ENGLEWOOD, Co., November 4, 2004

Penford Corporation Declares Quarterly Dividend of $0.06 Per Share

Penford Corporation (Nasdaq: PENX) today announced that its Board of Directors declared the Company’s regular quarterly dividend following their November 3, 2004 meeting.

The Board declared a regular $0.06 per share quarterly dividend payable December 3, 2004 to shareholders of record at the close of business November 12, 2004.

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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