Englewood, Colorado, August 4, 2003

Randy J. Burns Joins Penford Corporation as Vice President, Operations and Supply Chain

Penford Corporation (Nasdaq: PENX) announced today that Randy J. Burns will join the company in the newly created position of Vice President, Operations and Supply Chain. Burns brings to Penford an accomplished career of over 25 years, primarily in the food industry, with extensive experience in operations, sourcing and distribution with both food processors and branded manufacturers.

“I am pleased to have Randy join Penford and am confident that he will make outstanding contributions through his extensive food industry experience and his strong background in operations and supply chain activities,” said Penford Corporation President & CEO, Thomas D. Malkoski.

Before joining Penford, Burns served at Kraft Foods (and Nabisco prior to being acquired by Kraft) with significant manufacturing responsibilities.

Prior to Kraft and Nabisco, Burns worked for Continental Baking Company as General Manager, Operations. Earlier, he served with Nalley’s Fine Foods and Frito-Lay, both in Operations.

Burns holds a Bachelor of Science degree in Business/Accounting from the Citadel, and an MBA from Indiana Wesleyan University.

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

For automated shareholder information, please call 1-888-317-2013.

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