Penford And Novomer Enter Into Joint Development Agreement

About Penford

Penford Corporation is a publicly traded company (NASDAQ: PENX) ( www.penford.com) that develops, manufactures and markets specialty ingredients for a variety of industrial and food applications. Products include a broad line of modified starches for paper and packaging, biofuels, sustainable bio-products to displace petroleum-based chemicals and specialty food ingredients. Penford has seven manufacturing and/or research locations in the United States.

About Novomer

Novomer ( www.novomer.com) is a revolutionary new materials company pioneering a family of low-cost, high-performance, sustainable plastics, polymers and other chemicals. Based on the pioneering catalyst work of Dr. Geoff Coates at Cornell University, Novomer's groundbreaking technology allows carbon dioxide and other renewable feedstocks to be cost-effectively transformed into polymers, plastics and commodity chemicals for a wide variety of industrial markets. The company is partnered with equity investors Flagship Ventures, Physic Ventures, OVP Venture Partners and DSM Venturing and has received significant financial support from the U.S. Department of Energy, National Science Foundation and the State of New York.

The statements contained in this release that are not historical facts are forward-looking statements that represent management’s beliefs and assumptions based on currently available information. Forward-looking statements can be identified by the use of words such as “believes,” “may,” “will,” “looks,” “should,” “could,” “anticipates,” “expects,” or comparable terminology or by discussions of strategies or trends. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurances that these expectations will prove to be correct. Such statements by their nature involve substantial risks and uncertainties that could significantly affect expected results. Actual future results could differ materially from those described in such forward-looking statements, and the Company does not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Among the factors that could cause actual results to differ materially are the risks and uncertainties discussed in this release and those described from time to time in other filings with the Securities and Exchange Commission which include, but are not limited to: competition; the possibility of interruption of business activities due to equipment problems, accidents, strikes, weather or other factors; product development risk; changes in corn and other raw material prices and availability; the Company’s inability to comply with the terms of instruments governing the Company’s debt or preferred stock; changes in general economic conditions or developments with respect to specific industries or customers affecting demand for the Company’s products, including unfavorable shifts in product mix; unanticipated costs, expenses or third party claims; interest rate, chemical and energy cost volatility; changes in returns on pension plan assets and/or assumptions used for determining employee benefit expense and obligations; unforeseen developments in the industries in which Penford operates; and other factors described in the “Risk Factors” section in reports filed by the Company with the Securities and Exchange Commission.

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