Presentation to

JPMorgan Brazil Investor TourMarch 3, 2008

Jorge L. FiamenghiVice President and President,

South America Division

David A. PrichardVice President, Investor Relations

2

Forward-Looking Statement

This presentation 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,” “should,” “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 markets for corn and other commodities, 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/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; our ability to effectively integrate acquired businesses; 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; and stock market fluctuation and volatility. 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 these risks factors, see the Company’s most recently filed Annual Report on Form 10-K for the year ended December 31, 2006 and subsequent reports on Forms 10-Q or 8-K.

3

Pure-Play Starch Refiner/Ingredients Company

• Leading global provider of refined, agriculturally based

products and ingredients

– Primary raw materials: corn/other starch-based materials

– No. 1 worldwide dextrose producer

– Regional leader in starch, high fructose corn syrup and glucose

• Major in-country capacity shares typical – ex-US

• Solid balance sheet and strong cash flow generation

4

Pure-Play Starch Refiner/Ingredients Company

SweetenersDextroseGlucoseMaltoseHigh fructose corn syrupFermentation products

StarchesIndustrial starchesProcess food starchesFermentation products

Co-productsCorn gluten feed Corn gluten mealCorn oil

corn syrups

5

End User Products

Customers in About 60 Diverse Industries/70 CountriesFood Industrial Fine Chemicals/

Sweeteners Starches Starches PharmaceuticalsCarbonated beverages Cereals Paper IV DextroseBeer Soups Corrugated boxes Tableting excipientsSports drinks Sauces Textiles Fermentation feedstocksFrozen desserts Drink mixes AdhesivesCanned fruits and vegetables Pudding Baby and face powdersDrink mixes Cakes RubberPresweetened cereals Cookies LeatherBreads Crackers DetergentsFruit juicesJams and jelliesChewing gumCream fillingSyrupsCandy

6

Sales by Product Category & Markets Served

55%

20%

25%

54%

21%

25%

52%

22%

26%

53%

23%

24%

55%

22%

23%

57%

22%

21%

0%

10%

20%

30%

40%

50%

60%

2002 2003 2004 2005 2006 2007

Sweeteners

Starches

Co-Products &Other

Soft Drink Industry, 16%

Animal Feed, 11%Brewing Industry, 11%

Other, 37%

Processed Foods Industry, 25%

7

Strong and Unique Global PositionProducing: 15 countries**,*** 35 plants**,***Marketing: 70 countries

North America 3United States 4Canada, Mexico 1

South America 1Argentina, Brazil, Chile, Colombia, Peru, Venezuela**

Asia/AfricaSouth Korea, Thailand, Pakistan, China***, KenyaSouth Africa**

*Share of production capacity**Technical License Agreements***Joint Venture

Geographic Installed-Capacity Leadership

Top Tier or 1

Rank*

Source: Corn Products International Competitive Intelligence Process

8

Positive Drivers/Strategic Focus

Favorable Global Trends

• Rising populations & GDP rates• Improving standard of living• Per capita income growth• Preference for improved diet• Personal/health care awareness

Our Operating Approach

• Strategize globally—execute locally

• Leverage core competencies• Delivered cost leadership in local

markets• Anticipate/satisfy changing

customer and consumer needs• Become even closer to customer

9

■ Strong Americas position

■ Managing geographic breadth

• Cultural understanding

• Performance in “difficult”environments

■ Reputation/assets/infrastructure

■ Managing alliance relationships

Core Capabilities – A Building Platform

10

Mission and Pathways

2003 2008

1. Excel at the Base Business

5. Be anIngredients Supplier

4. Grow Defensible Businesses in New High-Growth Regions3. Expand Value-

Added Product Portfolio Through Multi-Geographic Alliances and Acquisitions

2. Selectively Drive Organic Growth in the Base Business

To be the Premier Regional Provider of Refined, Agriculturally Based Products and Ingredients Worldwide

11

Product Platforms and Target Markets

Markets

Food

Platforms

Sweeteners

Starches

NewIngredients

StrategicAccounts &Geographies

AnimalNutritionIndustrial

Health &Personal

CareBeverage

Mission: “To be the Premier Regional Provider of Refined, Agriculturally Based Products

and Ingredients Worldwide”

12

Key Financial Targets: 2003-2008

5-Year EPS Growth Target Low Double-Digit

Return on Capital Employed (ROCE) 8.5% to 10+%

Total Debt/EBITDA < 2.25x

Debt/Capitalization 32% to 35%

Operating Working Capital 8% to 10% of Net Sales

See Appendix slides for GAAP reconciliation for the non-GAAP Targets

13

Management/Shareholder Alignment

• Enhancing shareholder value– Officers average nearly 20 years of experience

• Executive compensation aligned with shareholders

• Management variable compensation

• Direct stock ownership targets for officers• Significant inside ownership

Short-term– EPS/Operating Income 80%– Operating Cash Flow 20%

Long-term– Shareholder return 50%– Return on capital employed (ROCE) 50%

Annual Incentive Plan– EPS/Operating Income 60%– Individual 20%– Working Capital/ROCE 20%

14

2007 Review

• Second consecutive year of record sales and earnings– 5-year strategic and financial targets reached or exceeded a year earlier– 4-Year EPS CAGR is 25%, with sales exceeding $3 billion and operating

income over $300 million – ROCE of 11.4% exceeds 8.5% -10% target range and cost of capital for first

time – Raised quarterly dividend by 22% in September 2007– New 5 million share repurchase program authorized in November 2007– Polyols acquisition completed in February 2007 to broaden sweetener line

• Business model performed well in unprecedented and volatile global commodity environment

15

2008 Outlook

• Expect higher diluted EPS, between $2.65 and $2.85, versus $2.59 in 2007 which included a 5-cent gain from the Company’s CME Group shares

• Forecast 2008 net sales to reach $3.7 billion vs. $3.39 billion in 2007

• Anticipate ROCE to again exceed cost of capital

• Estimated Cap-X of about $200 million reflects continued spending from 2007 on attractive growth projects– Polyol investments in the Americas; new modified starch capacity in Mexico– Product channel expansions in Argentina, Brazil, Colombia, Mexico, Pakistan and

Thailand

16

2008 Outlook by Region

• North America profit improvement expected to continue– Higher contract pricing in US/Canada starch and sweeteners book of business– Including fee-based and multi-year contracts, overall 2008 pricing for entire

US/Canada book of business increased in low double-digit range– US/Mexico open trade for sugar and sweeteners starts under NAFTA– Expect higher Mexico volumes, including HFCS, in 2008

• South America should continue to grow– Better results expected in Brazil– Improvement anticipated in the Southern Cone

• Weaker results expected in Asia/Africa– Reduced operating income in South Korea

• Lower volumes from sluggish domestic economy and impact of higher selling prices, along with high corn and ocean freight rate costs

• Tough first half comparison

• Aggressively working to improve the performance

– Higher results expected in Pakistan and Thailand

17

Focus on South America

18

External Environment

• Political environment– Democratic governments in the region– No major changes expected from political model in next

several years• Economic environment

– Growing GDP– Per-capita income improving– Strong agriculture and growing industry– Free market/borders– Low inflation – under control– Currencies appreciated vs. U.S. dollar

19

External Environment (cont’d.)

• Raw materials– Adequate supplies currently and in future

• Corn, manioc and sucrose

• Energy– Natural gas and fuel costs – expected to be manageable– Major countries self-sufficient – Long-term supply commitments for Brazil

• Sugar as raw material – Brazilian Getec polyols business– Abundant and low-cost

• Sugar as competitive ingredient– Argentina, Colombia, Chile – highly protected; social and political– CPO impact:

• Southern Cone – our only HFCS market – demand/offer in balance• Andean Region, Peru and Brazil – no HFCS business

20

External Environment (cont’d.)

• International competitors– Brazil-based operations

• Cargill• National Starch• Avebe• D.D. Williamson

– Offshore exporters• Staley• ADM• Roquette• Sethness

• Domestic competitors– Argentina

• Arcor• Ledesma• Glutal

– Brazil• Manioc processors

21

Historical Context

• CPO has 80 years of performance– Argentina started in 1928 and Brazil in 1929– Expansion to other countries starting in the 1960s

• Strong leadership: ~75% share of installed capacity*• Full territory coverage – 12 plants and TLA with

Venezuela• Infrastructure and reputation in place• Leading low-cost, high-quality ingredients supplier• Diversified portfolio – ingredients and services• Well-positioned to participate in region’s growth*Source: Corn Products Competitive Surveillance Process

22

• Andean Region– Colombia

• 1 corn refining plant• 1 tapioca plant• 2 tolling facilities

– Venezuela 1 plant (TLA)– Peru 1 plant

• Southern Cone– Argentina 2 plants– Chile 1 plant– Uruguay Distribution warehouse– Paraguay Sales agent– Bolivia Sales agent

• Brazil– 3 corn refining plants– 1 tapioca plant– 1 adhesive & caramel color plant– 1 polyols plant – Ingredient Technology Center

Corn Products South America

23

South America Ingredients

BASIC INGREDIENTS

High Maltose Syrup Regular StarchGlucose Corn SyrupHFCSLiquid DextroseSyrup Blends

SPECIAL INGREDIENTS

• Food Modified Starches• Industrial Mod. Starches• Dried Blends• Crystalline Dextrose• Dried Syrups• Maltodextrine• Sorbitol, Mannitol, Liquid

Maltitol• Fructooligosaccharide• Caramel Color• Adhesives & Dextrines• Fats & Emulsifiers• Refined Corn Oil

ANIMAL NUTRITION & HEALTH

• Gluten Feed• Gluten Meal• Other, Basic & Special

Ingredients

Raw Materials:

Regular and Waxy Corn, Tapioca, Wheat & Soy Flour, Sucrose

24

Inspiration

“Every day, in every home,at least one of our ingredients is to be used

to make the quality of life better”

25

Specialty Ingredients Examples of Progress

• Food starches - Specialties– Variety of raw materials: corn – dent and waxy; tapioca; blends

• Applications: sauces, mayonnaise, dressings, frozen desserts, yogurt, beverages, flavors

• Types: Cross-bonded and Pregelatinized, OSA, HPS and CSW starches

• ExpandexTM modified tapioca starch for gluten intolerance market• Industrial starches

– Ecopolymers for plastic replacement– Casein-based adhesive for labeling– Pregelatinized starch for mining and tissue– Acetylated thin-boiling waxy starch for paper coating

• Health and personal care– OSA aluminum and calcium for creams– Cationic starch for softener– Sorbitol for tooth paste and tableting and mannitol pharma and food grades

26

Net Sales & Operating Income/MarginsSouth America – 2001-2007

$440$401

$495

$603$670

$925

$556

$0

$200

$400

$600

$800

$1,000

2001 2002 2003 2004 2005 2006 20070

20

40

60

80

100

120

140

160

180

200

Net Sales Operating Income

Net Sales($ Millions)

Operating Income($ Millions)

16.8%17.6% 16.8% 12.5%

14.5%15.5%

12.4%

27

Net Sales South America – 2001-2007

200 195251

288322

350

498

140 144 143 163 167191

267

10063

102 106 114 129160

440401

495

556

670

925

603

$0

$100

$200

$300

$400

$500

$600

2001 2002 2003 2004 2005 2006 2007$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

Brazil Other Argentina Total SA

($ millions)

28

$667

$902

$559$521

$468$489

$360

$0

$200

$400

$600

$800

$1,000

2001 2002 2003 2004 2005 2006 2007

Total AssetsSouth America – 2001-2007

($ millions)

29

ConchalConchal--SPSPTapioca MillingTapioca Milling

JundiaJundiaíí--SPSPCaramel Color/Vegetable AdhesivesCaramel Color/Vegetable Adhesives

CaboCabo--PEPECorn Wet MillingCorn Wet Milling

MogiMogi GuaGuaççuu--SPSPCorn Wet MillingCorn Wet Milling

Balsa NovaBalsa Nova--PRPRCorn Wet MillingCorn Wet Milling

Brazil Products and Plant Locations

AlcantaraAlcantara--RJRJGetec PolyolsGetec Polyols

Primary Products– Adhesives– Anhydrous dextrose– Caramel color– Corn oil– Dextrin– Glucose– Glucose solids– Gluten feed– High maltose syrup– Liquid dextrose– Unmodified and modified starch– Maltodextrin– Oligosaccharides– Sorbitol, mannitol– Tapioca starch

30

South America Strategic Focus

2003 2008

1. Excel at the Base Business

5. Be an ingredients supplier

4. Grow Defensible Businesses in New High-growth Regions3. Expand Value-

added Product Portfolio Through Multi-Geographic Alliances and Acquisitions

2. Selectively Drive Organic Growth in the Base Business

31

Strategic Overview

• Corn Products in the South America region is well-advanced as an ingredient supplier– Recognized by customers/markets served– Providing differentiated services and efficient solutions

• Tailor-made ingredient specs• Developing enhanced formulations• People expertise

– Strategically allied to key local customers– Broad portfolio

32

Strategic Overview

Working through the pathways, recent past & present:

• Excel at the base business

– Rationalizing production and supply in Southern Cone

– Consolidating facilities in Andean Region

– Improving channels take-away in Brazil

– Maximizing working capital initiative

• Cost & efficiencies – throughout South America

– Strengthening standards of quality, environment and safety

– Solid margins (mid-teens average OI% for any 3-year period )

33

Strategic Overview

Working through the pathways, recent past and present:(Cont’d.)

• Selectively grow the business

– Maintaining installed capacity leadership

– Focused on selected markets – reinforced presence

– Expanded ingredients application : processed food, dairy, household/personal care, and animal nutrition and health

– Growing on more added-value existing ingredients – continued lowering dependency on basic ingredients

– Monitor competition to protect share

34

Cap-X and D&ASouth America – 2001-2007

49

77

28

17 18 20 23 2530

48

313028

16

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

2001 2002 2003 2004 2005 2006 2007

Cap-X D&A

($ millions)

35

Strategic Overview

Working through the pathways, recent past and present:(Cont’d.)

• Leverage alliances and acquisitions – broadening portfolio

– Introduced GTC products throughout the region

– Developed alliances at country/regional basis for household/personal care, animal nutrition, bakery and textile segments:• Shared portfolio

• Improving services know-how

– Expand specialties exports outside the region

36

Strategic Overview

Working through the pathways, recent past and present:(Cont’d.)

• Be an ingredients supplier

– Established strategic relationship with top key customers– Sharing expertise for joint developments– Developed and invested in new variety of special starches – Expanding functional/nutraceuticals ingredients approach– Developing technical capabilities to enhance selected markets

penetration– Promoting seminars and workshops

37

Recent Strategic Actions

• Getec polyols acquisition in Brazil in February 2007– Products include liquid sorbitol, mannitol and anhydrous dextrose– Serves personal care, food, candy and confectionary, and pharmaceutical markets– Formed in 1964 and now fully integrated in our Brazilian business

• DEMSA acquisition in December 2006– Peru’s only corn refiner established in 1964 and with annual sales of about $15 million at

the time of purchase– Produces regular and modified corn starch, glucose, grits, corn oil, corn flour, hominy

feed, caramel color and other products– Serves food and beverage, papermaking, corrugated, pharmaceutical, textiles and animal

feed markets– Expected to improve overall performance of Andean region

• Both acquisitions enhance CPO’s historically strong market position and extensive territory coverage in South America

• Infant food business development in Colombia• Alliance with Bunge in Brazil to expand bakery and animal nutrition segments

38

Key Going-Forward Success Factors

• Investments to support growth strategy– Brazil, Argentina and Colombia grind expansions

• Underway – to be completed in 2008– New sorbitol facility started up in Colombia– New polyols facility in Brazil to be completed in 2008– 3 additional modified specialty ingredient channels for Brazil

• Investment completed by year-end 2006• Products launched in 2007 with sales growth expected

• Innovation and agile culture• Historic focus and accomplishment

– Meeting all the needs of our customers – Basic and specialty ingredients offerings– Providing return and growth

39

Thank You

Q & A

40

41

Appendix

42

Management ProfilesSamuel C. Scott IIIChairman, President and Chief Executive Officer

Samuel Scott, 63, has served as chairman and chief executive officer since 2001. Previously, Scott was the president and chief operating officer of the Company. He held various positions with CPC International Inc. since 1973, including vice president of sales for Corn Products, executive vice president, and president of CPC’s worldwide corn-refining business. He also held positions with Citibank and United Technologies’ Norden Division. Scott serves on the board of Motorola, Inc., where he is lead director and chairman of the compensation committee. He also serves on the board of directors of Abbott Laboratories and The Bank of New York Mellon Corporation. In addition, he sits on the boards of ACCION International, INROADS Chicago and The Chicago Council onForeign Relations. He is a trustee of The Conference Board. Scott received a bachelor’s degree in engineering and a master’s degree in business administration from Fairleigh Dickinson University in New Jersey.

Cheryl K. BeebeVice President and Chief Financial Officer

Cheryl Beebe, 52, was appointed vice president and chief financial officer in 2004. Prior to this position, she served as the vice president of finance and corporate treasurerof the Company. Beebe has held various positions of increasing responsibility in marketing, market services, audit, finance and treasury functions, since joining CPC International Inc. in 1980. She has a bachelor’s degree in accounting from Rutgers University in New Jersey, and a master’s degree of business administrationin corporate finance from Fairleigh Dickinson University in New Jersey.

43

Management Profiles (cont’d.)

Jorge L. FiamenghiVice President and President, South America Division

Jorge Fiamenghi, 52, has been vice president and president of the South America Division since 1999. Most recently, he was acting president, US/Canadian Region from August 2001 to February 2002. He has held many management positions throughout North and South America, including president and general manager of Corn Products Brazil from 1996-1999 and general manager for the CPC corn refining affiliate in Argentina starting in 1991. Fiamenghi joined CPC International in 1971. He holds a bachelor’s degree in economics from São Judas University and a post-graduate degree in business administration from Faculdade de Ciências Econômicas de São Paulo in Brazil.

44

Corn Wet Milling Process

45

Ingredient Applications

••••••••Wines & Brewing

•••••••Textiles

•••••Syrups & Sweeteners••••••Pharmaceuticals

••••••••Personal Care

••••Pastes & Adhesives

•••Paper, Corrugated & Related

••••••••Mixes & Prepared Foods

••••••••Miscellaneous Industry

•••••••••Miscellaneous Foods

•••••Mining/Metallurgy

••••••••Meat Products•••••••Jams, Jellies & Preserves•••••••••Ice Cream & Frozen Desserts

•••••••••Formulated Dairy Products

•Fats & Oils•••••••••Confectionery, Gum & Cough Drops

••••••••Condiments

•••••••••••Chemicals

••••••••••Cereals

•••••••••Canners & Packers

•••••••Building Materials•••••Beverages & Soft Drinks

•••••••••••••Animal Feeds & Pet Foods

Ingredient Applications Modified Starch

Unmodified Starch

DextrinMaltodextrin

Glucose/Corn Syrup

Dextrose

HFCS Corn Oil

Gluten Feed

Gluten Meal

Germ Meal

Steepwater

scFOS

46

Financial Review

47

Summary Income StatementYear Ended December 31

2007 2006 Change

Net sales $3,391 $2,621 29%

Gross margin 17.3% 15.9%

Operating income 347 224 55%

Operating margin 10.2% 8.6%

Net income 198 124 60% Net margin 5.8% 4.7%

Diluted earnings per share $2.59 $1.63 59%

Effective tax rate 33.5% 35.3%

Weighted average dilutedcommon shares outstanding 76.5 75.8

(In millions, except per share amounts)

48

2007 2006 Return on capital employed 11.4% 7.5%

Debt to total capital 26.6% 26.7%

Debt to EBITDA (TTM) 1.4 1.6

Operating working capital $395 $261(excluding short-term debt, cash and deferred tax)

% of 12-month sales 11.6% 10.0%

Net debt (debt less cash) $474 $423

Key Metrics Year Ended December 31

($ millions)

49

Diluted EPS and Operating Margin*

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

2002 2003 2004 2005 2006 2007 2008Outlook

Diluted EPS Operating Margin

Expect diluted EPS in a range of $2.65 to $2.85

*Adjusted for 2-for-1 stock split effective January 25, 2005

8.2%8.3% 7.8% 7.8% 8.6%

10.2%

50

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

2001 2002 2003 2004 2005 2006 2007

Cap-XD&A

Cap-X and D&A

($ millions)

2008 Cap-X Budget is Approximately $200 Million

51

Cash Flow and Total Debt

Cash Flow from Operations

$0

$50

$100

$150

$200

$250

$300

2002 2003 2004 2005 2006 2007

Cash Flow Net Income

Leverage

$0

$100

$200

$300

$400

$500

$600

$700

2002 2003 2004 2005 2006 20070.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Total Debt Debt to Total Capital

($ millions)

52

Dividend History*

*Adjusted for 2-for-1 stock split effective January 25, 2005

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

1999 2000 2001 2002 2003 2004 2005 2006 2007

Annual Cash Dividend Paid Per Common Share Annual Diluted EPS

53

Key Target – GAAP ReconciliationReturn on Capital Employed at December 31

($ millions)Return on Capital Employed 2007 2006Total stockholders’ equity* $1,330 $1,210

Add:

Cumulative translation adjustment* 214 257

Minority interest in subsidiaries* 19 17

Redeemable common stock* 44 29

Share-based payments subject to redemption* 4 -

Total debt* 554 528

Less:

Cash and cash equivalents* (131) (116)

Capital employed* (a) $2,034 $1,925

Operating income $347 $224

Adjusted for:

Income taxes (at effective tax rates of 33.5% in 2007 and

35.3% in 2006) (116) (79)

Adjusted operating income, net of tax (b) $231 $145

Return on Capital Employed (b ÷ a) 11.4% 7.5%

* Balance sheet items used in computing capital employed represent beginning of period balances

54

Key Target – GAAP ReconciliationDebt to Total Capital at December 31

($ millions)Debt to Capitalization percentage 2007 2006

Short-term debt $130 $74 Long-term debt 519 480

Total debt (a) $649 $554

Deferred income tax liabilities $133 $121

Minority interest in subsidiaries 21 19

Redeemable common stock 19 44

Share-based payments subject to redemption 9 4

Stockholders’ equity 1,605 1,330

Total capital $1,787 $1,518

Total debt and capital (b) $2,436 $2,072

Debt to Capitalization percentage (a÷b) 26.6% 26.7%

55

Key Target – GAAP ReconciliationDebt to EBITDA Ratio at December 31

($ millions)

Debt to EBITDA ratio 2007 2006Short-term debt $130 $74 Long-term debt 519 480

Total debt (a) $649 $554

Net income $198 $124

Add back:

Minority interest in earnings 5 4Provision for income taxes 102 69Interest expense, net 38 28

Depreciation 125 114

EBITDA (b) $468 $339

Debt to EBITDA ratio (a ÷ b) 1.4 1.6

56

Key Target – GAAP ReconciliationOperating Working Capital as % of Net Sales

($ millions)

Operating Working Capital as a percentage of Net Sales 2007 2006Current assets $1,089 $837

Less: Cash and cash equivalents (175) (131)Less: Deferred income tax assets (13) (16)Adjusted current assets $901 $690

Current liabilities $664 $517

Less: Short-term debt (130) (74)

Less: Deferred income tax liabilities (28) (14)

Adjusted current liabilities $506 $429

Operating working capital (a) $395 $261

Net sales for the last 12 months (b) $3,391 $2,621 Operating Working Capital as a percentage of Net Sales (a ÷ b) 11.6% 10.0%

57

Geographic Segments – Annual Net Sales/Operating Income 2001 through 2007

2007 2006 2005 2004 2003 2002 2001Net sales

North America 2,052 1,588 1,422 1,419 1,329 1,219 1,212

South America 925 670 603 556 495 401 440

Asia/Africa 414 363 335 308 278 251 235

Total 3,391 2,621 2,360 2,283 2,102 1,871 1,887

Segment operating income*

North America 234 130 59 87 68 56 65

South America 115 84 101 98 83 58 68

Asia/Africa 45 53 53 48 54 54 45

Total operating income 347 224 183 179 174 153 166*Geographic segments only

($ millions)

58

Net Sales – Top Six CountriesYear Ended: 2001-2007

2007 2006 2005 2004 2003 2002 2001

United States 1,021$ 770$ 710$ 765$ 738$ 605$ 599$

Mexico 668 532 450 383 331 332 390

Canada 363 286 262 271 260 281 224

Sub Total $2,052 1,588$ 1,422$ 1,419$ 1,329$ 1,218$ 1,213$

Brazil 498$ 350$ 322$ 288$ 251$ 195$ 200$

Korea 195 185 186 187 170 162 155

Argentina 160 129 114 106 102 63 100

Others 486 369 316 283 250 233 219

Total 3,391$ 2,621$ 2,360$ 2,283$ 2,102$ 1,871$ 1,887$

($ millions)

59

Long-Lived Assets – Top Six Countriesas of December 31: 2001-2007

2007 2006 2005 2004 2003 2002 2001

United States 506$ 466$ 428$ 407$ 406$ 433$ 434$

Mexico 370 365 382 401 426 433 457

Canada 188 154 176 173 165 147 151

Sub Total 1,064$ 985$ 986$ 981$ 997$ 1,013$ 1,042$

Brazil 320$ 219$ 160$ 125$ 112$ 88$ 131$

Korea 276 280 252 243 212 210 186

Argentina 137 125 120 117 116 67 135

Others 216 198 183 175 171 146 158

Total 2,013$ 1,807$ 1,701$ 1,641$ 1,608$ 1,524$ 1,652$

($ millions)

60

Summary Balance Sheet2007, 2006 and 2005

2007 2006 2005

Current assets 1,089$ 837$ 685$ Net fixed assets 1,500 1,356 1,274 Other assets 514 452 430 Total assets 3,103$ 2,645$ 2,389$

Current liabilities* 544$ 443$ 367$ Total debt 649 554 528 Other liabilities 286 274 255 Redeemable equity 19 44 29 Stockholders' equity 1,605 1,330 1,210 Total liabilities and equity 3,103$ 2,645$ 2,389$ *Excludes short-term debt

($ millions)

61

Summary Cash Flow2007, 2006 and 2005

2007 2006 2005

Cash flow from operations 258$ 230$ 245$ Net income 198 124 90 Depreciation 125 114 106 Working capital (increase)/decrease (59) (29) 60 Other (6) 21 (11)

Cash flow from investing (232)$ (210)$ (141)$ Fixed assets, net (174) (168) (136) Acquisition (59) (42) (5) Sale of investment - - - Other 1 - -

Cash flow from financing 15$ (6)$ (91)$ Net increase (decrease) in debt 83 16 (44) Dividends paid (33) (26) (22) Issuance (Repurchase) of common, net (39) (2) (25) Excess tax benefit on share-based compensation 6 6 - Other (2) - -

($ millions)

62

Creditworthiness Improvement2002 – 2007

($ millions)

EBITEBITDAInterest Expense, NetTotal DebtBook CapitalMarket Capitalization

EBITDA Interest Coverage

EBIT Interest Coverage

Total Debt/EBITDA

Total Debt/Book Capitalization

Total Debt/Market Capitalization

Subsidiary Debt as a % of Total Debt

2005 2004(b) 2003 2002 (a)

$ 180 $ 178 $ 174 $ 153286 280 275 256

32 33 39 37528 568 550 600

1,912 1,877 1,802 1,7102,465 2,794 2,146 2,013

8.9x 8.5x 7.1x 6.9x

5.6x 5.4x 4.5x 4.2x

1.8x 2.0x 2.0x 2.3x

28% 30% 31% 35%

21% 20% 26% 30%

14% 20% 18% 25%

2006

(c)

$ 225339

28554

2,0723,304

12.0x

8.0x

1.6x

27%

17%

18%

(a) Includes unusual items of $8 million pre-tax or $5 million after-tax.(b) Includes net charges of $21 million pre-tax and $15 million after-tax.(c)

Market capital assumes year-end share prices

2007

$ 343465

38649

2,4363,533

12.2x

9.0x

1.4x

27%

18%

23%

63

Percent of Net Sales

2007 2006 2005 2004 2003 2002 2001

Starch 22% 22% 23% 22% 21% 20% 20%

Sweeteners 57% 55% 53% 52% 54% 55% 57%

Co-products & other 21% 23% 24% 26% 25% 25% 23%

Major Industries

Processed foods 25% 19% 19% 22% 21% 21% 22%

Soft drink 16% 18% 18% 17% 17% 17% 20%

Brewing 11% 11%

Animal feed 11% 10% 11% 19% 19% 16% 15%

64

Historical Update – North America1997 to 2003 Driven by Mexican HFCS Situation

*Source: Corn Products Competitive Intelligence Process

1997 Large Mexican HFCS market – border closed to US exportsResult: US overcapacity – utilization: 90s% low 70s%*

Corn Products’ locally produced HFCS in MexicoStrong results through 2001

1998 and 1999 US Recovery underway2000 Detour2001 to present US corn refiners environment

Major structural change among US corn refiners“Grind” capacity utilization: 90s%*

- Ethanol demand: more than doubledFinishing capacity utilization improved*

2002 & 2003 Corn Products US/Canada results – increased substantiallyMexico levies 20% tax on HFCS-sweetened soft drinks

65*Source: Corn Products International Competitive Intelligence Process**Source: Associated Press, August 17, 2004 ; ***Source: Decatur Daily, October 4, 2005

Competitive arena*: US HFCS processor company changes

November 2000: 7 HFCS producers – 3 with 17% of capacity

March 2002 thru present: 4 HFCS producers with 97% of capacity

Historical Update – North America

ProGold MCP Cerestar

Cargill

Cargill ADM 30%

CPMCP

ADM

Coors

Gone1997

2000

2002

2004

2005

2006

Cargill

Shuts ½ Dayton

Idles Dimmitt, TX**

Idles Decatur, AL***

Restarts Decatur, AL

66*Source: Corn Products Competitive Intelligence Process

1997 Large Mexican HFCS market – border closed to US exportsResult: US overcapacity – utilization: 90s% low 70s%*

CPO’s locally produced HFCS in MexicoStrong results through 2001

1998 and 1999 US Recovery underway2000 Detour2001 to present US corn refiners environment

Major structural change among U.S. corn refiners“Grind” capacity utilization: 90s%*

- Ethanol demand: more than doubledFinishing capacity utilization improved*

2002 & 2003 CPO US/Canada Operating Income – increased substantiallyMexico – 20% tax on HFCS-sweetened soft drinks

Except for ethanolNo expansions since 1997*

Historical Update – North America1997 to 2003 Driven by Mexican HFCS Situation

67

North America Region – Margin Growth

• 100 years old in the US

• Improving industry fundamentals– High capacity utilization rates

– Industry rationalization/plant closures

– Ethanol demand growing

– Higher US, Canadian contract pricing

• Mexico leadership– Resumption of HFCS sales and TRQs

– HFCS beverage usage tax eliminated

• Only North American corn refiner with full-scale sweetener and starch facilities in all 3 NAFTA countries – unique position

Canada 3 plantsMexico 3 plants

United States 5 plants

Canada

Mexico

United States

68

North America Ingredients

BASIC INGREDIENTS

HFCSCorn StarchCorn SyrupLiquid DextroseBlends

SPECIAL INGREDIENTS

• Refined Corn Oil• Crystalline Dextrose• Modified Starches• Maltodextrine• Sorbitol• Fructooligosaccharide• Caramel Color

ANIMAL NUTRITION & HEALTH

• Gluten Feed• Gluten Meal• Other

69

Net Sales and Operating Income/MarginsNorth America – 2001-2007

$2,052

$1,588

$1,422$1,419

$1,219$1,212$1,329

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

$2,200

2001 2002 2003 2004 2005 2006 20070

50

100

150

200

250

300

Net Sales Operating Income

Net Sales($ millions)

Operating Income($ millions)

5.1%6.1%

4.2%

8.2%

4.6%5.4%

11.4%

70

Decades of operations in various countriesGeographic growth opportunitiesSignificant capacity sharesFavorable market driversMulti-national customersmigrating production here

Asian RegionSouth Korea 2 corn refining plantsThailand 1 tapioca plantMalaysia Regional marketing

officePakistan 2 corn refining plantsChina 1 corn refining plant (JV)India Rep office

African RegionKenya 1 plantSouth Africa 4 plants (TLA)

Asia/Africa Region – Expansion Focus

Kenya

Pakistan

Malaysia

Thailand

South Africa

South KoreaChina

71

Asia/Africa Ingredients

BASIC INGREDIENTS

Corn StarchCorn SyrupHFCSTapioca StarchTapioca SyrupDextrose

SPECIAL INGREDIENTS

• Refined Corn Oil• Modified Textile starch• Modified Paper Starch• High Maltose Syrup• Dextrines• Tapioca Oxidized Starch• Tapioca Maltodextrine• Oligosaccharides

ANIMAL NUTRITION & HEALTH

• Gluten Feed• Gluten Meal• Other

72

Net Sales & Operating Income/MarginsAsia/Africa – 2001-2007

$235$251

$278$308

$335$363

$414

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

2001 2002 2003 2004 2005 2006 20070

20

40

60

80

100

120

Net Sales Operating Income

Net Sales($ Millions)

Operating Income($ Millions)

19.4% 15.6%15.8% 14.6%21.5%

19.2% 10.9%

73

CornBasic Structure and Approximate Yield*

Kernel Structure• Hull – Fiber• Starch• Protein• Germ

Approximate Yield• Starch 68%• Gluten Feed 19%• Gluten Meal 5%• Germ

– Corn oil 4%– Germ meal 3%

*Note: These are only approximations due to our use of varieties of hybrids throughout our world