Lancaster Colony Raises Cash Dividend for 42nd Consecutive Year; Shareholders Reelect Three Incumbent Directors

COLUMBUS, Ohio, Nov. 15, 2004 -- The Board of Directors of Lancaster Colony Corporation today voted to raise the regular quarterly cash dividend for the 42nd 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 one of only 23 U.S. companies to have increased cash dividends each year for 42 years."

The board declared a quarterly cash dividend of 25 cents per share, up from 23 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, 2005, to 98 cents per share, a 10 percent increase over the 89 cents per share paid in the previous fiscal year. The dividend, payable December 30, 2004, to shareholders of record on December 10, 2004, will be the 166th consecutive quarterly cash dividend paid by the company since September 1963.

Common shares currently outstanding are approximately 35,080,000.

Shareholders voting at today's annual meeting reelected three incumbent directors for three-year terms. The reelected directors are John L. Boylan, vice president and chief financial officer of the company; Henry M. O'Neill, Jr., chairman and chief executive officer of AGT International, Inc.; and Zuheir Sofia, chairman of Sofia & Company, Inc.

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.