Englewood, Co., June 5, 2003

Penford Corporation Announces Third Quarter 2003 Earnings Conference Call

Penford Corporation (Nasdaq: PENX) will hold a conference call to discuss the results for the fiscal quarter ended May 31, 2003.

President and Chief Executive Officer Thomas Malkoski and Chief Financial Officer Steven Cordier will host the call. Please phone 1-877-407-9205 at 8:50 a.m. Mountain Time on Thursday, June 19, 2003 to participate in the call. The conference call will begin at 9:00 a.m. Mountain Time (11:00 am Eastern Time).

If you are unable to participate on the call, a replay will be available from June 19, 2003 at 11:00 a.m. Mountain Time until June 24, 2003 at 11:59 a.m. Mountain Time. To access the replay, please dial 1-877-660-6853. Enter pass code 1628 and confirmation code 66885.

This call is also available in "listen only" mode through our website at www.penx.com under the section titled Investor Relations.