Englewood, Colorado, August 26, 2003

Retired Foodbrands America Chairman, Randolph Devening, Joins Penford Corporation's Board of Directors

Penford Corporation (Nasdaq: PENX) announced today that the Board appointed R. Randolph Devening (Randy) to the Company's Board of Directors. Devening, 61, has nearly 40 years of management experience, with a significant portion of his career spent in the food retail and service channels. Prior to his retirement in 2001, Devening served for seven years as Chairman, President and Chief Executive Officer of Foodbrands America, Inc., a company that produces, markets and distributes branded and processed food products for the food service and retail markets.

"Randy brings exceptional experience and insight that will help us refine and execute our strategic growth plans," said Penford Corporation President and CEO, Thomas D. Malkoski. "I'm confident that Randy’s thorough understanding of the retail rood and processing industry, his successful global management experiences and organizational leadership skills will be a valuable addition to our Board."

Prior to joining Foodbrands America, Devening was the Vice Chairman and Chief Financial Officer and Director of Fleming Companies, Inc., a consumer package goods supplier. He has held positions with a variety of food-related companies ranging from Wilson Foods Corporation to Fairmont Foods Company and has also served on several Boards of Directors, including Del Monte Foods Company and Hussmann International, Inc.

Devening received his undergraduate degree in International Relations from Stanford University and an MBA in Finance and Marketing from Harvard University Graduate School of Business. He currently resides in Seattle, Washington.

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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