Corn Products International — Page 4

     Continuing a deleveraging trend since 2001, total debt to capital declined to 27.6 percent versus 30.3 percent at the end of 2004 and 27.8 percent at the end of the third quarter of 2005. Total debt decreased $40 million while cash and cash equivalents rose $15 million from 2004 year-end and $21 million from the end of the third quarter of 2005. Net debt (total debt minus cash) was $412 million at December 31, 2005, compared to $467 million last year. Financing costs rose slightly to $35 million in 2005 from $34 million in 2004.

2006 Outlook

     “We’re cautiously optimistic about prospects for meaningful earnings growth in 2006,” said Scott. “We have achieved higher contract pricing in our US and Canadian businesses for 2006. We are focused on resolving the issues in our US operations, and expect a continuation of solid performances in our South American and Asia/Africa businesses.”

     Scott said the Company is very disappointed with the preliminary duty on imported US corn of $1.65 per bushel imposed by the Canada Border Services Agency (CBSA), effective December 15, 2005, and remains committed to mitigating or eliminating its impact. A decision on the final duty level is expected early in the second quarter.

     “As we did last year,” Scott said, “we expect to quantify our 2006 EPS guidance when first-quarter results are announced in late April, after there is more clarity on the Argo operating improvement timeline and a final resolution to the Canadian corn duty issue is in place.”

     He added that further progress should be made in 2006 on the Company’s goal to be the premier regional provider of refined, agriculturally based products and ingredients worldwide. “We are focused on broadening our value-added product portfolio and expanding the business geographically in the high-growth region of Asia.”

Conference Call and Webcast

     Corn Products will conduct a conference call today at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) to be hosted by Sam Scott, chairman, president and chief executive officer, and Cheryl Beebe, vice president and chief financial officer.

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     The call will be broadcast in a real-time webcast. The broadcast will consist of the call and a visual presentation accessible through the Corn Products International web site at www.cornproducts.com. The “listen-and-view-only” presentation will be available to download approximately 60 minutes prior to the start of the call. A replay of the webcast will be available at www.cornproducts.com.

     Individuals without Internet access may listen to the live conference call by dialing 719.457.2654. A replay of the audio call will be available through Friday, February 10 by calling 719.457.0820 and using passcode 9417484.

About the Company

     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 2005, the Company recorded net sales of $2.36 billion with operations in 15 countries at 33 plants, including wholly owned businesses, affiliates and alliances. Headquartered in Westchester, Ill., it was founded in 1906. For more information, visit www.cornproducts.com.

Forward-Looking Statement

     This news release contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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 future financial condition, earnings, revenues, expenses or other financial items, any statements concerning the Company’s prospects or future operation, including management’s plans or strategies and objectives therefor and any assumptions underlying the foregoing. These statements can sometimes be identified by the use of forward looking words such as “may,” “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 report or referred to or incorporated by reference into this report are “forward-looking statements.” These statements are subject to 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

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manufacture and/or sell our products; fluctuations in the value of local currencies, energy costs and availability, freight and shipping costs, and changes in regulatory controls regarding quotas, tariffs, duties, taxes and income tax rates; operating difficulties; boiler reliability; labor disputes; genetic and biotechnology issues; changing consumption preferences and trends; increased competitive and/or customer pressure in the corn-refining industry; the outbreak or continuation of hostilities including acts of terrorism; stock market fluctuation and volatility; and our ability to maintain sales levels of HFCS in Mexico. 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 certain 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)

(All figures are in millions, except per share amounts)

		Three Months Ended								Change				Year Ended								Change
		December 31,								%				December 31,								%
		2005				2004								2005				2004
Net sales before shipping and handling costs		$	635.5			$	619.9				3	%		$	2,559.4			$	2,461.5				4	%
Less: shipping and handling costs			49.9				46.2				8	%			199.0				178.0				12	%
Net sales			585.6				573.7				2	%			2,360.4				2,283.5				3	%
Cost of sales			503.9				488.9				3	%			2,028.4				1,929.2				5	%
Gross profit			81.7				84.8				-4	%			332.0				354.3				-6	%
Operating expenses			40.7				40.0				2	%			158.0				157.9				0	%
Plant closing costs			—				20.8								—				20.8
Other expense (income), net			(2.8	)			(1.2	)			133	%			(9.2	)			(3.6	)			156	%
Operating income			43.8				25.2				74	%			183.2				179.2				2	%
Financing costs, net			6.9				8.3				-17	%			34.8				34.1				2	%
Income before income taxes			36.9				16.9				118	%			148.4				145.1				2	%
Provision for income taxes			12.7				1.2								55.7				43.5
			24.2				15.7				54	%			92.7				101.6				-9	%
Minority interest in earnings			0.7				1.3				-46	%			3.1				8.0				-61	%
Net income		$	23.5			$	14.4				63	%		$	89.6			$	93.6				-4	%
Weighted average common shares outstanding:
Basic			73.8				74.2								74.7				73.4
Diluted			74.6				76.1								75.6				74.7
Earnings per common share:
Basic		$	0.32			$	0.19				68	%		$	1.20			$	1.28				-6	%
Diluted		$	0.31			$	0.19				63	%		$	1.19			$	1.25				-5	%

Note:		All amounts per common share and the number of common shares for all periods presented have been retroactively adjusted to reflect the 2-for-1 stock split effective January 25, 2005.

CORN PRODUCTS INTERNATIONAL, INC.
Condensed Consolidated Balance Sheets

(In millions, except share amounts)		December 31,				December 31,
		2005				2004
		(Unaudited)
Assets
Current assets
Cash and cash equivalents		$	116			$	101
Accounts receivable — net			287				284
Inventories			258				258
Prepaid expenses			11				11
Deferred income tax assets			13				30
Total current assets			685				684
Property, plant and equipment — net			1,274				1,211
Goodwill and other intangible assets			359				353
Deferred income tax assets			3				42
Investments			11				9
Other assets			57				68
Total assets		$	2,389			$	2,367
Liabilities and equity
Current liabilities
Short-term borrowings and current portion of long-term debt		$	57			$	88
Deferred income taxes			1				—
Accounts payable and accrued liabilities			366				374
Total current liabilities			424				462
Non-current liabilities			110				116
Long-term debt			471				480
Deferred income taxes			128				177
Minority interest in subsidiaries			17				18
Redeemable common stock (1,227,000 shares issued and outstanding at December 31, 2005 and 2004) stated at redemption value			29				33
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 — 74,092,774 issued at December 31, 2005 and 2004			1				1
Additional paid-in capital			1,068				1,047
Less: Treasury stock (common stock; 1,528,724 and 792,254 shares at December 31, 2005 and 2004, respectively) at cost			(36	)			(4	)
Deferred compensation — restricted stock			(1	)			(2	)
Accumulated other comprehensive loss			(251	)			(321	)
Retained earnings			429				360
Total stockholders’ equity			1,210				1,081
Total liabilities and equity		$	2,389			$	2,367

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

		For The Year
		Ended December 31,
(In millions)		2005				2004
Cash provided by (used for) operating activities:
Net income		$	90			$	94
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation			106				102
Write-off of fixed assets-plant closures			—				19
Decrease (increase) in trade working capital			60				(37	)
Other			(11	)			(12	)
Cash provided by operating activities			245				166
Cash provided by (used for) investing activities:
Capital expenditures, net of proceeds on disposal			(136	)			(103	)
Payments for acquisitions, net			(5	)			(68	)
Other			—				22
Cash used for investing activities			(141	)			(149	)
Cash provided by (used for) financing activities:
(Payments on) proceeds from borrowings, net			(44	)			6
(Repurchases) issuance of common stock, net			(25	)			30
Dividends paid			(22	)			(23	)
Cash (used for) provided by financing activities			(91	)			13
Effect of foreign exchange rate changes on cash			2				1
Increase in cash and cash equivalents			15				31
Cash and cash equivalents, beginning of period			101				70
Cash and cash equivalents, end of period		$	116			$	101

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

(Dollars in millions, except per share amounts)

I. Geographic Information of Net Sales and Operating Income

		Three Months Ended								Change				Year Ended								Change
		December 31,												December 31,
		2005				2004				%				2005				2004				%
Net sales
North America		$	340.1			$	346.7				-2	%		$	1,422.2			$	1,419.0				0	%
South America			164.6				149.7				10	%			603.2				556.2				8	%
Asia/Africa			80.9				77.3				5	%			335.0				308.3				9	%
Total		$	585.6			$	573.7				2	%		$	2,360.4			$	2,283.5				3	%
Operating income
North America		$	12.6			$	17.9				-30	%		$	59.0			$	86.7				-32	%
South America			29.0				26.4				10	%			101.1				98.0				3	%
Asia/Africa			10.1				9.6				5	%			53.2				47.7				12	%
Corporate			(7.9	)			(7.9	)			0	%			(30.1	)			(32.4	)			-7	%
Plant closing costs			—				(20.8	)			—				—				(20.8	)			—
Total		$	43.8			$	25.2				74	%		$	183.2			$	179.2				2	%

II. Estimated Sources of Diluted Earnings Per Share for the Year Ended December 31, 2005

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

		Diluted
		Earnings Per
		Share
		Year Ended
Diluted Earnings Per Share — December 31, 2004		$	1.25
Change
Volumes			0.05
Operating margin			(0.18	)
Foreign currency translation			0.17
Financing costs			(0.01	)
Minority interest			0.07
Effective tax rate			(0.15	)
Shares outstanding			(0.01	)
Net Change			(0.06	)
Diluted Earnings Per Share — December 31, 2005		$	1.19

III. Capital expenditures

Capital expenditures, net of proceeds on disposals, for the years ended December 31, 2005 and 2004, were $136 million and $103 million, respectively. For 2006, the Company anticipates capital expenditures of approximately $150 million.

IV. Non-GAAP Information
The Company uses certain key metrics to better monitor our progress towards achieving our strategic business objectives. Among these metrics is the Total Debt to Capitalization Percentage, which is not calculated in accordance with Generally Accepted Accounting Principles (“GAAP”). Management believes that this non-GAAP information provides 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. The information presented 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 below may not be comparable to similarly titled measures of other companies. Our calculations of the Total Debt to Capitalization Percentage at December 31, 2005, with comparison to the prior year are as follows:

Total Debt to Capitalization Percentage

		At
		December 31,
(Dollars in millions)		2005				2004
Short-term debt		$	57			$	88
Long-term debt			471				480
Total debt (a)		$	528			$	568
Deferred income tax liabilities			128				177
Minority interest in subsidiaries			17				18
Redeemable common stock			29				33
Stockholders’ equity			1,210				1,081
Total capital		$	1,384			$	1,309
Total debt and capital (b)		$	1,912			$	1,877
Debt to capitalization percentage (a/b)			27.6	%			30.3	%