Ralcorp Expects to Complete Separation of Post Cereals Business on Feb. 3

Ralcorp will complete the separation by distributing at least 80 percent of the outstanding shares of Post common stock, to holders of Ralcorp common stock of record as of the close of business, on January 30, 2012.

Jan 27 2012 --- Ralcorp Holdings, Inc. has announced that the Securities and Exchange Commission ("SEC") has declared effective Post Holdings, Inc.'s Registration Statement on Form 10. As a result of this approval, Ralcorp expects the proposed separation of the Post cereals business will be completed on February 3, 2012.

Ralcorp will complete the separation by distributing at least 80 percent of the outstanding shares of Post common stock, to holders of Ralcorp common stock of record as of the close of business, on January 30, 2012. Each such holder will receive one share of Post common stock for every two shares of Ralcorp common stock held on the Record Date. The distribution will be effective at 11:59 p.m., Eastern Time, on February 3, 2012 (the "Distribution Date"), subject to certain conditions, as previously announced; however, if the conditions have not been satisfied or waived on the Distribution Date, the Distribution Date may be extended until the conditions are satisfied or waived. Additional details regarding the distribution can be found in the Form 10, available at www.sec.gov.

As previously announced, in connection with the separation transactions, Ralcorp has received $775 million and expects to receive an additional $125 million. Ralcorp has used or intends to use these proceeds to reduce debt, aggressively pursue private-brand acquisitions and pursue additional share repurchases under the Company's remaining share repurchase authorization of approximately five million shares.

Ralcorp will have no debt prepayable at par after the receipt of the proceeds from the separation. The depreciation and amortization estimate includes the effect of Ralcorp's acquisition of Sara Lee's North American refrigerated dough business on October 3, 2011. Ralcorp's capital expenditures estimate includes a portion of the spending related to the previously announced accelerated cost reduction initiatives.

Ralcorp will report results for the first quarter of its fiscal year 2012 in a press release to be issued after market close on Tuesday, February 7, 2012. The Company will also host a conference call on the morning of Wednesday, February 8, 2012 to discuss the results. Conference call details will be announced separately.

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