WILLIAM E. BUCHHOLZ JOINS PENFORD CORPORATION BOARD OF DIRECTORS

William G. Parzybok, Jr. Announces Retirement

ENGLEWOOD, Co, January 22, 2003 - Penford Corporation (Nasdaq: PENX) announced today that the Board appointed Mr. William E. Buchholz to the Company's Board of Directors. Mr. Buchholz, who most recently served as Senior Vice President of Finance and Administration, Chief Financial Officer, and Secretary at MessageMedia, a Colorado-based email messaging service and software company, will replace Mr. William G. Parzybok, Jr., who has served on the Board since 1993.

"Penford is fortunate to have Bill as a new director. As an experienced CFO, he had major roles in setting business strategy, and brings to the Board significant financial expertise and public company experience, said Penford Corporation President and CEO, Mr. Thomas D. Malkoski. "I would personally like to thank Bill Parzybok for his many years of dedication and service to Penford. All of Penford's shareholders have had the benefit of his advice and counsel in shaping the Company into what it is today."

Prior to MessageMedia, Mr. Buchholz was Senior Vice President and Chief Financial Officer of Nalco Chemical Company, a $2 billion specialty chemical company, for seven years with responsibilities for all finance functions including audit, tax, financial systems, and U.S. and international treasury, and investor relations. He also served as Vice President and Chief Finanical Officer of Cincinnati Milacron, a $1 billion industrial equipment supplier.

Mr. Buchholz is a certified public accountant and holds an M.B.A., Finance and a B.A., Accounting both from Michigan State University.

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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