification

  2017

  Hydrolysed Vegetable Protein (HVP)

  process improvement

  2014

  Establishment of ASEAN

  Application Centre

  2012

  Establishment of Chicken

  Meat Powder Plant

  2011

  50th Anniversary of Ajinomoto

  (Malaysia) Berhad

  2010

  Launch of AJINOMOTO®

  Chicken Stock

  2008

  Awarded OSHAS 18001

  Certification

  2006

  Awarded ISO 14001

  Certification

  2005

  • Launch of VONO®

    Instant Soup

  • Launch of ACTIVA™ TG

    Series

    2004

    Awarded HACCP

    Certification

    2003

    Launch of TUMIX® Stock

    Seasoning

    2019 2020 2021 2022 2023 2024 2025

    
    
    

    • Launch of Rasa Sifu™ All in One Seasoning

    • Launch of aminoVITAL®

      Jellly Flavoured Drink with

      Amino Acids

• Launch of Seri-Aji® Fritter Seasoned

  Flour

  
  
  

• Launch of Seri-Aji® Banana Fritter Flour

  Establishment of new plant at Bandar Enstek,

  Negeri Sembilan, as a 'Global

  Customer-Centric Halal Food Company'

• Launch of Seri-Aji® Curry Fried Rice Seasoning and Seri-Aji® Chicken Soup Seasoning Powder

  • Launch of "AJINOMOTO" Chicken Gyoza

    
    
    

  • Launch of AJIRISE™ K and AJIRISE™ UM

• Launch of Seri-Aji® Tom Yam Paste Seasoning

• Launch of "AJINOMOTO" Prawn Gyoza

  • Launch of aminoVITAL® Red Shot Apple Jelly Drink

    with Amino Acids

    
    
    

  • Launch of "AJINOMOTO" Lime Seasoning Powder

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Annual Report 2025

Our Policy

CERTIFIED TO MS1500:2019 REF. NO.: 1 092-02/2004

Malaysian Standard on Halal Food General Requirements

CERTIFIED TO ISO 9001:2015 CERT. NO.: QMS 00504 CERT. NO.: QMS 00504-S1

Quality Management

Systems ("QMS")

CERTIFIED TO ISO 14001:2015 CERT. NO.: EMS 00368

CERT. NO.: EMS 00368-S1

Environmental Management Systems ("EMS")

CERTIFIED TO ISO 45001:2018 CERT. NO.: OHS 00302

CERT. NO.: OHS 00302-S1

Occupational Health and Safety Management Systems ("OHS")

CERTIFIED TO MS 1480:2019 CERT. NO.: HA0122031-1/1

Food Safety according to Hazard Analysis and Critical Control Points System ("HACCP")

CERTIFIED TO ISO 22000:2018, ISO/

TS22002-1:2009 and Additional FSSC 22000 requirements CERT. NO.: MY24/00000044

Food Safety System Certi昀椀cation

FSSC 22000

Ensuring high standards of food safety and quality are top priorities in the Company's commitment to its customers and stakeholders. The Company is dedicated to operating in full compliance with food manufacturing standards with Halal Certi昀椀cation requirement and adhering to all applicable international and local laws and regulations. Quality is embedded in the Company's purpose and values, ensuring that every product meets high expectations through end-to-end approach that spans the entire supply chain.

The Company regularly reviews and updates its food safety and quality systems and policies in response to evolving external conditions, including regulatory developments, supply chain adjustments, sustainability initiatives, and geopolitical shifts. These efforts re昀氀ect its dedication to responsible governance, future-ready, and sustainable growth.

In addition to product quality, the Company prioritises employee health, safety and career. It maintains comprehensive workplace safety measures, conducts regular trainings, and implements risk management protocols to ensure a safe and supportive work environment. The Company also continues to advance its Environmental, Social, and Governance (ESG) practices across all operations, integrating them into its strategic planning and day-to day operations to strengthen its operational foundation and reaf昀椀rming its commitment to being an employer of choice.

Our Product Range Consumer Products

The Company offers a broad product portfolio to meet diverse range of consumer preferences and market needs. Its product range includes AJI-NO-MOTO® monosodium glutamate, TUMIX® chicken stock, Seri-Aji® menu speci昀椀c seasonings, AJI-SHIO® 昀氀avoured pepper, Pal Sweet® sweetener, and aminoVITAL® jelly sports drink with amino acids. In the food products category, the portfolio features Halal-certi昀椀ed "AJINOMOTO" Chicken Gyoza, with a new "AJINOMOTO" Prawn Gyoza variant launched in 2024 to satisfy growing consumer demand.

Its strong brand lineup consistently offers delicious, simple, and convenient cooking solutions that cater to a wide customer base, from home kitchens to retail outlets and the food service sector. The product range also includes offerings tailored for consumers with active lifestyles, emphasising the Company's commitment to promoting health and wellness. Product innovation remains a core focus, with the recent introduction of "AJINOMOTO" Lime Powder Seasoning which provides variety cooking usage including beverages. This showcase Company's ongoing effort to stay ahead of evolving

consumer and market needs.

The Company's retail distribution networks are extensive, spanning both modern and traditional trade channels, including major supermarkets, distributors and wholesalers, direct sales, e-commerce platforms like Lazada and Shopee, as well as overseas agents.

Annual Report 2025

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Management Discussion & Analysis

(cont'd.)

The Company also actively engages with consumers and customers through digital and social platforms. This enables it to stay attuned to market feedback and respond effectively to consumer needs; helping its brands stay relevant and drive long-term value creation in the shifting market landscape.

Further to the establishment of the Food Service Business department in 2024, the Company has continued to expand its presence and capabilities in Malaysia's growing food service sector. It aims to provide comprehensive food solutions to a wide array of clients, including hotels, restaurants, cafés, takeaway outlets, traditional restaurants and hawker stalls, while supporting various food service channels.

Industrial and Food Service Products

The Company also offers industrial products that provide specialised functional solutions, including taste and 昀氀avour enhancers, binders, and texture improvers. They are marketed under well-recognised brands such as AJIMATE®, AJI-AROMA® and AJIRISE™ (referred to as "TENCHO" product category), ACTIVA®, AJIezi™. These products are widely utilised in various processed foods, such as instant noodles, snacks, soups, sauces, processed meat, processed seafood, and dairy products. This is to support the local & international food industry clients.

M-2000

1kg

Cautions : Hygroscopic product. Please store in cool dry place, away from direct sunlight and aromatic materials.

PROD DATE : 07/05/2018

EXP DATE : 06/05/2019

1092-02/2004 LOT NO. : JT8222

MS1500:2009

S/N : 00001

Manufactured by:

AJINOMOTO (MALAYSIA) BERHAD (4295-W)

Lot 5710, Jalan Kuchai Lama, Petaling, 58200 Kuala Lumpur, Malaysia.

Tel: +603-7980 6958 Fax: +603-7980 6817 URL:https://http://www.ajinomoto.com.my

The Company remains committed to expanding its solution portfolio through continuous innovation and strategic geographic expansion. Combining scienti昀椀c expertise with deep market insight, the Company aims to stay ahead of diverse customer needs and continuously deliver added value to customers globally.

SALES BRANCHES

CAWANGAN-CAWANGAN JUALAN

HEAD OFFICE

PEJABAT UTAMA

NEW FACTORY

KILANG BAHARU

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Annual Report 2025

Management Discussion & Analysis (cont'd.)

Sales Branches and Oversea Markets

ALOR SETAR, KEDAH

AJINOMOTO SALES BRANCHES

PENANG

in Malaysia & Middle East

KOTA KINABALU, SABAH

IPOH, PERAK

KUANTAN, PAHANG

KUALA LUMPUR

BANDAR ENSTEK,

NEGERI SEMBILAN MELAKA

BATU PAHAT, JOHOR

JOHOR BAHRU, JOHOR

KUCHING, SARAWAK

JEDDAH

SAUDI ARABIA

ASIA

ASIA

CENTRAL AMERICA

MIDDLE EAST

TIMUR TENGAH

AMERIKA TENGAH

SOUTH AMERICA

AMERIKA SELATAN

AFRICA

OCEANIA

OCEANIA

AFRIKA

OVERSEAS MARKETS

(Countries where we export our products to)

Annual Report 2025

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Management Discussion & Analysis

(cont'd.)

FINANCIAL RESULTS

Snapshot

Financial Year Ended 31 March 2025 Highlights

NET SALES EARNINGS PER SHARE

RM684.5MIL 81.69SEN

PROFIT BEFORE TAX RETURN ON EQUITY

RM74.9MIL 6.05%

RM976.0MIL

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Annual Report 2025

Management Discussion & Analysis (cont'd.)

NET SALES BY BUSINESS

(RM MILLION)

Industrial Business

RM161.0

Consumer Business

RM523.5

NET SALES BY GEOGRAPHICAL AREA

(RM MILLION)

Others

RM10.3

Other Asian

Countries

RM134.9

Malaysia

RM388.2

Middle East

RM151.1

Operating Environment

The Malaysian economy expanded at a steady pace in 2024, supported by resilient domestic demand, a continued recovery in tourism and robust consumer spending. However, manufacturers continued to face cost pressures from volatile raw material prices, currency 昀氀uctuations and ongoing geopolitical tensions.

Financial Review

In the 昀椀nancial year ended 31 March 2025 ("FYE 31.03.2025"), the Company achieved a revenue of RM684.5 million, increased by 7.6% as compared to the revenue of previous 昀椀nancial year of RM636.4 million. Sales volume in the current昀椀nancial year increased mainly from AJI-NO-MOTO®, TUMIX® and TENCHO. However, this expansion was partially impacted by the depreciation of US Dollar against Ringgit Malaysia in export sales. The Company recorded a commendable pro昀椀t before tax of RM74.9 million for the current 昀椀nancial year, contributed by strong revenue, lower key raw material costs and higher income from liquid investments and deposits with licensed banks. It is also noteworthy that the pro昀椀t before tax of RM452.6 million in the previous 昀椀nancial year included an exceptional gain of RM394.2 million from the disposal of assets held for sale consisting of the Company's lands and property, plant and equipment located in Jalan Kuchai Lama, Kuala Lumpur. The pro昀椀t before tax excluding the one-off gain from the disposal of assets held for sale in the previous 昀椀nancial year was RM58.4 million.

SEGMENT INFORMATION

Consumer Business

Revenue in Consumer Business was RM523.5 million as compared to the revenue of RM484.2 million in the previous 昀椀nancial year. Consumer Business recorded higher sales volume from AJI-NO-MOTO® and TUMIX® aligned with the tourism recovery and resilient consumer spending. In addition, the sales volume of AJI-SHIO®, SERI-AJI®, aminoVITAL® and "AJINOMOTO" Gyoza have continuously expanded. However, the increase in revenue in the Consumer Business was partially offset by the depreciation in US Dollar in the export sales. The higher revenue and lower cost of key material for AJI-NO-MOTO® resulted in pro昀椀t of RM45.1 million, a 2.6% increase from the pro昀椀t of RM43.9 million in the previous 昀椀nancial year.

Industrial Business

Revenue from Industrial Business increased by 5.8% at RM161.0 million as compared to the previous 昀椀nancial year's revenue of RM152.2 million. The increase in revenue was driven by sales volume expansion in TENCHO. However, this positive impact was partially offset by the depreciation in US Dollar which impacted revenue from export sales. Pro昀椀t was RM20.9 million, 35.2% higher than the previous 昀椀nancial year's pro昀椀t of RM15.5 million.

Annual Report 2025

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Management Discussion & Analysis

(cont'd.)

Financial Condition

As at FYE 31.03.2025, Total Assets and Total Net Assets was lower as compared to the previous 昀椀nancial year subsequent to the one-off special dividend of RM128.9 million in respect of the 昀椀nancial year ended 31 March 2025 and a 昀椀nal single-tier dividend of RM23.3 million in respect of the 昀椀nancial year ended 31 March 2024. Net cash generated from operating activities for the current 昀椀nancial year was RM69.6 million as compared to the net cash generated from operating activities in the previous 昀椀nancial year of RM66.4 million as a result of the increase in net pro昀椀t from our business operations. Net cash generated from investing activities was RM94.1 million during the current 昀椀nancial year subsequent to the disposal of liquid investments for the repayment of borrowing under Islamic 昀椀nancing and dividend payments. As a result, net cash used in 昀椀nancing activities was RM212.4 million for the current 昀椀nancial year.

Dividend

The Board of Directors continue to maintain the policy of stable and sustainable dividend payout to shareholders. The Directors, as announced by the Company on 25 June 2025, declared a 昀椀rst and 昀椀nal single-tier dividend of 40.85 sen per ordinary share in respect of FYE 31.03.2025 to be paid on 24 September 2025.

Operational Risks

1. Operating Environment Risks Exchange Rate Fluctuations

   The Company's exports and imports of raw materials are denominated in USD. Therefore, the Company is exposed to currency 昀氀uctuation risk, especially between the USD and the Malaysian Ringgit and this has impacted the Company's 昀椀nancial results.

   Unforeseen Adverse Economic or Political Factors

   The Company conducts business globally, and various potential economic, political and legal impediments overseas such as political instability may have an adverse impact on business results.

   Price Fluctuations for Raw Materials and Fuel

   The prices of certain raw materials and energy resources used by the Company 昀氀uctuates according to market

   conditions. These may result in higher manufacturing costs which will impact the Company's business results.

2. Risks Related to Business Activities Food Safety Matters

The Company takes extensive care and effort to manage factors that impact on food safety, which is one of the very important foundation upon which the Company's business is built. However, in the event of unforeseen issues affecting food safety, which are beyond anyone's control, such unforeseen events may have an adverse impact on the Company's business results.

Laws and Regulations, Litigation, etc.

As the Company conducts business on a global basis, it undertakes to comply with the laws, rules and regulations of Malaysia and the countries that the Company exports its products to and/or purchases its raw materials from. The possibility exists, however, that legal changes may be introduced and complying with such changes may restrict the Company's operation which may impact on business results.

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Annual Report 2025

Management Discussion & Analysis (cont'd.)

Outlook

Throughout 2024 and into 2025, despite ongoing economic challenges, geopolitical uncertainties and policy adjustments, the Company remained agile and resilient, viewing change as an opportunity for growth.

To sharpen its strategic focus, the Company refreshed its vision to clearly re昀氀ect its long-term direction toward the 2030 roadmap. This initiative has led to stronger alignment across the organisation to execute its strategic priorities with discipline and focus to drive growth and to better serve the changing market and consumer needs.

In the consumer segment, the Company continued to respond to shifting consumer preferences, lifestyle changes, and wellness trends. As in昀氀ation continues and more consumers cook at home, demand for products that are both delicious and convenient continues to grow. The Company effectively capitalised on this trend through targeted promotions by reinforcing its brand visibility across various channels resulting in sustained sales growth throughout 2024.

Notably, the Seri-Aji® Sahur campaign continued to deliver remarkable results during festive periods. At the same time, the Company focused on improving the point of purchase and price accessibility to make its quality products available to a broad range of consumers at affordable prices.

In line with its corporate philosophy of "Eat Well, Live Well", the Company reinforced brand visibility through variety of marketing campaigns and roadshows. The Smart Salt Campaign remained a key initiative, educating the consumers on salt-reduction without compromising taste. The Company also deepen engagement with wider audience by collaborating with Key opinion leaders (KOLs) and leveraging social media platforms such as TikTok to drive live commerce and expand its digital footprint. Its e-commerce operation has a steady growth, increasing reach in both urban and rural markets. Furthermore, the Company also maintained its focus on promoting health and active living, particularly through the aminoVITAL®, which advocates for a balanced nutrition approach to support active lifestyle. These signi昀椀cant efforts were recognised leading to receiving the Gold Award at the Putra Brand Aria Awards 2024 for marketing excellence.

Building upon the momentum of 2024 in strengthening export capabilities and diversifying the product portfolios, the Company continued to position the industrial products and food service offerings for sustainable global growth. The export business remained a strategic growth pillar, with focused efforts on expanding market presence, strengthening partnerships and distributor networks, enhancing export operational ef昀椀ciency, and adapting product lineup to meet diverse preferences across key markets.

In the food service sector, the Company reinforced its value proposition through co-creation with culinary partners, customised recipes and menu innovations tailored to meet customer needs. To support local food businesses in the digital age, it launched the Ajinomoto Food Biz Partner website, offering valuable resources such as professional chef tips, business insights, and a convenient platform for purchasing food service-grade products. As global demand for frozen food continues to grow, the Company is strategically positioned to respond to this trend with agility and purpose.

Guided by its commitment to ESG principles, the Company continued to integrate sustainability into its operations, advancing initiatives across environmental stewardship, social responsibility, and governance integrity. A key milestone in 2024 was the launch of Ajinomoto (Malaysia) Berhad's new Sustainability Webpage, providing a comprehensive view of the Company's initiatives towards building a sustainable society, enabling stakeholders to better understand the impact of its ongoing ESG efforts.

To support long-term growth, the Company actively engaged in collaborative initiatives with Malaysian Recycling Alliance (MAREA) to foster dialogue, knowledge exchange, and continuous improvement. These efforts ensure that the Company's practices, and values are aligned to deliver sustainable value for both society and environment. Additionally, the Company continued the Science Castle project in collaboration with Leave a Nest (a Non-Governmental Organisation), aimed at nurturing future talent through science and innovation driven learning to empower the next generation to bring fresh perspectives to the sustainability journey.

All the progress and achievements were made possible by the dedication and hard work of the Company's employees, the management's effort in organisational transformation, the Board's effective oversight, and strategic decision-making. Most importantly, these successes were supported by the continued trust of consumers, customers, business partners, and shareholders amid evolving market dynamics.

Looking ahead, the Company is optimistic and con昀椀dent in sustaining future growth, guided by its vision "Bringing Happiness Through Tastes That Unite, Inspiring Food Creativity in Your Life" as it advances towards the 2030 roadmap. With a clear purpose and steadfast focus, the Company remains committed to creating and delivering value for its stakeholders and shareholders.

Annual Report 2025

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

74 ● MALAYSIAN ● MALE

Chairman, Non-Independent Non-Executive Director

Tan Sri Dato' (Dr.) Teo was appointed to the Board of Ajinomoto (Malaysia) Berhad on 28 June 2001 as an Independent Non-Executive Director. On 4 June 2020, he was appointed as the Chairman of Ajinomoto (Malaysia) Berhad. At the same time, Tan Sri Teo was re-designated as a member of the Audit Committee from his previous position as the Chairman, and as the Chairman of the Remuneration Committee from his previous position as a committee member. He is also a member of the Nomination Committee. On 31 May 2023, he was then re-designated from an Independent Non-Executive Chairman to a Non-Independent Non-Executive Chairman. He attended all 昀椀ve (5) Board meetings held in the 昀椀nancial year.

Tan Sri Teo graduated with a Bachelor of Arts (Honours) degree in Business Studies and M.Sc in Management & Administration from the United Kingdom ("UK"). He obtained his training from The Chartered Bank and Pillar Naco Ltd in the UK. In I975, he joined and served as a Director of See Hoy Chan Holdings Group, a well-diversi昀椀ed group of companies with its core businesses in real estate investment and property development. In 1990, he was awarded the Certi昀椀cate in General Insurance by The Malaysian Insurance Institute and appointed as the Principal Of昀椀cer for See Hoy Chan (Malaysia) Sdn. Bhd.'s Insurance Agency business.

Arising from the restructuring of See Hoy Chan Holdings Group in February 2024, Tan Sri Teo was appointed as the Executive Chairman of Bandar Utama City Group with businesses in real estate investment and management, property development, hotel, and oil palm plantation.

Tan Sri Teo was appointed as the Independent Non-Executive Director of RHB Capital Berhad from 2010 to 2016 and RHB Insurance Berhad from 2010 to 2015.

Tan Sri Teo was elected as the Secretary General of the Malaysian Association of Private Colleges & Universities from 1997 to 2003. He was appointed as a member of the MSC Education Advisory Panel in 1998. He is also a Life Member of the Malaysian Red Crescent Society. In 1998, The Nottingham Trent University in the UK appointed Tan Sri Teo as the Professor of the University and in 2001, the University awarded an honorary degree of Doctor of Business Administration to him. In 2006, he was elected as an Exco member of the Malaysian Crime Prevention Foundation.

Tan Sri Teo does not hold directorships in any other public company and listed issuer. He has no con昀氀ict of interest or potential con昀氀ict of interest, including interest in any competing business with the Company. He does not have any family relationship with any other Director or major shareholder of the Company. He has neither been convicted for any offences within the past 昀椀ve (5) years, other than for traf昀椀c offences, if any, nor received any public sanction or penalty imposed by regulatory bodies during the 昀椀nancial year.

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Annual Report 2025

Director's Profile (cont'd.)

67 ● MALAYSIAN ● MALE

Senior Independent Non-Executive Director

Mr. Cheong was appointed to the Board of Ajinomoto (Malaysia) Berhad on 9 August 2021 as an Independent Non-Executive Director. He was re-designated as the Chairman of the Audit Committee from his previous position as a member of the Audit Committee on 1 April 2023. On 18 November 2024, he was re-designated as the Senior Independent Non-Executive Director. He is also a member of the Nomination Committee and Remuneration Committee. He attended all 昀椀ve (5) Board meetings held in the 昀椀nancial year.

Mr. Cheong holds a Master of Business Administration from the University of Bath, England. He is a member of the Malaysian Institute of Accountants and the Malaysian Institute of Certi昀椀ed Public Accountants. He is also a quali昀椀ed company secretary and a charter member of the Certi昀椀ed Risk Professional.

He began his career with one of the big four accounting practices and moved on to the banking and 昀椀nance sectors and held various key positions in the banking industry, serving as the Chief Internal Auditor of three major public listed 昀椀nancial institutions. He had also served as the Chief Financial Of昀椀cer of a major public listed banking group and was involved in the setting up of the Integrated Risk Management Division and had overseen Remedial Management for a major bank.

Mr. Cheong is currently a Director and Principal Consultant of a boutique consultancy practice, involved in internal control reviews for Initial Public Offers, conducting outsourced internal audit services, and setting up of Enterprise Risk Management and Corporate Governance Framework for many public listed companies.

He does not hold directorships in any other public company and listed issuer. He has no con昀氀ict of interest or potential con昀氀ict of interest, including interest in any competing business with the Company. He does not have any family relationship with any other Director or major shareholder of the Company. He has also neither been convicted for any offences within the past 昀椀ve (5) years, other than for traf昀椀c offences, if any, nor received any public sanction or penalty imposed by regulatory bodies during the 昀椀nancial year.

Annual Report 2025

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Director's Profile

(cont'd.)

58 ● JAPANESE ● MALE

Managing Director, Chief Executive Of昀椀cer

Mr. Wadami was appointed to the Board of Ajinomoto (Malaysia) Berhad as Managing Director and Chief Executive Of昀椀cer on 1 April 2025 and hence, he did not attend any of the Board meetings held in the 昀椀nancial year. He is not a member of any Board Committee.

Mr. Wadami graduated from School of Doshisha University of Faculty of Commerce with a Bachelor of Commerce in March 1990.

He joined Ajinomoto Co., Inc Japan in 1990 and began his career with the Osaka Branch and has since held various positions in Japan and overseas within the Ajinomoto Group of Companies.

He does not hold directorships in any other public company and listed issuer. He has no con昀氀ict of interest or potential con昀氀ict of interest, including interest in any competing business with the Company. He does not have any family relationship with any other Director or major shareholder of the Company. He has also neither been convicted for any offences within the past 昀椀ve (5) years other than for traf昀椀c offences, if any, nor received any public sanction or penalty imposed by regulatory bodies during the 昀椀nancial year.

46 ● JAPANESE ● MALE

Executive Director

Mr. Akiyama was appointed to the Board of Ajinomoto (Malaysia) Berhad as Executive Director on 1 July 2025 and hence, he did not attend any of the Board meetings held in the 昀椀nancial year. He is not a member of any Board Committee.

Mr. Akiyama graduated from Rikkyo University with a Bachelor of Arts in Business Administration in March 2002.

Mr. Taishi Akiyama began his career at a Japanese food manufacturing company, where he was responsible for managing distributors and sales. His last position before leaving the company was a supervisor in Corporate Management Department. In 2013, he joined Ajinomoto Co., Inc, Japan within the 昀椀nance department and has since held various positions within the Ajinomoto Group of Companies, with almost 12 years in the areas of 昀椀nance, treasury and accounting and tax.

He does not hold directorships in any other public company and listed issuer. He has no con昀氀ict of interest or potential con昀氀ict of interest, including interest in any competing business with the Company. He does not have any family relationship with any other Director or major shareholder of the Company. He has also neither been convicted for any offences within the past 昀椀ve (5) years other than for traf昀椀c offences, if any, nor received any public sanction or penalty imposed by regulatory bodies during the 昀椀nancial year.

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Annual Report 2025

Director's Profile (cont'd.)

69 ● MALAYSIAN ● FEMALE

Independent Non-Executive Director

Puan Norani was appointed to the Board of Ajinomoto (Malaysia) Berhad on 1 July 2020. She was re-designated as the Chairperson of the Nomination Committee from her previous position as a member of the Nomination Committee on 1 June 2023. She is also a member of the Audit Committee and Remuneration Committee. She attended all 昀椀ve (5) Board meetings held in the 昀椀nancial year.

Puan Norani holds a B.Sc. (Hons) Communications Engineering degree from the University of Kent, Canterbury, Kent, England. She started her career in Communications Engineering with Jabatan Telekom Malaysia in 1979. She then continued her career in 1984 in the Private sector and joined two Multinational companies established in Malaysia, serving each company for ten (10) years. She has also served as a Consultant/ Mentor in the largest Aquaculture company in Saudi Arabia. She is now an Associate Consultant at Vigorous Vision (M) Sdn. Bhd. Her career in the Public and Private sectors in Engineering & Sales/ Marketing gained her valuable experience.

She does not hold directorships in any other public company and listed issuer. She has no con昀氀ict of interest or potential con昀氀ict of interest, including interest in any competing business with the Company. She does not have any family relationship with any other Director or major shareholder of the Company. She has also neither been convicted for any offences within the past 昀椀ve (5) years other than for traf昀椀c offences, if any, nor received any public sanction or penalty imposed by regulatory bodies during the 昀椀nancial year.

48 ● MALAYSIAN ● FEMALE

Independent Non-Executive Director

Ms. Elaine was appointed to the Board of Ajinomoto (Malaysia) Berhad on 24 February 2023. She attended 昀椀ve (5) Board meetings held in the 昀椀nancial year. She is also a member of the Nomination Committee, Remuneration Committee and Audit Committee.

Ms. Elaine holds a Bachelor of Laws from the University of Wales, Cardiff, United Kingdom. She is also the Advocate and Solicitor of the High Court of Malaya and holds a Certi昀椀cate of Legal Practice in Malaysia.

She was called to the Malaysian Bar in 2001 and has over 22 years of experience practicing as an advocate and solicitor in several legal 昀椀rms, with the last 17 years as a partner specialising in corporate 昀椀nance, mergers and acquisitions and other corporate and commercial matters. She joined Messrs. Lin Partnership as a partner in 2023.

She currently does not hold directorships in any other public company and listed issuer. She has no con昀氀ict of interest or potential con昀氀ict of interest, including interest in any competing business with the Company. She does not have any family relationship with any other Director or major shareholder of the Company. She has neither been convicted for any offences within the past 昀椀ve (5) years other than for traf昀椀c offences, if any, nor received any public sanction or penalty imposed by regulatory bodies during the 昀椀nancial year.

Annual Report 2025

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Director's Profile

(cont'd.)

53 ● MALAYSIAN ● MALE

Executive Director

Mr. Yong was appointed to the Board of Ajinomoto (Malaysia) Berhad on 1 April 2023. He attended all 昀椀ve (5) Board meetings held in the 昀椀nancial year. He is not a member of any Board Committee.

He graduated from University Putra Malaysia with a Bachelor of Science Biotechnology in 1998.

Mr. Yong joined the Production Department of Ajinomoto (Malaysia) Berhad in March 1998 and over the years, he moved up the corporate ladder and served in various capacities.

He does not hold directorships in any other public company and listed issuer. He has no con昀氀ict of interest or potential con昀氀ict of interest, including interest in any competing business with the Company. He does not have any family relationship with any other Director or major shareholder of the Company. He has also neither been convicted for any offences within the past 昀椀ve (5) years other than for traf昀椀c offences, if any, nor received any public sanction or penalty imposed by regulatory bodies during the 昀椀nancial year.

45 ● JAPANESE ● MALE

Executive Director

Mr. Nozaki was appointed to the Board of Ajinomoto (Malaysia) Berhad as an Executive Director on 1 April 2025 and hence, he did not attend any of the Board meetings held in the 昀椀nancial year. He is not a member of any Board Committee.

Mr. Nozaki graduated from Hitotsubashi University, Tokyo, with a Master of Business Administration in March 2005.

He joined Ajinomoto Co., Inc Japan in 2005 and began his career with the Chugoku Branch in Hiroshima and has since held various positions in Japan and overseas within the Ajinomoto Group of Companies.

He does not hold directorships in any other public company and listed issuer. He has no con昀氀ict of interest or potential con昀氀ict of interest, including interest in any competing business with the Company. He does not have any family relationship with any other Director or major shareholder of the Company. He has also neither been convicted for any offences within the past 昀椀ve (5) years other than for traf昀椀c offences, if any, nor received any public sanction or penalty imposed by regulatory bodies during the 昀椀nancial year.

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Annual Report 2025

Director's Profile (cont'd.)

53 ● MALAYSIAN ● FEMALE

Executive Director

Puan Zarina was appointed to the Board of Ajinomoto (Malaysia) Berhad as Executive Director on 1 July 2025 and hence, she did not attend any of the Board meetings held in the 昀椀nancial year. She is not a member of any Board Committee.

Puan Zarina graduated from Universiti Pertanian Malaysia (now known as University Putra Malaysia) with a Bachelor of Science (Honours) in August 1995.

She joined Ajinomoto (Malaysia) Berhad in 1998 as a Production Planning & Admin Executive and over the years, she moved up the corporate ladder and served in various capacities. She presently holds the position of Chief Administration Of昀椀cer.

She does not hold directorships in any other public company and listed issuer. She has no con昀氀ict of interest or potential con昀氀ict of interest, including interest in any competing business with the Company. She does not have any family relationship with any other Director or major shareholder of the Company. She has also neither been convicted for any offences within the past 昀椀ve (5) years other than for traf昀椀c offences, if any, nor received any public sanction or penalty imposed by regulatory bodies during the 昀椀nancial year.

Annual Report 2025

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

The Board of Directors of the Company ("the Board") recognises the importance of maintaining high standards of corporate governance within the Company as this would serve to protect shareholders' value while at the same time preserving the interests of the Company's other stakeholders. The Board understands that this is not just through achieving the desired 昀椀nancial performance but also through carrying out ethical and sustainable practices.

The Board is committed to its policy of managing the affairs of the Company with transparency, accountability and integrity by ensuring that a sound framework of best corporate governance practices is in place and thus discharging its responsibility towards protecting and enhancing long-term shareholders' value and investors' interest.

In establishing the Company's Corporate Governance framework, the Board takes cognisance of the Malaysian Code on Corporate Governance ("MCCG") which was revised on 28 April 2021. An overview statement on the corporate governance practices of the Company for the 昀椀nancial year ended 31 March 2025 is appended below. The comprehensive Corporate Governance Report is published on the Company's website at https://www.ajinomoto.com.my.

PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Annual Report 2025

Corporate Governance Overview Statement (cont'd.)

PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (cont'd.)

Annual Report 2025

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Corporate Governance Overview Statement

(cont'd.)

PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (cont'd.)

1.0 Board's Leadership on Objectives and Goals (cont'd.)

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Annual Report 2025

Corporate Governance Overview Statement (cont'd.)

PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (cont'd.)

1.0 Board's Leadership on Objectives and Goals (cont'd.)

As part of its efforts to ensure the effective discharge of its duties, the Board has delegated certain functions and authorities to three (3) of its Board Committees, namely, AC, NC, and RC. These Committees are entrusted with speci昀椀c responsibilities to assist the Board in overseeing the Company's affairs, in accordance with their limits of authority and respective Terms of Reference, which are published on the Company's website at www.ajinomoto. com.my together with the Board Charter. These Terms of Reference will be reviewed as and when necessary to ensure they remain consistent with the Board's objectives and responsibilities, and re昀氀ect the latest compliance requirements as a result of changes in the regulatory framework, and remain relevant at all times. The Board keeps itself abreast of the responsibilities delegated to each Board Committee, and matters deliberated at each Board Committee meeting through the minutes of the Board Committee meetings and reports by the respective Board Committee Chairman, at Board meetings.

AC

Details on the AC are in the AC Report contained in this Annual Report.

RC

Details on the RC are contained in the Corporate Governance Report.

NC

The NC was established with clearly de昀椀ned Terms of Reference and comprises exclusively of Non-Executive Directors, with a majority of them are independent pursuant to Paragraph 15.08A(1) of the Main LR of Bursa Securities, during the 昀椀nancial year ended 31 March 2025 as follows:-

Note:-

* Mr. Cheong Heng Choy was re-designated as a Senior Independent Non-Executive Director on 18 November 2024.

Presently, the NC is chaired by Puan Norani binti Sulaiman, an Independent Non-Executive Director of the Company.

Annual Report 2025

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Corporate Governance Overview Statement

(cont'd.)

PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (cont'd.)

In reviewing the pro昀椀le and nomination of new Board members, the NC takes into consideration the criteria as set

out in the Directors' Fit and Proper Policy:-

• professional expertise, level of experience, competency and background;

• time commitment and potential to add value to the Board and the Company as a whole; and

• promotion of diversity in views and opinions on the Board.

  In assessing the performance of the Board, Board Committees and Directors of the Company, the NC takes into consideration the following:-

• Personal commitment/contribution to interaction

• Understanding of the Company's activities

• Compliance with the Terms of Reference, duties and responsibilities of a Director, and of a Chairman of the Company

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Annual Report 2025

Corporate Governance Overview Statement (cont'd.)

PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (cont'd.)

1. Demarcation of Responsibilities (cont'd.)

   Activities of the NC (cont'd.)

   The attendance of Directors who are members of Board Committees during the 昀椀nancial year ended 31 March 2025

   is set out below:-

   Directors	NC	AC	RC
   Non-Executive Directors
   Tan Sri Dato' (Dr.) Teo Chiang Liang	3/3	5/5	2/2
   Norani binti Sulaiman	3/3	5/5	2/2
   Cheong Heng Choy	3/3	5/5	2/2
   Elaine Tan Ai Lin	3/3	5/5	2/2

2. Good Business Conduct and Healthy Corporate Culture

   1. The Board is committed to maintaining a corporate culture that engenders ethical conduct. The Board has formalised ethical standards by adopting a Code of Conduct, which summarises what the Company must endeavour to do proactively in order to increase corporate value, and which describes the areas in daily activities that require caution in order to minimise any risks that may occur. The Company's Code of Conduct covers ethical behaviour in all aspects of the Company's business operations, which includes areas concerning the provision of safe, high-quality products and services, social contribution activities, conservation of the environment, respect for human rights and ensuring workplace safety, responsibilities to shareholders, fair and transparent transactions and protection and management of Company's assets and information.

      The said Code of Conduct is published on the Company's website at https://www.ajinomoto.com.my.

      Employees are made aware that relevant disciplinary actions will be taken for unethical behaviour and gross misconduct.

   2. The Board has put in place a Whistleblowing Policy, which was last revised on 27 June 2024, to encourage its employees to report genuine concerns in relation to breach of any legal obligation (including negligence, criminal activity, breach of contract and breach of the law), miscarriage of justice, danger to health and safety or the environment and the cover-up of any of these in the workplace. The Whistleblowing Policy of the Company provides guidance on the appropriate communication and feedback channels to facilitate whistleblowing.

      The said Whistleblowing Policy is published on the Company's website at https://www.ajinomoto.com.my.

3. Sustainability

   1. The Board promotes sustainability through its strategic oversight and integration of sustainability considerations in the decision-making process and operations of the Company. This entails taking a holistic view of how the Company creates value for its shareholders and stakeholders bearing in mind ESG factors. The Company's efforts have been taken in the past years to strengthen sustainability governance by incorporating the Ajinomoto Group Creating Shared Value ("ASV") Policy into the Company's business activities. ASV creates a virtuous cycle (the ASV cycle) that reinvests the economic value created by playing an active role in contributing towards resolving social issues through the Company's business activities. ASV represents a strategic initiative for realising sustainable growth.

      The Company's Sustainability Governance Structure was established to provide strategic oversight on the ESG management of the Company. The Company's MD/CEO oversees the Company's sustainability initiatives and direction, as well as approves sustainability-related matters. The MD/CEO is supported by the Sustainability Management Committee ("SMC") which monitors material ESG risks and opportunities and ensures the implementation of sustainability strategies and initiatives.

      Please refer to the Sustainability Statement in the Annual Report for further details.

      
      
      

      Annual Report 2025

      AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

      23

Corporate Governance Overview Statement

(cont'd.)

PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (cont'd.)

4.0 Sustainability (cont'd.)

initiatives in the Company.

The Chief Production Of昀椀cer ensures alignment of the sustainability targets with the business operations of the Company. The Chief Production Of昀椀cer is supported by SMC comprising heads of various departments.

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Annual Report 2025

Corporate Governance Overview Statement (cont'd.)

PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (cont'd.)

1. Board Composition (cont'd.)

Annual Report 2025

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Corporate Governance Overview Statement

(cont'd.)

PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (cont'd.)

Note:-

* Mr. Daisaku Wadami, Mr. Akihiko Nozaki, Mr. Taishi Akiyama and Puan Zarina Binti Basar were appointed as

Directors of the Company after the 昀椀nancial year ended 31 March 2025.

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Annual Report 2025

Corporate Governance Overview Statement (cont'd.)

PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (cont'd.)

The Terms of Reference of the RC is published on the Company's website at https://www.ajinomoto.com.my.

The RC is chaired by Tan Sri Dato' (Dr.) Teo Chiang Liang, the Non-Independent Non-Executive Chairman of the Company.

The RC currently consists of all Non-Executive Directors with a majority of them being Independent Directors, which is in line with the MCCG.

Executive Directors

Annual Report 2025

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Corporate Governance Overview Statement

(cont'd.)

PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (cont'd.)

8.0 Remuneration of Directors and Senior Management (cont'd.)

Non-Executive Directors

Note:-

* Subject to shareholders' approval at the Sixty-Fourth ("64th") AGM of the Company.

^ Meeting, transport allowance, and hospitalisation coverage approved by shareholders at the 63rd AGM of the Company.

# Based on the Company's current Remuneration Policy, all Malaysian Directors are entitled to receive gratuity payment upon their resignation or retirement from of昀椀ce. The Company would make a provision for the gratuity amounts during the Directors' term of of昀椀ce, and hence, the above gratuity was provided for in the 昀椀nancial statements for the current 昀椀nancial year but it has not been paid yet.

8.2 Members of senior management of the Company are also Executive Directors of the Company and their detailed remuneration are disclosed as above.

PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT

AJINOMOTO (MALAYSIA) BERHAD 196101000252 (4295-W)

Annual Report 2025

Corporate Governance Overview Statement (cont'd.)

PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT (cont'd.)

9.0 Effective and Independent AC (cont'd.)

All members of the AC have also undertaken and will continue to undertake continuous professional development to keep themselves abreast of relevant developments in accounting and auditing standards, practices and rules as and when required.

10.0 Risk Management and Internal Control

10.1 The Board is supported by the Risk Management Committee which is guided by the risk framework of Ajinomoto Co., Inc.'s Risk Management Guideline System. The risk management framework serves as a reference for the Risk Management Committee to identify, assess and monitor the key business risks of the Company in order to safeguard shareholders' investment and the Company's assets.

The Risk Management Committee is chaired by the MD/CEO and includes other key Management staff of the Company. Periodic Management meetings are conducted to deliberate the risk issues faced by the Company and the necessary actions to be taken. The MD/CEO presents the risk management report to the Board quarterly for the Board's attention.