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CORN PRODUCTS INTERNATIONAL, INC.
REPORTS RECORD FOURTH-QUARTER & FULL-YEAR 2003 EARNINGS
Company Reports 19-Percent EPS Growth for Full Year

WESTCHESTER, Ill., January 29, 2004 — Corn Products International, Inc. (NYSE: CPO) today announced fourth-quarter and full-year 2003 results.

For the quarter ended December 31, 2003, the Company reported diluted earnings of $0.67 per share, compared with diluted earnings per share of $0.46 in the fourth quarter of 2002. The 2002 results included net after-tax income of $0.06 per diluted share, resulting from the impact of the dissolution of CornProductsMCP Sweeteners LLC (CPMCP) in December 2002.

Diluted earnings per share for the full-year 2003 were $2.11, up from $1.77 in 2002. The full-year 2002 results included net after-tax income of $0.14 per diluted share, consisting primarily of a gain from the sale of a business unit, net of restructuring charges, and the impact from the previously mentioned dissolution of CPMCP.

“2003 was a very successful year for our Company,” said Sam Scott, chairman, president and chief executive officer of Corn Products International. “We made significant progress toward our goal of earning returns that meet and ultimately exceed our cost of capital, and we are pleased to report that our annual net sales exceeded $2 billion for the first time in our history. We also achieved record performances in operating income, net income and earnings per share. At the same time, we continue to benefit from our working capital initiative, generating significant cash flow and using our increased cash from operations to grow our business, increase our dividend and pay down debt.”

The Company’s results for the fourth quarter of 2003, compared with the prior year period, were as follows:

The Company’s results for the year ended December 31, 2003, compared with the prior year period, were as follows:

The increase in net income reflects significantly improved operating income in South America and North America, which more than offset increased corporate expenses and higher financing costs. The effective income tax rate for 2003 was 36 percent, unchanged from 2002.

Cash provided by operations grew 15 percent to $236 million, up from $206 million last year. Total debt was reduced to $550 million at December 31, 2003, from $600 million a year ago, and net debt stands at $480 million. Financing costs increased to $39 million in 2003, from $36 million in 2002, due to higher interest rates associated with our 2002 debt refinancing to extend maturities.

On a regional basis, results for the year ended December 31, 2003, compared with the prior year period, were as follows:

Net sales in North America increased 9 percent, driven principally by price/product mix improvement. Operating income in the region rose 21 percent from a year ago, reflecting significantly higher earnings in the United States, where we continued to make progress in our efforts to return to acceptable levels of profitability. Earnings also increased in Mexico, despite that country’s continuing tax on soft drinks sweetened with high fructose corn syrup (HFCS). The Company continues to support the ongoing bilateral trade negotiations between the United States and Mexico to resolve the HFCS issue.

Net sales in South America increased 23 percent, driven primarily by price/product mix improvement and higher volumes. The 42-percent rise in operating income was a result of earnings growth in Brazil and in the Company’s Southern Cone businesses, as those regions recovered strongly from the economic volatility and currency devaluations of the recent past.

Net sales in Asia/Africa increased 11 percent, reflecting higher volumes and stronger local currencies. Operating income improved, while volume growth and favorable currency translation effects were offset by a number of issues. They included a weaker price/product mix; a sluggish economy in South Korea; a $1 million asset write-down associated with the Company’s transfer of its manufacturing facility from Malaysia to Thailand; and start-up costs associated with the new glucose channel in Thailand.

Looking to 2004, the Company expects to see continued improvement over its 2003 performance. However, because US contracting has not yet been finalized, the Company cannot provide specific guidance for the year at this time. The Company currently plans to quantify its guidance for 2004 when it announces first-quarter results.

“In 2004, we will continue to focus our energies on increasing profitability through business growth, reducing costs and gaining operating efficiencies across our global operations, while maintaining a strong balance sheet,” said Scott.

Corn Products International, Inc. is one of the world’s largest corn refiners and a major supplier of high-quality food ingredients and industrial products derived from the wet milling and processing of corn and other starch-based materials. The Company is the number-one worldwide producer of dextrose and a leading regional producer of starch, high fructose corn syrup and glucose. In 2003, the Company recorded net sales of $2.1 billion with operations in 19 countries at 37 plants, including wholly owned businesses, affiliates and alliances. Headquartered in Westchester, Ill., it was founded in 1906. The Company is listed on the New York Stock Exchange under the symbol CPO. Additional information can be found on the World Wide Web at www.cornproducts.com.

This press release contains or may contain forward-looking statements concerning the Company’s financial position, business and future earnings and prospects, in addition to other statements using words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend” and other similar expressions. These statements contain certain inherent risks and uncertainties. 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 conveyed in these statements, based on various factors, including fluctuations in worldwide commodities markets and the associated risks of hedging against such fluctuations; fluctuations in aggregate industry supply and market demand; general political, economic, business, market and weather conditions in the various geographic regions and countries in which we manufacture and sell our products, including fluctuations in the value of local currencies, energy costs and availability and changes in regulatory controls regarding quotas, tariffs, taxes and biotechnology issues; increased competitive and/or customer pressure in the corn-refining industry; the outbreak or continuation of hostilities; stock market fluctuation and volatility; and the resolution of the current uncertainties relating to the Mexican HFCS tax. 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. 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 risk factors, see the Company’s most recently filed Annual Report on Form 10-K and subsequent reports on Forms 10-Q or 8-K.

CORN PRODUCTS INTERNATIONAL, INC.
Condensed Consolidated Statements of Income
(Unaudited)


	Three Months Ended								Year Ended
	December 31,					Change %			December 31,					Change %

	2003			2002					2003			2002

Net sales before shipping and handling costs	$	584.8		$	499.1		17	%	$	2,268.9		$	1,979.0		15	%
Less: shipping and handling costs		42.4			26.4		61	%		167.0			108.1		54	%

Net sales		542.4			472.7		15	%		2,101.9			1,870.9		12	%
Cost of sales		449.5			406.4		11	%		1,777.5			1,604.3		11	%

Gross profit		92.9			66.3		40	%		324.4			266.6		22	%
Operating expenses		41.4			31.2		33	%		149.6			133.4		12	%
Earnings from non-consolidated affiliates and other income (expense), net		(0.4	)		6.5		-106	%		(0.9	)		20.3		-104	%

Operating income		51.1			41.6		23	%		173.9			153.5		13	%
Financing costs		9.2			10.8		-15	%		38.5			36.4		6	%

Income before taxes		41.9			30.8		36	%		135.4			117.1		16	%
Provision for income taxes		15.1			11.1					48.7			42.1

		26.8			19.7		36	%		86.7			75.0		16	%
Minority interest in earnings		2.3			3.2		-28	%		10.3			11.6		-11	%

Net income	$	24.5		$	16.5		48	%	$	76.4		$	63.4		21	%

Weighted average common shares outstanding:
Basic		36.1			35.7					36.0			35.6
Diluted		36.5			35.8					36.2			35.7
Earnings per common share:
Basic	$	0.68		$	0.46		48	%	$	2.12		$	1.78		19	%
Diluted	$	0.67		$	0.46		46	%	$	2.11		$	1.77		19	%


(In millions, except share amounts)				December 31,			December 31,
				2003			2002*

				(Unaudited)
Assets
	Current assets
		Cash and cash equivalents		$	70		$	36
		Accounts receivable – net			252			244
		Inventories			215			194
		Prepaid expenses			10			11

	Total current assets				547			485

		Property, plant and equipment – net			1,187			1,154
		Goodwill and other intangible assets			319			280
		Deferred tax assets			61			33
		Investments			29			26
		Other assets			62			64

	Total assets			$	2,205		$	2,042

Liabilities and Equity
	Current liabilities
		Short-term borrowings and current portion of long-term debt		$	98		$	84
		Accounts payable and accrued liabilities			296			263

	Total current liabilities				394			347

		Non-current liabilities			98			95
		Long-term debt			452			516
		Deferred income taxes			208			163
		Minority interest in subsidiaries			78			93
Redeemable equity – Redeemable common stock (1,913,500 shares
			issued on December 31, 2003 and 2002)		67			58
Stockholders’ equity
		Preferred stock – authorized 25,000,000 shares- $0.01 par value, none issued			—			—
		Common stock – authorized 200,000,000 shares- $0.01 par value – 35,746,387 issued at December 31, 2003 and 2002			1			1
		Additional paid in capital			1,006			1,015
		Less: Treasury stock (common stock; 1,494,101 and 1,956,113 shares on December 31, 2003 and December 31, 2002, respectively) at cost			(35	)		(48	)
		Deferred compensation – restricted stock			(3	)		(4	)
		Accumulated other comprehensive loss			(346	)		(418	)
		Retained earnings			285			224

	Total stockholders’ equity				908			770

Total liabilities and equity				$	2,205		$	2,042

*Reflects restatement of redeemable common stock from stockholders’ equity to redeemable equity.

CORN PRODUCTS INTERNATIONAL, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)


			For The Year
			Ended December 31,

(In millions)			2003			2002

Cash provided by (used for) operating activities:
	Net income		$	76		$	63
	Adjustments to reconcile net income to net cash provided by (used for) operating activities:
		Depreciation		101			103
		Gain on sale of business		—			(8	)
		Gain on dissolution of business		—			(3	)
		Decrease in trade working capital		49			65
		Other		10			(14	)

	Cash provided by operating activities			236			206

Cash provided by (used for) investing activities:
	Capital expenditures, net of proceeds on disposal			(82	)		(77	)
	Proceeds from sale of business			—			35
	Payments for acquisitions			(48	)		(42	)
	Proceeds from dissolution of business			—			11

	Cash used for investing activities			(130	)		(73	)

Cash provided by (used for) financing activities:
	(Payments on) proceeds from borrowings, net			(58	)		(144	)
	Dividends paid			(20	)		(19	)
	Issuance of common stock			5			4

	Cash used for financing activities			(73	)		(159	)

	Effect of foreign exchange rate changes on cash			1			(3	)

	Increase (decrease) in cash and cash equivalents			34			(29	)
	Cash and cash equivalents, beginning of period			36			65

	Cash and cash equivalents, end of period		$	70		$	36

CORN PRODUCTS INTERNATIONAL, INC.
Supplemental Financial Information
(Unaudited)


			Three Months Ended									Year Ended
			December 31,						Change			December 31,						Change
			2003			2002			%			2003			2002			%

Net sales
		North America	$	332.2		$	302.3			10	%	$	1,329.0		$	1,218.3			9	%
		South America		141.1			106.7			32	%		494.9			401.3			23	%
		Asia/Africa		69.1			63.7			8	%		278.0			251.3			11	%

		Total	$	542.4		$	472.7			15	%	$	2,101.9		$	1,870.9			12	%

Operating income
		North America	$	25.2		$	14.9			69	%	$	68.2		$	56.3			21	%
		South America		24.4			16.2			51	%		82.7			58.4			42	%
		Asia/Africa		13.1			13.3			-2	%		54.3			53.5			1	%
		Corporate		(11.6	)		(6.1	)		90	%		(31.3	)		(22.6	)		38	%
		Unusual income, net		—			3.3			—			—			7.9			—

	Total		$	51.1		$	41.6			23	%	$	173.9		$	153.5			13	%

II. Estimated Sources of Earnings Per Share for the Three Months and Year Ended December 31

The following is a list of the major items that impacted our fourth-quarter and year-to-date results. The amounts are calculated on a net after-tax basis and attempt to estimate total business effects.


			Earnings Per Share			Earnings Per Share
			Three Months			Twelve Months

Earnings Per Share December 31, 2002			$	0.46		$	1.77
		Unusual income, net – 2002		(0.06	)		(0.14	)

Earnings Per Share December 31, 2002, as adjusted			$	0.40		$	1.63
Change
	Volumes			0.04			0.21
	Operating margin			0.07			0.26
	Foreign currency translation			0.11			0.03
	Financing costs			0.03			(0.04	)
	Minority interest			0.03			0.04
	Shares outstanding			(0.01	)		(0.02	)

Net Change				0.27			0.48

Earnings Per Share December 31, 2003			$	0.67		$	2.11

Capital expenditures for the years ended December 31, 2003 and 2002 were $82 million and $77 million, respectively. For 2004, the Company anticipates capital expenditures of approximately $90 million.


For Release		CONTACT:
1/29/04 – 0530 EST		Richard Vandervoort, (708) 551-2595 (investors)
		Mark Lindley, (708) 551-2602 (media)