Citi’s 2009 Food Fest

1st Annual Food Manufacturing Conference

New York City, New York
December 3, 2009

Ilene S. Gordon Cheryl K. Beebe

Chairman, President and Chief Financial Officer
Chief Executive Officer
 Index
Forward looking statement - Page 3
Company background - Pages 4 to 14
Financial review - Pages 15 to 23
2009 Outlook - Pages 24 to 28
Shareholder value proposition - Page 29

Appendix - Pages 31 to 74
Corn wet milling process - Pages 32 to 34
Geographic segments -Pages 35 to 51
North America - Pages 38 to 44
South America - Pages 45 to 48
Asia/Africa - Pages 49 to 52
Additional financial data - Pages 53 to 64
Non-GAAP reconciliations - Pages 65 to 71
Company management - Pages 72 to 74

2
 Forward-Looking Statements
This presentation contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends these forward -looking statements to
be covered by the safe harbor provisions for such statements. These statements include, among other things, any predictions regarding the
Company’s prospects or future financial condition, earnings, revenues, expenses or other financial items, any statements concerning the
Company’s prospects or future operations, including management’s plans or strategies and objectives therefor and any assumptions,
expectations or beliefs underlying the foregoing. These statements can sometimes be identified by the use of forward looking words such as
“may,” “should,” “will,” “anticipate,” “believe,” “plan,” “project,” “estimate,” “expect,” “intend,” “continue,” “pro forma,” “forecast” or other
similar expressions or the negative thereof. All statements other than statements of historical facts in this presentation or referred to in this
presentation are “forward-looking statements.” These statements are based on current expectations, but are subject to certain inherent risks
and uncertainties, many of which are difficult to predict and are beyond our control. Although we believe our expectations reflected in
these forward-looking statements are based on reasonable assumptions, stockholders are cautioned that no assurance can be given that our
expectations will prove correct. Actual results and developments may differ materially from the expectations expressed in or implied by these
statements, based on various factors, including the effects of the global economic recession and its impact on our sales volumes and pricing
of our products, our ability to collect our receivables from customers and our ability to raise funds at reasonable rates; fluctuations in
worldwide markets for corn and other commodities, and the associated risks of hedging against such fluctuations; fluctuations in the markets
and prices for our co-products, particularly corn oil; fluctuations in aggregate industry supply and market demand; the behavior of financial
markets, including foreign currency fluctuations and fluctuations in interest and exchange rates; continued volatility and turmoil in the capital
markets; the commercial and consumer credit environment; general political, economic, business, market and weather conditions in the
various geographic regions and countries in which we manufacture and/or sell our products; future financial performance of major industries
which we serve, including, without limitation, the food and beverage, pharmaceuticals, paper, corrugated, textile and brewing industries;
energy costs and availability, freight and shipping costs, changes in regulatory controls regarding quotas, tariffs, duties, taxes and income tax
rates; operating difficulties; boiler reliability; our ability to effectively integrate acquired businesses; labor disputes; genetic and biotechnology
issues; changing consumption preferences and trends; increased competitive and/or customer pressure in the corn-refining industry; and the
outbreak or continuation of serious communicable disease or hostilities including acts of terrorism. Our forward-looking statements speak only
as of the date on which they are made and we do not undertake any obligation to update any forward-looking statement to reflect events
or circumstances after the date of the statement as a result of new information or future events or developments. If we do update or correct
one or more of these statements, investors and others should not conclude that we will make additional updates or corrections. For a further
description of these and other risks, see “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2008 and
subsequent reports on Forms 10-Q or 8-K. This presentation also may contain references to the Company’s long term objectives and goals or
targets with respect to certain metrics. These objectives, goals and targets are used as a motivational and management tool and are
indicative of the Company’s long term aspirations only, and they are not intended to constitute, nor should they be interpreted as, an
estimate, projection, forecast or prediction of the Company’s future performance.

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 A Proven Global Leader in Our Industry

• Highly respected Fortune 1,000 company with a rich,

100-year history of success, growth and innovation
• Strong ethics and solid, unchanging values (integrity,
respect, excellence and financial success)
• Consistently named to Forbes’ 400 Best Big Companies
and Fortune’s Most Admired Companies annual lists

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 Experienced Management Team

• CEO with extensive international

manufacturing and marketing experience
• Strong senior management team averaging 18
years’ company tenure
• 7,800 talented employees worldwide with
nearly 12 years’ average company tenure

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 Strong and Unique Global Position

Production
33 plants and 15 countries *,**
North America
United States, Canada, Mexico
South America
Argentina, Brazil, Chile, Colombia, Peru, Venezuela*
Asia/Africa
South Korea, Thailand, Pakistan, China**, Kenya
South Africa*

* Technical License Agreements

**Joint Venture

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 Pure-Play Starch Refiner/Ingredients
Company
Sweeteners
Dextrose
Glucose
corn syrups
Maltose
High fructose corn syrup
Fermentation products
Polyols
Stevia
Starches
Industrial starches
Process food starches
Fermentation products
Co-products
Corn gluten feed
Corn gluten meal
Corn oil Return to index 7
 Our Ingredients Are Critical Component
of Everyday Life
We Serve Customers in About 60 Diverse Industries/70 Countries
Food Industrial Fine Chemicals/
Sweeteners Starches Starches Pharmaceuticals
Carbonated beverages Cereals Paper IV Dextrose
Beer Soups Corrugated boxes Tableting excipients
Sports drinks Sauces Textiles Fermentation feedstocks
Frozen desserts Drink mixes Adhesives
Canned fruits and vegetables Pudding Baby and face powders
Drink mixes Cakes Rubber
Presweetened cereals Cookies Leather
Breads Crackers Detergents
Fruit juices
Jams and jellies
Chewing gum
Cream filling
Syrups
Candy

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 Ingredient Applications
ch p
Star tarch n S yru
i orn
fied dS xtr Oi
l ed al l r
Fe n Me Mea wate S
modi odifie trin ltode o se/C trose r n n
Ingredient Applications Un M Dex Ma
c
Glu De
x
HF
CS Co ute Glute erm Steep scFO
Gl G
Animal Feeds & Pet Foods • • • • • • • • • • • • •
Beverages & Soft Drinks • • • • •
Building Materials • • • • • • •
Canners & Packers • • • • • • • • •
Cereals • • • • • • • • • •
Chemicals • • • • • • • • • • •
Condiments • • • • • • • •
Confectionery, Gum & Cough Drops • • • • • • • • •
Fats & Oils •
Formulated Dairy Products • • • • • • • • •
Ice Cream & Frozen Desserts • • • • • • • • •
Jams, Jellies & Preserves • • • • • • •
Meat Products • • • • • • • •
Mining/Metallurgy • • • • •
Miscellaneous Foods • • • • • • • • •
Miscellaneous Industry • • • • • • • •
Mixes & Prepared Foods • • • • • • • •
Paper, Corrugated & Related • • •
Pastes & Adhesives • • • •
Personal Care • • • • • • • •
Pharmaceuticals • • • • • •
Syrups & Sweeteners • • • • •
Textiles • • • • • • •
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Wines & Brewing • • • • • • • • Return to index
 We Operate with a Clear Mission

To be the Premier Regional Provider of Refined, Agriculturally

Based Products and Ingredients Worldwide

Grow
Defensible
Expand Businesses in
Value-Added New High-
Product Growth
Selectively Regions
Drive Organic Portfolio

Excel at the Growth

Base Business

Ingredients Solutions Provider

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Core Capabilities – A Building Platform

■ Strong Americas position

■ Managing geographic breadth
• Cultural understanding
• Performance in “difficult”
environments
■ Reputation/assets/infrastructure
■ Managing alliance relationships

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 Attributes and Attractions

• Emphasis on shareholder value creation over the long term

2004-2008 CAGR
• Net sales 13%
• Operating income 20%
• Net income 28%
• Earnings per share 27%
• Healthy balance sheet and solid cash flow generation
• Product portfolio serves important and expanding markets
– many opportunities to grow in coming years.
• Strong, diverse and global customer base

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 Shareholder Value Metrics

Return on Capital Employed (ROCE) 8.5% to 10+%

Total Debt/EBITDA < 2.25x

Debt/Capitalization 32% to 35%

Operating Working Capital 8% to 10% of Net Sales

See Appendix slides for GAAP reconciliation for the non-GAAP metrics

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 Management/Shareholder Alignment

• Executive compensation aligned with shareholders

Short-term Long-term
– EPS/Operating Income 50% – Shareholder return 50%
– Operating Cash Flow 25% – Return on capital employed (ROCE) 50%
– Working Capital 25%

• Management variable compensation

Annual Incentive Plan
– EPS/Operating Income 60%
– Individual 20%
– Working Capital/ROCE 20%

• Direct stock ownership targets for officers

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Financial
Review
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 Geographic Segments
2008 Annual Net Sales
($ millions)

Total Net Sales - $3,944

South America

29%
Brazil
53% Argentina
18% Other

North America

17% Asia/Africa
28%
51%
32%
12% 41%
59%

60%

Korea Other
United States Mexico Canada

North America South America Asia/Africa

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 Sales by Product Category & Markets Served

60% 55% 55% 57%

54% 52% 53% 53%
50%

40% Sweeteners
30% 25% 25% 26% 24% 25%
23% 21%
20%
Starches
21% 22% 23% 22% 22% 22%
20%
10%
Co-Products &
0% Other
2002 2003 2004 2005 2006 2007 2008

Processed Foods
Industry, 25%

Other, 38%

Soft Drink
Industry, 13%

Animal Feed, 12%

Brewing Industry,
12% 17
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 Income Statement Selected Highlights*
Period Ended September 30

Q1 Q2 Q3 9 months 9 months 9 months

(In millions, except per share amounts) 2009 2009 2009 2009 2008 Change
Net sales $831 $912 $971 $2,713 $3,043 -11%

Gross profit 93 112 153 358 564 -37%

Margins 11.2% 12.2% 15.8% 13.2% 18.5%

Operating income - before

1 39 52 88 179 370 -59%
impairment and restructuring cost
Operating margin - adjusted basis 1 4.7% 5.7% 9.1% 6.6% 12.2%

Diluted earnings per share -

2 $0.22 $0.34 $0.70 $1.27 $2.90 -56%
adjusted

* - See appendix pages 55 and 56 for summary income statements

1 - Adjusted to exclude the Q2 2009 impairment and restructuring charges - see appendix page 70 for reconciliaton of this non-GAAP financial measure to
the corresponding GAAP financial measure
2 - Adjusted to exclude the Q2 2009 after tax impact of impairment and restructuring charges - see appendix page 71 for a reconciliation of this non-
GAAP financial measure to the corresponding GAAP financial measure

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 Estimated Sources of Diluted Earnings Per Share
Nine Months Ended September 30
(dollars per share)
Earnings per share - 2008 $ 2.90

Changes from operations:*

Margins - Price / Mix (0.24)
Co-Product recovery (1.65) (0.95)
Change in volumes (0.19)
Foreign currency values (0.27)

Non-operational changes:*
Financing cost (0.07)
Change in non-controling interest 0.02 0.02
Effective tax rate 0.03
Shares outstanding 0.04

Impairment and restructuring charges (1.47)

Net change for the period (3.10)

Earnings per share - 2009 $ (0.20)

**Based
- Basedon
onan
anestimated effective
estimated effective taxtax rate
rate of 32.8%. 34%
of approximately

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 Cash Flow Highlights
For the Nine Months Ended September 30
($ millions)

2009 2008

Cash provided by operations: $ 368 $ 16

Net income (loss) (11) 227
Write-off of impaired assets 124 -
Working capital 154 (293)
Depreciation and amortization 95 98

Cash invested in the business: $ (102) $ (157)

Fixed assets, net (98) (160)

Cash used for financing activities: $ (214) $ 83

Net increase (decrease) in debt (180) 101
Dividends paid (34) (31)
Issuance (repurchase) of common stock,net (1) 10

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 Net Debt Position
Quarter End

$900 $866
$821 $820
$800
$759
$730 $695
$700
$645
$600
$534 Total Debt
millions

$500
Cash
$400 Net Debt
$300
$175
$200 $161
$107 $91
$100

$0
Dec. 31, 2008 Mar. 31, 2009 Jun. 30, 2009 Sep. 30, 2009

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 Dividend History*

$0.60

$0.50

$0.40

$0.30

$0.20

$0.10

$0.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Annual Cash Dividend Paid Per Common Share

*Adjusted for 2-for-1 stock split effective January 25, 2005

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 Key Metrics*

30-Sep 31-Dec 30-Sep

($ millions) 2009 2008 2008
Debt to capitalization 29.0% 36.1% 29.4%

Debt to adjusted EBITDA** (TTM) 1.9 X 1.5 1.2 X

Operating working capital $424 $439 $482

(excluding short-term debt, cash and def. tax)
% of 12 mo. Net sales 11.7% 11.1% 12.2%

Net debt (total debt less cash) $534 $759 $612

* See appendix pages 65-71 for a reconciliation of these non-GAAP financial measures to GAAP financial
measures
** Adjusted to exclude the impact of impairment and restructuring charges of $125 million in Q2 2009
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 Outlook

• 2009 is a challenging year but we believe we operate

from a position of strength and flexibility with proven
business models
• 2009 performance expected to be negatively impacted
by:
– Major negative swing in co-product pricing, primarily in North America
and largely from corn oil, contributing to higher net corn costs
– Significant, double-digit currency devaluations in virtually all of our
international businesses
– Generally lower demand due to the global economic recession

• Second half of 2009 should be stronger than the first half

– Expect second half diluted EPS of $1.24 to $1.44 compared to first half
diluted EPS $0.56*

* excluding the $1.47 after-tax impact of impairment and restructuring charges taken in Q2-2009 24
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 Outlook

• Healthy balance sheet, solid liquidity, and substantial

cash flow should be key advantages, especially in this
global recessionary environment
• Four areas are key to our 2009 performance
– Staying close to our customers
– Keeping an eye on our cost structure
– Maintaining a strong balance sheet and solid liquidity
– Executing flawlessly

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 Outlook - Diluted EPS (a)

$4.00
$3.52
$3.50
$3.00
$2.59
$2.50 Expect
$1.80-$2.00 (b)
$2.00 $1.63
$1.50 $1.25 $1.19
$0.89 $1.06
$1.00
$0.50
$0.00
2002 2003 2004 2005 2006 2007 2008 2009
Outlook
Diluted EPS

(a) - Adjusted for 2-for-1 stock split effective January 25, 2005
(b) - Excluding the $1.47 after-tax impact of impairment and restructuring charges
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 Outlook - Cash Flow from Operations
($ millions)
Cash Flow from Operations
$600

$500 Expect 2009 cash flow from

operations of $425-525 million
$400

$300

$200

$100

$0
2002 2003 2004 2005 2006 2007 2008 2009 (est.)

($100)

Cash Flow Net Income

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 Outlook - Cap-X and D&A
• 2009 Cap-X to be approximately $150 million vs. $219
million in 2008
• Most of the 2009 spending is carryover projects from 2008
($ millions)
• Annual maintenance cap-x is about $50 million
$250

$200

$150
Cap-X *
$100 D&A*

$50

$0
2001 2002 2003 2004 2005 2006 2007 2008 2009
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Est. 28
 Shareholder Value Proposition

Strategic Strengths
Single focus – starch refining
Clear long-term strategy
Specific growth pathways
Mgmt/shareholder alignment
Low Cost
Modern plants Leading Positions
Favorable locations Diverse geographies
Worldwide network Product/customer breadth
Global cost optimization Valuable alliances
ATTRACTIVE High barriers to entry
GROWTH PROFILE

Organizational Depth Financial Flexibility

Experienced management Solid balance sheet
Focused workforce Good cash generation
Technical & market expertise Low maintenance cap-x
Investment grade ratings

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Appendix

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Corn Wet Milling Process

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 Corn
Basic Structure and Approximate Yield*

Kernel Structure Approximate Yield

• Hull – Fiber • Starch 68%
• Starch • Gluten Feed 19%
• Protein • Gluten Meal 5%
• Germ • Germ
– Corn oil 4%
– Germ meal 3%

*Note: These are only approximations due to our use of varieties of hybrids throughout our world

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Corn Wet Milling Process

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Geographic Segments

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 Geographic Installed-Capacity Leadership
Strong and Unique Global Position
Producing: 15 countries**,*** 33 plants**,*** Rank*

Marketing: 70 countries
North America 3
United States 4
Canada, Mexico 1
South America 1
Argentina, Brazil, Chile, Colombia, Peru, Venezuela**
Asia/Africa
South Korea, Thailand, Pakistan, China***, Kenya
Top Tier
South Africa** or 1
*Share of production capacity
**Technical License Agreements
***Joint Venture

Source: Corn Products International Competitive Intelligence Process 36

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 Geographic Segments
2008 Long Lived Assets
($ millions)

Total Long Lived Assets - $1,906

11%

8% 27%

10%
43%
57%
14% 21%

9%

United States Mexico Canada

Brazil Korea Argentina North America Rest of World
Others

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North America

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 North America Region – Margin Stability

• More than 100 years old in the US

• Improved industry fundamentals
– High capacity utilization rates
– Industry rationalization/plant closures
– Ethanol demand
– Higher US, Canadian contract pricing

• Mexico leadership Canada

– Open border as of January 1, 2008
– HFCS beverage usage tax eliminated
• Only North American corn refiner with full-scale
United States
sweetener and starch facilities in all 3 NAFTA countries
– unique position

Canada 3 corn refining plants Mexico

Mexico 3 corn refining plants
Ingredient technology center
United States 3 corn refining plants
1 polyol plant
Ingredient technology center
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 Historical Update – North America
1997 to 2003 Driven by Mexican HFCS Situation
1997 Large Mexican HFCS market – border closed to US exports
Result: US overcapacity – utilization: 90s%  low 70s%*
Corn Products’ locally produced HFCS in Mexico
 Strong results through 2001
1998 and 1999 US Recovery underway
2000 Detour
2001 to present US corn refiners environment
 Major structural change among US corn refiners
 “Grind” capacity utilization: 90s%*
- Ethanol demand: more than doubled
 Finishing capacity utilization improved*
2002 & 2003 Corn Products US/Canada results – increased substantially
Mexico levies 20% tax on HFCS-sweetened soft drinks

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*Source: Corn Products Competitive Intelligence Process Return to index
 Historical Update – North America
1997 to 2003 Driven by Mexican HFCS Situation
1997 Large Mexican HFCS market – border closed to US exports
Result: US overcapacity – utilization: 90s%  low 70s%*
CPO’s locally produced HFCS in Mexico
 Strong results through 2001
1998 and 1999 US Recovery underway
2000 Detour
2001 to present US corn refiners environment
 Major structural change among U.S. corn refiners
 “Grind” capacity utilization: 90s%*
- Ethanol demand: more than doubled
 Finishing capacity utilization improved*
2002 & 2003 CPO US/Canada Operating Income – increased substantially
Mexico – 20% tax on HFCS-sweetened soft drinks

Except for ethanol

No expansions since 1997*
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*Source: Corn Products Competitive Intelligence Process Return to index
 Historical Update – North America
Competitive arena*: US HFCS processor company changes

Coors ProGold MCP Cerestar Cargill

1997 Gone Cargill ADM 30% Shuts ½ Dayton

2000 CPMCP

2002 ADM Cargill

2004 Closes Dimmitt, TX**

2005 Idles Decatur, AL***

2006 Restarts Decatur, AL

November 2000: 7 HFCS producers – 3 with 17% of capacity

2009 March 2002 thru present: 4 HFCS producers with 97% of capacity
Closing Decatur, AL

*Source: Corn Products International Competitive Intelligence Process

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**Source: Associated Press, August 17, 2004 ; ***Source: Decatur Daily, October 4, 2005 Return to index
 North America Ingredients

BASIC INGREDIENTS SPECIALTY INGREDIENTS ANIMAL NUTRITION

& HEALTH
 HFCS • Refined Corn Oil • Gluten Feed
 Corn Starch • Crystalline Dextrose • Gluten Meal
 Corn Syrup • Modified Starches • Other
 Liquid Dextrose • Maltodextrine
 Blends • Polyols
• Fructooligosaccharide
• Caramel Color

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 Net Sales and Operating Income/Margins
North America – 2001-2008

Net Sales Operating Income

($ millions) ($ millions)

$2,400 350
$2,369
$2,200
$2,000 300
$2,052
13.2%
$1,800
250
$1,600
$1,588
$1,400 11.4% 200
$1,419 $1,422
$1,200 $1,329
$1,212 $1,219
$1,000 150
$800
6.1% 8.2% 100
$600 5.4% 5.1% 4.2%
4.6%
$400
50
$200
$0 0
2001 2002 2003 2004 2005 2006 2007 2008

Net Sales Operating Income

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South America

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 South America Region – Historic Strength

• Presence of nearly 80 years

• Full territory coverage
• Historically outperformed each nation’s underlying GDP
• Successfully dealt with currencies, economies
• Most advanced ingredient region in CPO
• HFCS only in Argentina
Venezuela
Colombia
Andean Region
Colombia 1 corn refining plant Ecuador
1 tapioca plant
2 tolling facilities Peru Brazil
Venezuela 1 plant (TLA)
Peru 1 corn refining plant
Southern Cone
Argentina 2 corn refining plants Chile
Chile 1 corn refining plant
Uruguay Distribution warehouse
Paraguay/Bolivia Sales agents Uruguay
Brazil 3 corn refining plants Argentina
1 tapioca plant
1 polyol plant
Ingredient Technology Center
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 South America Ingredients
BASIC INGREDIENTS
 High Maltose Syrup
 Regular Starch
 Glucose Corn Syrup
 HFCS
 Liquid Dextrose
 Syrup Blends
Regular and Waxy Corn, Tapioca, Wheat & Soy Flour, Sucrose
SPECIAL INGREDIENTS ANIMAL NUTRITION
& HEALTH
• Food Modified Starches • Gluten Feed
• Industrial Modified Starches • Gluten Meal
• Dried Blends • Other, Basic & Special
• Crystalline Dextrose Ingredients
• Dried Syrups
• Maltodextrine
• Sorbitol, Mannitol, Liquid
Maltitol
• Fructooligosaccharide
• Caramel Color
• Adhesives & Dextrines
• Fats & Emulsifiers
• Refined Corn Oil
Raw Materials:
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 Net Sales & Operating Income/Margins
South America – 2001-2008

Net Sales Operating Income

($ Millions) ($ Millions)

$1,200 200
$1,120

$1,000

150
$925
$800 13.5%

$600 $670 100

12.4%
$603
$440 $556
$401 $495 16.8% 12.5%
$400 17.6%
15.5% 16.8% 50

$200 14.5%

$0 0
2001 2002 2003 2004 2005 2006 2007 2008

Net Sales Operating Income

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Asia/Africa

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 Asia/Africa Region – Expansion Focus
 Decades of operations in various countries
 Geographic growth opportunities
 Significant capacity shares
 Favorable market drivers
 Multi-national customers
migrating production here

Asian Region South Korea

China
South Korea 2 corn refining plants
Thailand 1 tapioca plant Pakistan
Thailand
Malaysia Regional marketing
office Malaysia
Pakistan 2 corn refining plants Kenya
China 1 modified starch plant (JV)
India Rep office
African Region
Kenya 1 corn refining plant South Africa
South Africa 4 plants (TLA)
Nigeria Sales office
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 Asia/Africa Ingredients

BASIC INGREDIENTS SPECIAL INGREDIENTS ANIMAL NUTRITION

& HEALTH
 Corn Starch • Refined Corn Oil • Gluten Feed
 Corn Syrup • Modified Textile starch • Gluten Meal
 HFCS • Modified Paper Starch • Other
 Tapioca Starch • High Maltose Syrup
 Tapioca Syrup • Dextrines
 Dextrose • Tapioca Oxidized Starch
• Tapioca Maltodextrine
• Oligosaccharides

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 Net Sales & Operating Income/Margins
Asia/Africa – 2001-2008

Net Sales Operating Income

($ Millions) ($ Millions)
$500 120
$450
$454
100
$400 $414
$350 $363 80
$300 $335
$308
$250 $278 60
$251
$235
$200 15.8% 14.6%
21.5% 19.4%
15.6% 40
$150 19.2% 10.9%
8.4%
$100
20
$50
$0 0
2001 2002 2003 2004 2005 2006 2007 2008

Net Sales Operating Income

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Financial Data

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 Impairment and Restructuring Charges

• Impairment and restructuring charges taken in Q2-2009

– Pre Tax $125 million
– After Tax $110 Million
– $1.47 fully diluted earnings per share
– $124 million non-cash
• Korea Goodwill Impairment - $119 million, $106 million after
tax
• Other Impairment and Restructuring Charges - $6 million, $4
after tax
– Restructuring of Thailand and Chile to reduce costs
– Write-off of other assets in the US

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 Summary Income Statement
Quarter Ended
($ millions, except per share amounts)

31-Mar 30-Jun 30-Sep

2009 2009 2009
Net sales $831 $912 $971
Gross profit 93 112 153
Margins 11.2% 12.2% 15.8%
Operating Expenses 55 61 66
Op. income before impairment
39 52 88
and restructuring charges
Impairment/restructuring cost - 125 -
Operating income (loss) 39 (73) 88
Financing Costs, net 11 11 9
Taxes 33.8% 1.1% 31.2%
Net income (loss) of CPI $17 ($85) $53
Diluted earnings (loss) per share $0.22 ($1.13) $0.70

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 Summary Income Statement
Nine Months Ended September 30
($ millions, except per share amounts)

2009 2008 Change

Net sales $2,713 $3,044 (11%)
Gross profit 358 564 (37%)
Margins 13.2% 18.5%
Operating expenses 182 208 (13%)
Op. income before impairment
and restructuring cost 179 370 (52%)
Impairment/restructuring cost 125 -
Operating income (loss) 54 370 (85%)
Financing costs,net 31 24 31%
Taxes 148.0% 34.5%
Net income (loss) of CPI (15) 221 (107%)
Diluted earnings (loss) per share ($0.20) $2.90 (107%)

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 Geographic Segments – Annual Net
Sales/Operating Income: 2002-2008
($ millions)
2008 2007 2006 2005 2004 2003 2002
Net sales
North America 2,369 2,052 1,588 1,422 1,419 1,329 1,219
South America 1,120 925 670 603 556 495 401
Asia/Africa 454 414 363 335 308 278 251
Total 3,943 3,391 2,621 2,360 2,283 2,102 1,871

Segment operating income*

North America 313 234 130 59 87 68 56
South America 151 115 84 101 98 83 58
Asia/Africa 38 45 53 53 48 54 54
Total operating income 434 347 224 183 179 174 153
*Geographic segments only

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 Net Sales – Top Six Countries
Year Ended: 2002-2008

($ millions)
2008 2007 2006 2005 2004 2003 2002
United States $ 1,221 $ 1,021 $ 770 $ 710 $ 765 $ 738 $ 605
Mexico 750 668 532 450 383 331 332
Canada 399 363 286 262 271 260 281
Sub Total $ 2,370 $2,052 $ 1,588 $ 1,422 $ 1,419 $ 1,329 $ 1,218

Brazil $ 594 $ 498 $ 350 $ 322 $ 288 $ 251 $ 195

Korea 187 195 185 186 187 170 162
Argentina 200 160 129 114 106 102 63
Others 593 486 369 316 283 250 233
Total $ 3,944 $ 3,391 $ 2,621 $ 2,360 $ 2,283 $ 2,102 $ 1,871

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 Long-Lived Assets – Top Six Countries
as of December 31: 2001-2008

($ millions)
2008 2007 2006 2005 2004 2003 2002 2001
United States $ 527 $ 506 $ 466 $ 428 $ 407 $ 406 $ 433 $ 434
Mexico 397 370 365 382 401 426 433 457
Canada 165 188 154 176 173 165 147 151
Sub Total $ 1,089 $ 1,064 $ 985 $ 986 $ 981 $ 997 $ 1,013 $ 1,042

Brazil $ 261 $ 320 $ 219 $ 160 $ 125 $ 112 $ 88 $ 131

Korea 201 276 280 252 243 212 210 186
Argentina 149 137 125 120 117 116 67 135
Others 206 216 198 183 175 171 146 158
Total $ 1,906 $ 2,013 $ 1,807 $ 1,701 $ 1,641 $ 1,608 $ 1,524 $ 1,652

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 Percent of Net Sales

2008 2007 2006 2005 2004 2003 2002 2001

Starch 22% 22% 22% 23% 22% 21% 20% 20%

Sweeteners 53% 57% 55% 53% 52% 54% 55% 57%

Co-products & other 25% 21% 23% 24% 26% 25% 25% 23%

Major Industries

Processed foods 25% 25% 19% 19% 22% 21% 21% 22%

Soft drink 13% 16% 18% 18% 17% 17% 17% 20%

Brewing 12% 11% 11%

Animal feed 12% 11% 10% 11% 19% 19% 16% 15%

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 Summary Balance Sheet
2008, 2007 and 2006
($ millions)
2008 2007 2006
Current assets $ 1,297 $ 1,089 $ 837
Net fixed assets 1,447 1,500 1,356
Other assets 463 514 452
Total assets $ 3,207 $ 3,103 $ 2,645

Current liabilities* $ 653 $ 544 $ 443

Total debt 866 649 554
Other liabilities 290 286 274
Redeemable equity 14 19 44
Stockholders' equity 1,384 1,605 1,330
Total liabilities and equity $ 3,207 $ 3,103 $ 2,645
*Excludes short-term debt

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 Summary Cash Flow
2008 and 2007
($ millions)
2008 2007
Cash flow from operations $ (79) $ 258
Net income 267 198
Depreciation 128 125
(Increase) decrease in margin accounts (295) 55
Increase in other trade working capital (163) (114)
Other (16) (6)

Cash flow from investing $ (219) $ (232)

Fixed assets, net (219) (174)
Acquisition - (59)
Sale of investment - -
Other - 1

Cash flow from financing $ 230 $ 15

Net increase (decrease) in debt 257 83
Dividends paid (42) (33)
Issuance (Repurchase) of common, net 10 (39)
Excess tax benefit on
share-based compensation 5 6
Other - (2)

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 Cash Flow and Total Debt
($ millions)
Cash Flow from Operations Leverage
$600
$1,000 40.0%

$500 Expect cash flow

$900
from operations of 35.0%
$425-525 million
$800
$400
30.0%
$700
$300
25.0%
$600

$200 $500 20.0%

$100 $400
15.0%

$300
$0 10.0%
2002 2003 2004 2005 2006 2007 2008 2009 $200
(est.)
($100) 5.0%
$100

($200) $0 0.0%
2002 2003 2004 2005 2006 2007 2008

Cash Flow Net Income Total Debt Debt to Total Capital

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 Creditworthiness Improvement
2002 – 2008
($ millions)
(b) (a)
2008 2007 2006 2005 2004 2003 2002
EBIT $ 447 $ 343 $ 225 $ 180 $ 178 $ 174 $ 153
EBITDA 575 468 339 286 280 275 256
Interest Expense, Net 38 38 28 32 33 39 37
Total Debt 866 649 554 528 568 550 600
Book Capital 2,405 2,436 2,072 1,912 1,877 1,802 1,710
Market Capitalization 3,157 3,533 3,304 2,465 2,794 2,146 2,013

EBITDA Interest Coverage 15.1x 12.3x 12.0x 8.9x 8.5x 7.1x 6.9x
EBIT Interest Coverage 11.7x 9.0x 8.0x 5.6x 5.4x 4.5x 4.2x

Total Debt/EBITDA 1.5x 1.4x 1.6x 1.8x 2.0x 2.0x 2.3x

Total Debt/Book Capitalization 36% 27% 27% 28% 30% 31% 35%
(c)
Total Debt/Market Capitalization 27% 18% 17% 21% 20% 26% 30%
Subsidiary Debt as a % of Total Debt 28% 23% 18% 14% 20% 18% 25%
(a)
Includes unusual items of $8 million pre-tax or $5 million after-tax.
(b)
Includes net charges of $21 million pre-tax and $15 million after-tax.
(c)
Market capital assumes year-end share prices

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 Non-GAAP Financial Measures

The Company reports its financial results in accordance with generally accepted accounting
principles (“GAAP”). However, Management believes that certain items not calculated in
accordance with GAAP, including non-GAAP performance measures, results excluding the impact
of impairment and restructuring charges incurred during the second quarter of 2009, ratios and
trends, guidance with respect to earnings per diluted share for 2009 excluding impairment and
restructuring charges incurred in the second quarter of 2009, may provide investors with a
meaningful presentation of useful information on a basis consistent with the way in which
management monitors and evaluates the Company’s operating performance and provide investors
with additional information to assess and facilitate a more clear understanding of our financial
results. The non-GAAP information is presented for analytical purposes only, should not be
considered in isolation and should not be used as a substitute for our financial results calculated
under GAAP. In addition, these non-GAAP amounts are susceptible to varying interpretations and
calculations, and the amounts presented may not be comparable to similarly titled measures of other
companies. Our reconciliation of debt to capitalization, debt to adjusted EBITDA, operating
working capital, earnings per share for the three months ended June 30, 2009 excluding impairment
and restructuring charges incurred in that quarter, guidance with respect to earnings per diluted
share for 2009 excluding impairment and restructuring charges incurred in the second quarter of
2009 to the most directly comparable financial measures calculated and presented in accordance
with GAAP is presented in this Appendix.

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 Key Metric – GAAP Reconciliation
Return on Capital Employed at December 31
($ millions)
Return on Capital Employed 2008 2007
Total stockholders’ equity* $1,605 $1,330
Add:
Cumulative translation adjustment* 132 214

Minority interest in subsidiaries* 21 19

Redeemable common stock* 19 44

Share-based payments subject to redemption* 9 4

Total debt* 649 554

Less:

Cash and cash equivalents* (175) (131)

Capital employed* (a) $2,260 $2,034

Operating income $434 $347

Adjusted for:

Income taxes (at effective tax rates of 32.0% in 2008 and

33.5% in 2007) (139) (116)
Adjusted operating income, net of tax (b) $295 $231

Return on Capital Employed (b a) 13.1% 11.4%

* Balance sheet items used in computing capital employed

represent beginning of period balances
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 Key Metric – GAAP Reconciliation
Debt to Total Capitalization

($ millions)

30-Sep 31-Dec 30-Sep

Debt to Capitalization percentage 2009 2008 2008

Short-term debt $162 $206 $223

Long-term debt 533 660 505

Total debt (a) $695 $866 $728

Deferred income tax liabilities $109 $105 $126

Redeemable common stock 14 14 18

Share-based payments subject to redemption 7 11 10

Total equity 1,575 1,406 1,597

Total capital $1,705 $1,536 $1,751

Total debt and capital (b) $2,400 $2,402 $2,479

Debt to Capitalization percentage (ab) 29.0% 36.1% 29.4%

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 Key Metric – GAAP Reconciliation
Debt to Adjusted EBITDA Ratio (TTM)

($ millions) 30-Sep 31-Dec 30-Sep

Debt to adjusted EBITDA ratio 2009 2008 2008
Short-term debt $162 $206 $223
Long-term debt 533 660 505
Total debt (a) $695 $866 $728

Net income attributable to CPI $31 $267 $267

Add back:

Impairment and restructuring charges 125 - -

Net income attributable to non-controlling interest 6 8 7
Provision for income taxes 43 130 144
Interest expense, net 38 38 35

Depreciation 126 128 130

Adjsuted EBITDA (b) $369 $571 $583

Debt to adjusted EBITDA ratio (a ÷ b) 1.9 1.5 1.2

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 Key Metric – GAAP Reconciliation
Operating Working Capital as % of Net Sales
($ millions)
Operating Working Capital 30-Sep 31-Dec 30-Sep
as a percentage of Net Sales 2009 2008 2008
Current assets $1,193 $1,297 $1,252

Less: Cash and cash equivalents (161) (107) (116)

Less: Deferred income tax assets (57) (99) (50)
Adjusted current assets $975 $1,091 $1,086
Current liabilities $713 $859 $828

Less: Short-term debt (162) (206) (223)

Less: Deferred income tax liabilities - - (1)
Adjusted current liabilities $551 $653 $604

Operating working capital (a) $424 $438 $482

Net sales for the last 12 months (b) $3,613 $3,944 $3,938
Operating Working Capital as a percentage
of Net Sales (a  b) 11.7% 11.1% 12.2%

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 Reconciliation to Non-GAAP
Operating Income and Operating Margin
3 Months 3 Months 3 Mont hs
Ended Ended Ended
(in millions) Mar. 31, 2009 Jun. 30, 2009 Sep. 30, 2009
Net sales (a) $ 831 $ 912 $ 971
Operating income (loss) (b) 39 (73) 88
Impairment/restructuring charges - 125 -
Operating income before impairment
$ 39 $ 52 $ 88
and restructuring charges (c)
Operating margin - GAAP basis (b÷a) 4.7% -8.0% 9.1%
Operating margin - adjusted basis (c÷a) 4.7% 5.7% 9.1%

9 Months 9 Months
Ended Ended
(in millions) Sep. 30, 2009 Sep. 30, 2008
Net sales (a) $ 2,713 $ 3,043
Operating income (b) 54 370
Impairment /restruct uring charges 125 -
Operating income before impairment and
$ 179 $ 370
rest ruct uring charges (c)
Operating margin - GAAP basis (b÷a) 2.0% 12.2%
Operating margin - adjusted basis (c÷a) 6.6% 12.2%
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 Reconciliation to Non-GAAP Earnings
Per Share

Reconciliation to Non-GAAP Earnings Per Share ("EPS")

(Unaudited)

Three Months Ended Nine Months Ended

June 30, 2009 9/30/2009
(in millions) EPS (in millions) EPS
Net (loss) attributable to CPI ($84.8) ($1.13) ($15.2) ($0.20)
Add back:
Impairment / restructuring charges, net of income tax benefit of $14.7 million 110.3 1.47 110.3 1.47
Non-GAAP net income $25.5 $0.34 $95.1 $1.27

Reconciliation of Non-GAAP Earnings Per Share (“EPS”) Guidance for 2009

(Unaudited)

2009
Guidance
EPS
Earnings per share Guidance (GAAP basis), as presented $0.33 - $0.53
Add back:
Impairment and restructuring charges 1.47
Earnings per share Guidance (Non-GAAP) $1.80 - $2.00

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Management

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 Management Profiles
CEO and CFO
Ilene S. Gordon - Chairman, President and Chief Executive Officer
Ilene Gordon became chairman, president and chief executive officer on May 4, 2009.
Gordon, 55, previously was president and CEO of Alcan Packaging, a subsidiary of Rio
Tinto Group, positions to which she was appointed in 2006. She led a $6.5 billion global
packaging business with 130 factories and 30,000 employees in 30 countries, serving
customers in the food, beauty, tobacco and pharmaceutical industries. Gordon previously
was senior vice president of Alcan, Inc. and president and CEO of Alcan Packaging. Prior
to that, she was president of Alcan Packaging’s $1.4 billion food packaging Americas unit.
Alcan acquired Pechiney in 2003 and prior to the acquisition, Gordon was Pechiney’s
senior vice president and president of plastic packaging. Gordon spent 17 years in
executive roles at the Packaging Corporation of America, a division of Tenneco Inc.
Before joining Tenneco, she spent two years as director of strategic planning at Signode, a
leading global packaging company specialized in materials handling, which today is a part
of Illinois Tool Works. From 1976-1980, Gordon was a strategy consultant at the Boston
Consulting Group (BCG), an international management consulting firm. Gordon holds a
bachelor’s degree in mathematics, Phi Beta Kappa, from the Massachusetts Institute of
Technology (MIT) in Cambridge, Mass., and a master’s degree in management from MIT's
Sloan School of Management. She serves on the board of directors of Arthur J. Gallagher
& Company and United Stationers.
Cheryl K. Beebe - Chief Financial Officer
Cheryl Beebe, 53, was appointed vice president and chief financial officer in 2004. Prior
to this position, she served as vice president of finance and corporate treasurer of the
Company. Beebe has held various positions of increasing responsibility in marketing,
market services, audit, finance and treasury functions, since joining CPC International in
1980. She holds a bachelor’s degree in accounting from Rutgers University and a master’s
degree of business administration in corporate finance from Fairleigh Dickinson
University. Beebe is a member of the board of directors of Packaging Corporation of
America and the board of trustees of Fairleigh Dickinson University.
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 Management Profile
Investor Relations
John Barry – Vice President, Investor Relations and Corporate Communications
John Barry - 52, was appointed vice president of investor relations and corporate
communications on July 15, 2009. Barry joined the Company in 1998 as director of
corporate accounting and assistant controller. He has also held the positions of finance
director of the Company’s Asia/Africa Division, director of corporate finance and planning,
and vice president corporate finance and planning. Prior to joining Corn Products, Barry
was director of finance UDV for Diageo, PLC in Buenos Aires, Argentina. Barry holds a
Juris Doctorate degree, a Master of Business Administration degree and a Bachelor degree
in Business Administration from the University of Miami in Coral Gables, Florida.

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