Release:     Immediate
Contact:     Scott  Monette
          314/877-7113


                         RALCORP HOLDINGS, INC. TO CLOSE
                    KENT, WASHINGTON IN-STORE BAKERY FACILITY


ST. LOUIS, MO, FEBRUARY 21, 2003     Ralcorp Holdings, Inc. (NYSE:RAH) announced
today  its  plans  to  close its Kent, Washington in-store bakery facility.  The
Kent facility is part of Cascade Cookie Company which was acquired by Ralcorp in
January 2000.  All customer orders for in-store bakery products will continue to
be  coordinated  through Ralcorp's Lofthouse Foods facility in Clearfield, Utah.

The  Company  will work closely with its Kent employees to provide various types
of  support needed to help them transition to new jobs.  Some impacted employees
will be offered employment at facilities outside of Kent.  The Company will also
provide  a  variety  of  severance  benefits  to  impacted  employees.  The Kent
facility  currently  employs  79  full-time  employees  (administrative  and
production).

Ralcorp  will  incur  expenses  associated with the closure during the third and
fourth  quarters  of  this  fiscal  year.  Also,  Ralcorp  expects  to  relocate
equipment  from  Kent  to  other  Ralcorp  in-store bakery facilities.  Expenses
associated  with  the  closure,  lease termination, and equipment relocation are
expected  to  be  between  $2.2  million  and  $4  million.  Ralcorp anticipates
completing  the  closure  by  the  end  of  June  2003.

Ralcorp  produces  a  variety  of  store  brand  foods  that  are sold under the
individual labels of various grocery, mass merchandise and drug store retailers.
Ralcorp's  diversified  product  mix  includes:  ready-to-eat  and  hot cereals,
crackers  and  cookies,  snack  nuts  and  chocolate  candy,  salad  dressings,
mayonnaise,  peanut  butter,  jams  and jellies, syrups, and various sauces.  In
addition,  Ralcorp  holds  a  21.5  percent  interest  in  Vail  Resorts,  Inc.
(NYSE:MTN),  the  premier  mountain  resort  operator  in  North  America.

NOTE:  Information  in  this  press release that includes information other than
historical  data  contains  forward-looking statements as defined by the Private
Securities  Litigation  Reform  Act  of  1995.  These  statements  are sometimes
identified  by  their  use of terms and phrases such as "should," "will," "can,"
"believes,"  "could,"  "anticipates,"  "intends," "plans," "expects," or similar
expressions.  Any  such forward-looking statements are made based on information
currently  known  and  are  subject  to  various risks and uncertainties and are
therefore  qualified  by  the  Company's  cautionary statements contained in its
filings  with  the  Securities  and  Exchange  Commission.


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