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NEWS STATEMENT FOR IMMEDIATE RELEASE CONTACT: Shannon Shoesmith 202-331-1634 or 304-229-6202 July 12, 2002 CORN REFINERS REVIEWING MEXICAN SUPREME COURT RULING The Corn Refiners Association, Inc. (CRA) is reviewing and determining next steps in response to today's action of the Mexican Supreme Court to restore a tax imposed by the Mexican Congress on soft drinks sweetened with high fructose corn syrup (HFCS). Mexican President Vincente Fox issued a decree earlier this year in March temporarily removing the tax for seven months. "U.S. corn refiners have lost access to the Mexican market, contrary to the terms of the NAFTA, as a result of the threatened and now actual reinstatement of this soft drink tax," said CRA President Audrae Erickson. "Our access should be restored through productive bilateral negotiations," Erickson added. The justices ruled that President Fox acted outside of his authority in suspending the tax. The reinstatement of the tax will become effective once the decision is published in the Diario Oficial. The tax was imposed as part of a budget package in January 2002, to increase Mexican tax revenues. It did not result in increased revenue, but effectively closed the Mexican market to shipments of U.S. HFCS, damaged HFCS production investments in Mexico and dramatically reduced shipments of U.S. corn to Mexico. For more information on the corn refining industry, visit the Corn Capsules newsletter page. 
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