Your Value+ Brand® Company, Cont.

Ralcorp Holdings, Inc. produces a variety of value brand and store brand foods that are
sold under the individual labels of various grocery, mass merchandise and
drug store retailers, and frozen bakery products that are sold to in-store
bakeries, restaurants and other foodservice customers. 

Ralcorp’s diversified product mix includes: ready-to-eat and hot cereals; 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, French toast; frozen biscuits; and other frozen pre-baked products such as breads and muffins; and frozen dough for cookies, danishes, bagels and doughnuts.

On November 15th, 2007 Ralcorp announced the signing of a definitive agreement with Kraft Foods Inc. to merge Post cereals ("Post") with Ralcorp in an all-stock transaction. Post is the third-largest branded ready-to-eat cereal manufacturer in the U.S. with over 100 years of history in the industry. Post includes iconic brands such as Honey Bunches of Oats, the category's third best-selling cereal, Pebbles, Post Selects, Spoon Size Shredded Wheat, Grape Nuts and Post Raisin Bran.

In addition, Ralcorp holds an interest of approximately 19 percent in Vail Resorts, Inc., the leading mountain resort operator in the United States.