Ralcorp Holdings files notification of late filing for its Form 10-K for fiscal 2011; notification will provide extension until Dec. 14, 2011

ST. LOUIS , November 30, 2011 (press release) – Ralcorp Holdings, Inc. (NYSE: RAH - News) announced today that it has filed a Notification of Late Filing in accordance with Rule 12b-25 of the Securities Exchange Act of 1934, as amended, with the Securities and Exchange Commission (SEC) for its Annual Report on Form 10-K for the fiscal year ended September 30, 2011 , which provides for a 15 calendar day extension for the filing of its Annual Report on Form 10-until December 14, 2011 .

The Company anticipates that it will be able to file its Annual Report on Form 10-K by December 14, 2011 , which would be considered a timely filing for SEC compliance purposes.

Based upon a preliminary review of the Post cereal business conducted by the newly appointed Post management team in October, sales declines in the fourth quarter and continuing into October, and weakness in the branded ready-to-eat cereal category and the broader economy, management determined that additional strategic steps were needed to stabilize the business and the competitive position of its brands. The impact of these steps is to reduce expected net sales growth rates and profitability of certain brands in the near term, thereby resulting in the goodwill and trademark impairments. As a result, the Company recorded non-cash impairment charges totaling $471.4 million related to certain Post intangible assets in the fourth quarter of fiscal 2011. The Company has recently completed its impairment analysis but does not expect the disclosures related to such impairment to be completed within the prescribed time period for the filing of its Annual Report on Form 10-K. The Company expects to complete these disclosures by December 14, 2011 .

Cautionary Statement on Forward-Looking Statements

Forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, are made throughout this release. These forward-looking statements are sometimes identified by the use of terms and phrases such as "believe," "should," "would," "expect," "project," "estimate," "anticipate," "intend," "plan," "will," "can," "may," or similar expressions elsewhere in this release. All forward-looking statements are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors and risks include, but are not limited to, the future net sales growth rates and profitability of Post brands, the Company's ability to finalize the disclosures related to the impairment of intangible assets and file its Annual Report on Form 10-K for the fiscal year ended September 30, 2011 by the extension of the deadline and other financial, operational and legal risks and uncertainties detailed from time to time in the Company's cautionary statements contained in its filings with the Securities and Exchange Commission. The Company disclaims and does not undertake any obligation to update or revise any forward-looking statement in this press release.

About Ralcorp Holdings, Inc.

Ralcorp produces Post branded cereals, a variety of private-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; frozen and refrigerated doughs; and dry pasta. For more information about Ralcorp, visit the Company's website at www.ralcorp.com.

Matt Pudlowski
Director, Business Development
(314) 877-7091

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