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News Release

Corn Products International Updates NAFTA Proceedings

WESTCHESTER, Ill., Dec. 19 /PRNewswire-FirstCall/ -- On October 21, 2003, Corn Products International, Inc. (NYSE: CPO) submitted, on its own behalf and on behalf of its Mexican affiliate, CPIngredientes, S.A. de C.V., a Request for Institution of Arbitration Proceedings (the "Request") against Mexico pursuant to Chapter 11 of the North American Free Trade Agreement ("NAFTA"). In the Request, the Company asserted that the imposition by Mexico of a discriminatory tax on beverages containing HFCS breached various obligations of Mexico under the investment protection provisions of NAFTA. The Company sought damages of not less than $325 million. The case was bifurcated into two phases, liability and damages, and a hearing on liability was held in July 2006.

On December 18, 2007, the Company received an order from the Tribunal indicating that it had completed its decision on the liability phase. Although the reasons underlying the decision are not yet available, the order makes it apparent that the Tribunal has found Mexico in breach of NAFTA. The Tribunal has ordered the parties to submit dates for briefing on the quantum of damages for a breach of Article 1102, National Treatment, and has indicated it intends to issue an order at the beginning of January 2008 setting a timetable for written and oral argument on the damages questions, with a hearing to be held prior to August 2008.

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 the number-one worldwide producer of dextrose and a leading regional producer of starch, high fructose corn syrup and glucose. Corn Products International has operations in 15 countries at 35 plants, including wholly owned businesses, affiliates and alliances. For more information, visit

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; 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 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, 2006 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.

Dave Prichard of Corn Products International, Inc., +1-708-551-2592