Englewood, Colorado, February 18, 2003

John R. Randall Joins Penford Corporation as Vice President, General Manager - Penford Food Ingredients

Penford Corporation (Nasdaq: PENX) announced today that John R. Randall will join the company as General Manager of Penford Food Ingredients and Corporate Vice President. Randall brings an accomplished career of over 30 years in food industry to Penford, with extensive experience in research, development, and specialty ingredient applications for restaurants, food processors and branded manufacturers.

"I have known John for several years as a customer and colleague, and am confident that he will make outstanding contributions to Penford's Food business through his extensive food industry experience and his strong technical background, balanced with commercial applications experience," said Penford Corporation President & CEO, Thomas D. Malkoski. "His understanding of specialty ingredient businesses and the business-to-business customer environment we operate in, and his direct experience with many of our customers will immediately add value to the company."

Before joining Penford, Randall served at Chicago-based Griffith Laboratories, a mid-sized, international company that develops and manufactures ingredient systems, such as coatings, sauces and seasoning blends for quick service and casual dining restaurants, food processors, branded food manufacturers, and institutional food service segments of the food industry. As Vice President of Research and Development and Quality Assurance for North America, Randall oversaw research, product development and applications, culinary development, and quality assurance. He also had extensive dealings with a wide variety of customers.

Prior to Griffith, Randall worked for Kentucky Fried Chicken (KFC) as Vice President of New Product Development. Earlier he served as Senior Director of R&D/QA and Technical Service. Prior to KFC, Randall worked for Romanoff, a specialty prepared food company, and served in various roles for over 20 years with Kraft/General Foods in their food, beverage, and pet food businesses.

Randall is a board member of the Food Service Division of the Institute for Food Technologists, and is a director of the National Seasoning Manufacturers Association. He holds a Bachelor of Science degree in biology/chemistry from Alma College, and a Master's degree in Business Administration from Iona College.

About Penford Corporation
Penford Corporation develops, manufactures and markets specialty natural-based ingredient systems for various applications, including papermaking, textiles and food products.

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