WESTCHESTER, Ill., Jan. 28 /PRNewswire-FirstCall/ -- Corn Products International, Inc. (NYSE: CPO) today notified the Government of Mexico of its intention to submit a claim for compensation under the investment provisions of the North American Free Trade Agreement (NAFTA). This action arises out of the imposition by the Government of Mexico of a highly discriminatory tax on soft drinks containing high fructose corn syrup (HFCS), which became effective on January 1, 2002.

The Company has been reviewing its legal options and believes that the Government of Mexico has violated certain obligations with respect to foreign investors under the NAFTA, including those regarding non-discriminatory treatment and expropriation.

Corn Products International confirmed that the impact of this tax is approximately $0.05 to $0.06 per share per month or $35 to $40 million in operating income on an annual basis as stated in its January 24, 2002, press release. The claim described in the Company's notice, which approximates $250 million, seeks compensation for the Company's costs, and past and potential lost profits as well as other costs related to its operations in Mexico.

The Notice of Intent is the first step required by the NAFTA in pursuing an investment dispute. The NAFTA requires the Company to serve written notice of its intention to submit a claim at least three months before submitting the claim to arbitration. Pursuant to the process, the Company and the Government of Mexico must continue to attempt to resolve the situation through consultation or negotiation during this period.

About Corn Products International, Inc.

The Company 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 No. 1 worldwide producer of dextrose and a leading regional producer of starch, high fructose corn syrup and glucose. In 2001, the Company recorded net sales of $1.9 billion with operations in 19 countries at 42 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 factors such as the following: 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; and increased competitive and/or customer pressure in the corn refining industry. 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. SOURCE Corn Products International, Inc.

-0- 01/28/2003

/CONTACT: Investors, Richard Vandervoort, +1-708-551-2595, or Media, Jennifer Woomer Dinehart, +1-708-551-2602, both of Corn Products International, Inc./