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Corn Products International Reports 36 Percent Increase in 2008 Second Quarter Diluted EPS to $0.90

Raises 2008 Full-Year EPS Outlook to $3.15-$3.35 from $2.90-$3.15

WESTCHESTER, Ill.--(BUSINESS WIRE)--July 22, 2008--Corn Products International, Inc. (NYSE: CPO), a leading global provider of agriculturally derived ingredients for diversified markets, today reported record quarterly diluted earnings per share of $0.90 for the second quarter ended June 30, 2008, a 36 percent increase compared with diluted earnings per share of $0.66 a year ago. Included in this quarter's results was a 4-cent negative impact from costs related to the pending merger with Bunge Limited (NYSE: BG). Net income of $68 million in the second quarter of 2008 improved 35 percent versus $51 million in the prior year.

For the 10th consecutive quarter, net sales reached a record level. Net sales of $1.03 billion in the second quarter of 2008 increased 20 percent versus $857 million in the prior-year period. The higher net sales were primarily the result of improved price/product mix, and, to a lesser degree, favorable foreign currency translations, partially offset by reduced volumes in all three geographic regions.

Gross profit of $187 million in the second quarter of 2008 increased 20 percent compared with $156 million a year ago. The increase was the result of significantly higher North and South American results due predominantly to strong pricing actions. The gross margin of 18.1 percent was unchanged versus last year.

Operating expenses as a percentage of net sales in the second quarter of 2008 declined to 7.1 percent compared with 7.6 percent a year ago. Merger-related expenses of approximately $4 million were included in this year's operating expenses.

Operating income of $116 million in the second quarter of 2008 grew 28 percent versus $91 million in 2007. The operating margin improved to 11.3 percent from 10.6 percent last year.

A 47 percent reduction in net financing costs in the second quarter of 2008 to $6.9 million was primarily attributable to lower net interest expense and foreign currency translation gains. The 2008 second quarter effective tax rate of 34.9 percent compared with 32.8 percent in 2007.

Regional Business Segment Performance

Regional results for the quarter ended June 30, 2008 were as follows:

North America

Net sales of $609 million increased 14 percent from $534 million in 2007 predominantly due to favorable price/product mix, as well as slightly positive foreign currency translation. Volumes were unfavorable across the region primarily as a result of economic softness and weather conditions. Sequentially, unit volume improved from the first quarter of 2008. Operating income of $86 million grew 25 percent versus $68 million last year. All three country businesses contributed to the increased profitability.

South America

Net sales of $298 million rose 36 percent compared with $219 million a year ago as a result of positive price/product mix and foreign currency translations. Volumes were lower primarily from reduced takeaway in the Brazilian brewing segment and the impact of the farmers' strike in Argentina. Operating income of $37 million grew 41 percent from $26 million in the prior year due to a significant improvement in Brazil, as well as increases in the Southern Cone and Andean region.

Asia/Africa

Net sales of $122 million increased 16 percent versus $105 million last year due to significantly improved price/product mix, partially offset by unfavorable volumes and foreign currency translation. Operating income of $13 million increased 9 percent from $12 million in 2007. Growth in Pakistan, Thailand and China more than offset lower operating income in South Korea. Excluding South Korea, the division's operating income rose 88 percent.

2008 First Half Results

For the first six months of 2008, the Company reported net income of $133 million, or $1.75 per diluted share, compared with net income of $101 million, or $1.32 per diluted share, last year. Gross profit and operating income increased 19 percent and 25 percent, respectively, versus the prior-year period.

Net sales of $1.96 billion grew 21 percent versus $1.62 billion in the prior year. Favorable price/product mix and, to a lesser degree, positive foreign currency translations drove the increase, which was partially offset by reduced volumes.

The effective tax rate for the first half of 2008 was 34.2 percent versus 33.4 percent in 2007.

Balance Sheet and Cash Flow

The Company's balance sheet remained strong as of June 30, 2008. Net debt (total debt less cash) was $344 million versus $474 million at December 31, 2007 and $497 million at June 30, 2007. Total debt to capitalization of 22.7 percent at June 30, 2008 compared with 26.6 percent at year-end 2007.

Cash provided by operations of $233 million for the first half of 2008 compared favorably to $67 million in the prior year. The improvement reflected a positive swing in working capital of $138 million principally attributable to cash received from margin accounts relating to corn futures contracts and improved collections of accounts receivable, which more than offset an increase in inventories primarily due to higher raw material costs. An increase in net income of $32 million also contributed to the improvement.

2008 Outlook

Corn Products International has raised its diluted EPS expectations for full-year 2008 to $3.15 to $3.35, or a 22 to 29 percent increase versus a record $2.59 in 2007, which included a 5-cent gain from the Company's holdings in CME Group Inc. Previous full-year 2008 EPS guidance was $2.90 to $3.15. Net sales in 2008 should reach $4 billion.

"We expect a solid second half," said Sam Scott, chairman, president and chief executive officer of Corn Products International. "Given our full-year EPS guidance, the second half of 2008 should be in the range of $1.40 to $1.60 versus $1.27 a year ago, which would be an increase of 10 to 26 percent. As noted previously, our first half results should be stronger than our second half performance as we anticipate higher raw material costs."

Conference Call and Webcast

Corn Products International 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.

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 719.325.4837. A replay of the audio call will be available through Tuesday, August 5 by calling 719.457.0820 and using passcode 3415218.

About the Company

Corn Products International 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, headquartered in Westchester, Ill., is a leading worldwide producer of dextrose and a major regional supplier of starch, high fructose corn syrup and glucose. In 2007, Corn Products International reported record net sales and diluted earnings per share of $3.4 billion and $2.59, respectively, with operations in 15 countries at 34 plants, including wholly owned businesses, affiliates and alliances. 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," "should," "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 release or referred to in this release 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; 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 serious communicable disease or 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, see Risk Factors included in our Annual Report on Form 10-K for the year ended December 31, 2007 and subsequent reports on Forms 10-Q or 8-K. This news release also may contain references to the Company's long term objectives and goals or targets with respect to certain metrics. These objectives, goals and targets are used as a motivational and management tool and are indicative of the Company's long term aspirations only, and they are not intended to constitute, nor should they be interpreted as, an estimate, projection, forecast or prediction of the Company's future performance.


                  Corn Products International, Inc.
             Condensed Consolidated Statements of Income
                             (Unaudited)

(In millions, except per share amounts)

                 Three Months Ended Change   Six Months Ended  Change
                      June 30,         %         June 30,         %
                 ------------------ ------- ------------------ -------
                   2008      2007             2008     2007
                 ------------------         ------------------
Net sales before
 shipping and
 handling costs   $1,093.6   $917.0     19% $2,084.6 $1,733.6      20%
Less: shipping
 and handling
 costs                65.1     60.0      9%    125.2    114.8       9%
                 ------------------         ------------------
Net sales         $1,028.5   $857.0     20% $1,959.4 $1,618.8      21%
Cost of sales        841.9    701.5     20%  1,599.5  1,317.2      21%
                 ------------------         ------------------
Gross profit        $186.6   $155.5     20%   $359.9   $301.6      19%

Operating
 expenses             73.4     64.9     13%    140.9    122.5      15%
Other income
 (expense), net        2.6      0.0              3.6     (0.8)
                 ------------------         ------------------
Operating income    $115.8    $90.6     28%   $222.6   $178.3      25%
Financing costs,
 net                   6.9     12.9    -47%     14.3     22.7     -37%
                 ------------------         ------------------
Income before
 income taxes       $108.9    $77.7     40%   $208.3   $155.6      34%
Provision for
 income taxes         38.0     25.5             71.3     52.0
                 ------------------         ------------------
                     $70.9    $52.2     36%   $137.0   $103.6      32%
Minority
 interest in
 earnings              2.5      1.6     56%      4.3      3.0      43%
                 ------------------         ------------------
Net income           $68.4    $50.6     35%   $132.7   $100.6      32%
                 ==================         ==================

Weighted average
 common shares
 outstanding:
Basic                 74.4     74.8             74.2     74.6
Diluted               76.2     76.6             75.9     76.4

Earnings per
 common share:
Basic                $0.92    $0.68     35%    $1.79    $1.35      33%
Diluted              $0.90    $0.66     36%    $1.75    $1.32      33%

                  CORN PRODUCTS INTERNATIONAL, INC.
                Condensed Consolidated Balance Sheets


      (In millions, except share and per       June 30,   December 31,
       share amounts)                             2008        2007
                                              ----------- ------------
                                              (Unaudited)

Assets
  Current assets
      Cash and cash equivalents                     $292         $175
      Accounts receivable - net                      654          460
      Inventories                                    526          427
      Prepaid expenses                                17           14
      Deferred income taxes                           14           13
----------------------------------------------------------------------
  Total current assets                            $1,503       $1,089
----------------------------------------------------------------------

      Property, plant and equipment - net          1,566        1,500
      Goodwill and other intangible assets           405          426
      Deferred income taxes                            1            1
      Investments                                     10           13
      Other assets                                   107           74
----------------------------------------------------------------------
Total assets                                      $3,592       $3,103
----------------------------------------------------------------------

Liabilities and equity
  Current liabilities
      Short-term borrowings and current
       portion of long-term debt                     122          130
      Deferred income taxes                           28           28
      Accounts payable and accrued
       liabilities                                   631          516
----------------------------------------------------------------------
  Total current liabilities                         $781         $674
----------------------------------------------------------------------

      Non-current liabilities                        126          123
      Long-term debt                                 514          519
      Deferred income taxes                          221          133
      Minority interest in subsidiaries               21           21
      Redeemable common stock (500,000 shares
       issued and outstanding
      at June 30, 2008 and December 31, 2007)
       stated at redemption value                     23           19
      Share-based payments subject to
       redemption                                      8            9


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 - 74,819,774
            shares issued at June 30 2008
           and December 31, 2007                       1            1
      Additional paid in capital                   1,074        1,082
      Less: Treasury stock (common stock;
       950,281 and 1,568,996 shares
           at June 30, 2008 and December 31,
            2007, respectively) at cost              (35)         (57)
      Accumulated other comprehensive income
       (loss)                                         50         (115)
      Retained earnings                              808          694
----------------------------------------------------------------------
  Total stockholders' equity                      $1,898       $1,605
----------------------------------------------------------------------
Total liabilities and equity                      $3,592       $3,103
----------------------------------------------------------------------

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

                                             For the Six Months Ended
                                                     June 30,
 ( In millions )                                 2008         2007
                                             ------------ ------------

 Cash provided by operating activities:
   Net income                                       $133         $101
   Adjustments to reconcile net income to
    net cash provided by operating
     activities:
      Depreciation                                    65           62
      Decrease (increase) in trade working
       capital                                        37         (101)
      Other                                           (2)           5
 ---------------------------------------------------------------------
   Cash provided by operating activities             233           67
 ---------------------------------------------------------------------

 Cash used for investing activities:
   Capital expenditures, net of proceeds on
    disposal                                        (105)         (69)
   Payments for acquisition (net of cash
    acquired of $7)                                    -          (59)
   Other                                               5            1
 ---------------------------------------------------------------------
   Cash used for investing activities               (100)        (127)
 ---------------------------------------------------------------------

 Cash used for financing activities:
   Proceeds from (payments on) borrowings,
    net                                              (10)         331
   Issuances (repurchases) of common stock,
    net                                               10            5
   Dividends paid (including to minority
    interest shareholders)                           (20)         (16)
   Excess tax benefit on share-based
    compensation                                       3            3
   Other                                               -            1
 ---------------------------------------------------------------------
   Cash provided by (used for) financing
    activities                                       (17)         324
 ---------------------------------------------------------------------

   Effect of foreign exchange rate changes
    on cash                                            1            1
 ---------------------------------------------------------------------
   Increase in cash and cash equivalents             117          265
   Cash and cash equivalents, beginning of
    period                                           175          131
 ---------------------------------------------------------------------
   Cash and cash equivalents, end of period         $292         $396
 ---------------------------------------------------------------------

                  Corn Products International, Inc.
                  Supplemental Financial Information
                             (Unaudited)

I. Geographic Information of Net Sales and Operating Income

(Dollars in      Three Months Ended          Six Months Ended
 millions)            June 30,      Change       June 30,       Change
                   2008      2007     %       2008      2007      %
                 --------- -------- ------  --------- --------- ------
Net Sales
  North America    $609.3   $533.7     14%  $1,146.2  $1,001.4    14%
  South America     297.6    218.5     36%     569.6     418.9    36%
  Asia/Africa       121.6    104.8     16%     243.6     198.5    23%
                 --------- -------- ------  --------- --------- ------
 Total           $1,028.5   $857.0     20%  $1,959.4  $1,618.8    21%
                 ========= ======== ======  ========= ========= ======

Operating Income
  North America     $85.5    $68.4     25%    $160.8    $129.5    24%
  South America      36.5     25.9     41%      68.7      50.9    35%
  Asia/Africa        12.7     11.7      9%      25.6      26.0    (2%)
  Corporate         (18.9)   (15.4)    23%     (32.5)    (28.1)   16%
                 --------- -------- ------  --------- --------- ------
 Total             $115.8    $90.6     28%    $222.6    $178.3    25%
                 ========= ======== ======  ========= ========= ======



II. Capital expenditures

Capital expenditures, net of proceeds on disposals, for the quarters
 ended June 30, 2008 and 2007, were $57 million and $37 million,
 respectively. Capital expenditures for the full year 2008 are
 estimated to be in the range of $200 million to $250 million.
III. 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 June 30, 2008 and December 31, 2007 are
 as follows:

               Total Debt to Capitalization Percentage

                                              June 30,    December 31,
(Dollars in millions)                           2008          2007
                                            ------------  ------------

Short-term debt                                     $122          $130
Long-term debt                                       514           519
                                            ------------  ------------
Total debt (a)                                      $636          $649
                                            ------------  ------------

Deferred income tax liabilities                      221           133
Minority interest in subsidiaries                     21            21
Redeemable common stock                               23            19
Share-based payments subject to redemption             8             9
Stockholders' equity                               1,898         1,605
                                            ------------  ------------
Total capital                                     $2,171        $1,787
                                            ------------  ------------

                                            ------------  ------------
Total debt and capital (b)                        $2,807        $2,436
                                            ------------  ------------

Debt to capitalization percentage (a/b)            22.7%         26.6%
                                            ============  ============

CONTACT:
Corn Products International, Inc.
Investor:
Dave Prichard, (708) 551-2592
or
Media:
Mark Lindley, (708) 551-2602

SOURCE:
Corn Products International, Inc.