Penford--Specialty Chemicals and Food Ingredients

For Penford Corporation, the sum total is a renewed focus on our core business, specialty carbohydrate-based ingredients used in making paper and food products. Penford Products Co. has been a strong partner to the paper industry in North America for decades. It provides a valuable base of business from which Penford Corporation can grow. Penford Food Ingredients Co. will be one of the primary growth vehicles. Our investment in starch copolymers, research and development in our core paper chemicals product line as well as our efforts in forming value-added alliances with other companies domestically and internationally also provide strong avenues for growth in the years ahead. We enter fiscal 1998 with a new name, Penford Corporation, but with the same commitment to working closely with our customers and continuing to create multifunctional solutions for their specific needs. In short, we provide the products and solutions that help make their products better. We learned long ago that the best way to take care of our company and our shareholders is to take care of our customers. As we begin a new phase in the evolution of your company, that idea remains as essential to our business philosophy as carbohydrate chemistry is to our technology.