officers Tod R. Hamachek President and Chief Executive Officer Jeffrey T. Cook Vice President, Finance and Chief Financial Officer Edmund O. Belsheim, Jr. Vice President, Corporate Development, General Counsel and Corporate Secretary Robert G. Widmaier Vice President and Chief Innovation Officer Victor W. Breed Corporate Director of Finance Francis C. Rydzewski Vice President, Penford President and General Manager Penford Products Co. John V. Talley, Jr. Vice President, Penford President and General Manager Penwest Pharmaceuticals Co. Gregory C. Horn Vice President, Penford President and General Manager Penford Food Ingredients Co. board committees executive committee N. Stewart Rogers, Chairperson Richard E. Engebrecht Paul E. Freiman Tod R. Hamachek audit and environmental, health and safety committee Richard E. Engebrecht, Chairperson Paul H. Hatfield Sally G. Narodick William K. Street compensation committee Harry Mullikin, Chairperson Paul E. Freiman Paul H. Hatfield William G. Parzybok pension committee Sally G. Narodick, Chairperson Harry Mullikin N. Stewart Rogers William K. Street nominating committee Paul H. Hatfield, Chairperson Sally G. Narodick William G. Parzybok penford corporation headquarters 777 108th Avenue N.E. Suite 2390 Bellevue, WA 98004-5193 P.O. Box 1688 Bellevue, WA 98009-1688 (425) 462-6000 penford products co. headquarters 1001 First Street S.W. Cedar Rapids, IA 52404 1088 West Sunnyside Road Idaho Falls, ID 83402 penwest pharmaceuticals co. headquarters 2981 Route 22 Patterson, NY 12563 801 First Street S.W. Cedar Rapids, IA 52404 Church House 48 Church Street Reigate, Surrey RH2 0SN United Kingdom Maitotie 4 15560 Nastola Finland Am Kummerling 21-25 55294 Bodenheim Germany

penford food ingredients co. headquarters 11011 East Peakview Avenue Englewood, CO 80111 1001 First Street S.W. Cedar Rapids, IA 52404 216 First Street Richland, WA 99352 annual meeting 10:30 a.m., January 27, 1998 Seattle Art Museum 100 University Street Seattle, WA 98101 form 10-k The Company files an annual report with the SEC on Form 10-K, pursuant to the Securities Exchange Act of 1934. Shareholders may obtain a copy of this report without charge by written request to our headquarters' post office box address. legal counsel Bogle & Gates P.L.L.C. Two Union Square 601 Union Street Seattle, WA 98101-2346 auditors Ernst & Young LLP 999 Third Avenue, Suite 3500 Seattle, WA 98104 investor relations counsel Kekst & Co., Incorporated 437 Madison Avenue New York, NY 10022 (212) 521-4800 transfer agent and registrar ChaseMellon Shareholder Services 520 Pike Street, Suite 1220 Seattle, WA 98101 shareholder information ChaseMellon Shareholder Services (800) 522-6645 stock price data Penford common stock, $1.00 par value, is traded on the Nasdaq National Market under the symbol "PENX." On October 17, 1997, there were 1,134 shareholders of record. The high and low bid prices of the Company's common shares during the last two fiscal years are set forth below. The quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily reflect actual transactions. market price 1996/1997 quarter high low Ended 11/30 $20.00 $17.50 Ended 2/28 20.25 17.00 Ended 5/31 20.00 18.25 Ended 8/31 34.50 18.75   1995/1996   quarter Ended 11/30 $26.50 $24.00 Ended 2/29 25.75 16.00 Ended 5/31 18.75 18.00 Ended 8/31 20.00 18.00 During each quarter in fiscal years 1997 and 1996, a $0.05 per share cash dividend was declared and paid. The Company anticipates that it will continue to pay such quarterly dividends in the foreseeable future.