officers Jeffrey T. Cook President and Chief Executive Officer Victor W. Breed Vice President, Finance and Chief Financial Officer Robert G. Widmaier Vice President and Chief Innovation Officer Francis C. Rydzewski Vice President, Penford Corporation President and General Manager, Penford Products Co. Gregory C. Horn Vice President, Penford Corporation President and General Manager, Penford Food Ingredients Co. Susan M. Iverson Corporate Secretary   board committees executive committee N. Stewart Rogers, Chair Jeffrey T. Cook Richard E. Engebrecht Paul E. Freiman audit and environmental, health and safety committee Richard E. Engebrecht, Chair Paul H. Hatfield Sally G. Narodick William K. Street compensation and benefits committee William G. Parzybok, Jr., Chair Paul E. Freiman Paul H. Hatfield pension committee Sally G. Narodick, Chair N. Stewart Rogers William K. Street nominating committee Paul H. Hatfield, Chair Sally G. Narodick William G. Parzybok, Jr.

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 (800) 204-PENX website www.penx.com penford products co. 1001 First Street S.W. Cedar Rapids, IA 52404-2175 1088 West Sunnyside Road Idaho Falls, ID 83402-4706 penford food ingredients co. 11011 East Peakview Avenue Englewood, CO 80111-6800 1001 First Street S.W. Cedar Rapids, IA 52404-2175 3100 Willow Drive Plover, WI 54467 216 First Street Richland, WA 99352-5500

annual meeting 10:30 a.m., January 25, 1999 Hyatt Regency Hotel 900 Bellevue Way N.E. Bellevue, WA 98004-5193 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, or view the 10-K in its entirety on our website. 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 98104-4086 investor relations Kekst & Co., Incorporated 437 Madison Avenue New York, NY 10022-7197 (212) 521-4800 transfer agent and registrar ChaseMellon Shareholder Services 520 Pike Street, Suite 1220 Seattle, WA 98101-4029 shareholder information ChaseMellon Shareholder Services (800) 522-6645