Penford Corporation (Penford) is a developer, manufacturer and marketer of specialty natural-based ingredient systems for industrial and food ingredient applications, including fuel grade ethanol. Penford operates in two business segments: The Industrial Ingredients-North America and Food Ingredients-North America. Industrial Ingredients-North America, which generated approximately 73% of Penford’s revenue during the fiscal year ended August 31, 2009 (fiscal 2009), is a supplier of chemically modified specialty starches to the paper, and packaging industries. Food Ingredients-North America, which generated approximately 27% of Penford’s revenue in fiscal 2009, is a developer and manufacturer of specialty starches and dextrins for the food manufacturing and food service industries. On September 2, 2009, the Company announced the sale of Penford New Zealand Limited. On November 11, 2009, the Company completed sales of the operating assets of its subsidiary company, Penford Australia Ltd.