Lancaster Colony Raises Cash Dividend For 41st Consecutive Year; Shareholders Reelect Two Incumbent Directors, Elect One New Director

COLUMBUS, Ohio, Nov. 17, 2003 -- The Board of Directors of Lancaster Colony Corporation today voted to raise the regular quarterly cash dividend for the 41st consecutive year.

John B. Gerlach, Jr., chairman and chief executive officer of Lancaster Colony, said, "We are pleased to continue our record of increasing cash dividends each year, as Lancaster Colony is now one of only 23 U.S. companies to have increased cash dividends each year for 41 years."

The board declared a quarterly cash dividend of 23 cents per share, up from 20 cents per share paid in each of the previous four quarters. The cash dividend will bring the indicated annual payout for the current fiscal year ending June 30, 2004, to 89 cents per share, a 14 percent increase over the 78 cents per share paid in the previous fiscal year. The dividend, payable December 31, 2003, to shareholders of record on December 10, 2003, will be the 162nd consecutive quarterly cash dividend paid by the company since September 1963.

Common shares currently outstanding are approximately 35,710,000.

Shareholders voting at today's annual meeting reelected two incumbent directors and elected one new director for three-year terms. The reelected directors are Kerrii B. Anderson, executive vice president, chief financial officer and a director of Wendy's International, Inc., and Robert S. Hamilton, retired vice chairman emeritus of Liqui-Box Corporation.

The new member of the board is James B. Bachmann, a retired managing partner of the Columbus office of Ernst & Young LLP. Mr. Bachmann replaces Morris S. Halpern, retired vice president of the company, who is retiring from the board after serving as a director for 40 years.

A director of both Nationwide Mutual Insurance Company and Abercrombie & Fitch, Mr. Bachmann was a partner at Ernst & Young for 26 years and served the past 11 years as managing partner of the firm's Columbus office. He has held leadership positions with the Columbus Museum of Art, the Greater Columbus Chamber of Commerce, United Way, Ohio Business Roundtable and Prologue Research, a contract oncology research organization funded by the James Cancer Hospital of The Ohio State University. Mr. Bachmann holds a bachelor's degree in accounting from John Carroll University and is a member of the Ohio Society of Certified Public Accountants and the American Institute of Certified Public Accountants.

This news release contains forward-looking statements related to future growth and earnings opportunities. Such statements are based upon certain assumptions and assessments made by management of the company in light of its experience and perception of historical trends, current conditions, expected future developments and other factors it believes to be appropriate. Actual results may differ as a result of factors over which the company has no, or limited, control including the strength of the economy, slower than anticipated sales growth, the extent of operational efficiencies achieved, the success of new product introductions, price and product competition, and increases in raw materials costs. Management believes these forward-looking statements to be reasonable; however, undue reliance should not be placed on such statements, which are based on current expectations. The company undertakes no obligation to publicly update such forward-looking statements. More detailed statements regarding significant events which could affect the company's financial results are included in the company's Forms 10-K and 10-Q filed with the Securities and Exchange Commission.