2 Forward Looking Statements Forward Looking Statements Please note that this presentation contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “plan,” “estimate,” “expect,” “intend,” “will,” “should” and similar expressions, as they relate to us, are intended to identify forward-looking statements. These statements reflect management’s current beliefs, assumptions and expectations and are subject to a number of factors and risks that may cause actual results to differ materially. These factors and risks include but are not limited to: (i) changes in actual or expected results of operations; (ii) our ability to effectively manage future sales growth along with the growth from acquisitions or continue to make acquisitions at the rate at which we have been acquiring in the past; (iii) significant increases in the costs of certain commodities, packaging or energy used to manufacture our products; (iv) our ability to continue to compete in our business segments and our ability to retain our market position; (v) our ability to maintain a meaningful price gap between our products and those of our competitors, successfully introduce new products or successfully manage costs across all parts of the Company; (vi) significant competition within the private brand business; (vii) the timing and expected costs and benefits associated with restructuring initiatives and cost reduction programs; (viii) the loss of a significant customer; (ix) allegations that our products cause injury or illness, product recalls and product liability claims and other litigation; (x) our ability to anticipate changes in consumer preferences and trends; (xi) our ability to service our outstanding debt or obtain additional financing; (xii) disruptions in the U.S. and global capital and credit markets; (xiii) fluctuations in foreign currency exchange rates; (xiv) the termination or expiration of current co-manufacturing agreements; (xv) consolidations among the retail grocery and foodservice industries; (xvi) change in estimates in critical accounting judgments and changes to or new laws and regulations affecting our business; (xvii) termination of existing anti-dumping measures imposed against certain foreign imports of dry pasta; (xviii) losses or increased funding and expenses related to our qualified pension plan; (xix) labor strikes or work stoppages by our employees; (xx) bankruptcy of a significant customer; (xxi) impairment in the carrying value of goodwill or other intangibles; (xxii) our ability to integrate acquisitions and achieve the expected amount of accretion; and (xxiii) changes in weather conditions, natural disasters and other events beyond our control; and other risks and uncertainties described from time to time in our periodic reports filed with the Securities and Exchange Commission. Ralcorp does not assume any obligation to update any forward-looking statements or the information contained herein as a result of new information or future events or developments, except as required by law. This presentation includes certain non-GAAP financial measures. The required reconciliations from these non-GAAP financial measures to their comparable GAAP financial measures are included in the appendix to this presentation. | 
