Ralcorp Holdings Postpones Announcement of Fourth Quarter Results

Ralcorp Holdings, Inc. announced today that the results for the fiscal
quarter and year ended September 30, 2003, will not be released on October
30 as scheduled.

The sole reason for the delay is the fact that Vail Resorts, Inc. has not
yet released earnings for its fiscal periods ended July 31, 2003. In a
press release dated October 27, 2003, Vail Resorts announced that it is
filing Form 12b-25 to extend the filing date of its annual report on Form
10-K in order to allow more time to complete its 2003 fiscal year-end
audit. The extension allows Vail Resorts to file its 10-K on or before
November 13, 2003. In the same press release, Vail Resorts indicated that
the date for its fiscal year-end earnings release has not been determined.
Ralcorp holds an approximate 21.5 percent ownership interest in Vail
Resorts, Inc., and accounts for this investment using the equity method.
Vail Resorts operates on a fiscal year ending July 31; therefore, Ralcorp
reports its portion of Vail Resorts` operating results on a two-month time
Once Vail Resorts announces its results, Ralcorp will calculate its equity
in those results and include that equity earnings or loss within its
financial statements. The Company expects to announce the results for its
fiscal quarter and year ended September 30, 2003, shortly after the Vail
Resorts release.