Lancaster Colony Continues Higher Cash Dividend

COLUMBUS, Ohio, Feb. 23, 2005 -- Lancaster Colony Corporation announced today that its Board of Directors has declared a quarterly cash dividend of 25 cents per share on the company's common stock, payable March 31, 2005 to shareholders of record on March 10, 2005.

The board voted to continue the cash dividend at the higher level set three months ago. At that time, the company marked 42 consecutive years of increasing cash dividends each year. Lancaster Colony is now one of only 23 U.S. companies to have increased cash dividends each year for 42 years.

John B. Gerlach, Jr., chairman and chief executive officer of Lancaster Colony, said, "The dividend reflects the company's continued strong financial position, and will be the 167th consecutive quarterly cash dividend paid by the company since September 1963." He noted that the indicated annual payout for the current fiscal year ending June 30, 2005 is 98 cents per share, up 10 percent from the 89 cents per share paid in the fiscal year ended June 30, 2004.

Common shares currently outstanding are approximately 34,820,000.

This new release contains various "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Such statements can be identified by the use of the forward-looking words "anticipate," "estimate," "project," "believe," "intend," "expect," "hope" or similar words. These statements discuss future expectations, contain projections regarding future developments, operations or financial conditions, or state other forward-looking information. Such statements are based upon assumptions and assessments made by 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. These forward-looking statements involve various important risks, uncertainties and other factors, which could cause the actual results to differ materially from those expressed in the forward-looking statements. 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 its annual report on Form 10-K for the year ended June 30, 2004 filed with the Securities and Exchange Commission.