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EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
CORN PRODUCTS INTERNATIONAL, INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
<Table>
<Caption>
(in millions, except ratios)
2002 2001 2000 1999 1998
---------- ---------- ---------- ---------- ----------
*Income before income taxes
and minority interest $ 121.4 $ 102.1 $ 121.9 $ 122.0 $ 71.0
Fixed charges 41.4 62.1 69.6 47.3 24.0
Capitalized interest (1.3) (2.0) (9.4) (6.3) (3.7)
---------- ---------- ---------- ---------- ----------
$ 161.5 $ 162.2 $ 182.1 $ 163.0 $ 91.3
========== ========== ========== ========== ==========
RATIO OF EARNINGS TO FIXED
CHARGES 3.90 2.61 2.62 3.45 3.80
========== ========== ========== ========== ==========
FIXED CHARGES:
Interest expense on debt $ 39.3 $ 60.5 $ 68.1 $ 45.8 $ 22.5
Amortization of discount on debt 0.9 0.2 0.2 -- --
Interest portion of rental expense
on operating leases 1.2 1.4 1.3 1.5 1.5
---------- ---------- ---------- ---------- ----------
Total $ 41.4 $ 62.1 $ 69.6 $ 47.3 $ 24.0
========== ========== ========== ========== ==========
Income before income taxes and
minority interest $ 117.1 $ 102.1 $ 101.9 $ 122.0 $ 71.0
Restructuring charges 4.3 0.0 20.0 0.0 0.0
---------- ---------- ---------- ---------- ----------
Adj. Income $ 121.4 $ 102.1 $ 121.9 $ 122.0 $ 71.0
========== ========== ========== ========== ==========
</Table>
* - Income before income taxes and minority interest does not include
restructuring charges.