November 11, 2008

Ralcorp Holdings, Inc. Announces Delay in Earnings Release

ST. LOUIS, Nov. 11, 2008 /PRNewswire-FirstCall/ -- Ralcorp Holdings, Inc. announced this evening that it intends to release earnings for its fiscal fourth quarter and year ended September 30, 2008, on November 12, 2008 prior to the commencement of trading on the New York Stock Exchange. The Company originally scheduled its release for the evening of November 11, 2008. The Company is completing its normal year-end review and anticipates the review will be completed on November 12, 2008. The delay is not a result of any issues related to the results of operations, financial condition or effectiveness of the Company's internal controls.

Ralcorp produces Post branded cereals, a variety of value brand and store brand foods sold under the individual labels of various grocery, mass merchandise and drugstore retailers, and frozen bakery products sold to in-store bakeries, restaurants and other foodservice customers. Ralcorp's diversified product mix includes: ready-to-eat and hot cereals; nutritional and cereal bars; snack mixes, corn-based chips and extruded corn snack products; crackers and cookies; snack nuts; chocolate candy; salad dressings; mayonnaise; peanut butter; jams and jellies; syrups; sauces; frozen griddle products including pancakes, waffles, and French toast; frozen biscuits and other frozen pre-baked products such as breads and muffins; and frozen dough for cookies, Danishes, bagels and doughnuts. In addition, Ralcorp holds an interest of approximately 19 percent in Vail Resorts, Inc., the leading mountain resort operator in the United States.

Ralcorp Holdings, Inc.

CONTACT: Scott Monette of Ralcorp Holdings, Inc., +1-314-877-7113