. . . Exhibit 21 SUBSIDIARIES OF THE REGISTRANT Year Ended August 31, 2003 Percent Name Incorporation Owned ---- ------------- ----- Penford Corporation Washington Penford Products Co. Delaware 100% Penford Holdings Pty. Limited New South Wales, Australia 100% Penford Australia Limited New South Wales, Australia 100% Penford New Zealand Ltd. New Zealand 100% Penford Export Corporation U.S. Virgin Islands 100%