Lancaster Colony Raises Cash Dividend for 43rd Consecutive Year

Pays Special $2.00 Per Share Dividend

Shareholders Reelect Three Incumbent Directors

COLUMBUS, Ohio, Nov. 21 -- The Board of Directors of Lancaster Colony Corporation today voted to raise the regular quarterly cash dividend for the 43rd consecutive year. The board also approved a special cash dividend of $2.00 per common share. The special dividend and the quarterly dividend of 26 cents per share will be paid on December 30, 2005, to shareholders of record on December 9, 2005.

John B. Gerlach, Jr., chairman and chief executive officer, said, "After careful consideration of the company's existing capital structure and likely cash needs, the board felt that the payment of a special dividend provides an appropriate return of value to shareholders and enables the company to retain financial resources adequate to support additional Specialty Foods acquisitions and other future growth opportunities." Based upon approximately 33.8 million shares currently outstanding, the special dividend payout will total approximately $67.6 million.

"We are also pleased to continue our record of increasing our ongoing cash dividends each year," Mr. Gerlach said. Lancaster Colony is one of only 22 U.S. companies to have increased cash dividends each year for 43 consecutive years, and this will be the 170th consecutive quarterly cash dividend paid by the company since September 1963.

The board declared a quarterly cash dividend of 26 cents per share, up from 25 cents per share paid in each of the previous four quarters. The cash dividend will bring the indicated annual payout, excluding the special dividend, for the current fiscal year ending June 30, 2006, to $1.03 per share, a five percent increase over the 98 cents per share paid in the previous fiscal year.

Shareholders voting at today's annual meeting reelected three incumbent directors for three-year terms. The reelected directors are Robert L. Fox, financial adviser for Advest, Inc.; John B. Gerlach, Jr., chairman and chief executive officer of the company; and Edward H. Jennings, president emeritus at The Ohio State University.

We desire to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 (the "PSLRA"). This news release contains various "forward-looking statements" within the meaning of the PSLRA 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 us in light of our experience and perception of historical trends, current conditions, expected future developments and other factors we believe to be appropriate. These forward-looking statements involve various important risks, uncertainties and other factors that could cause our actual results to differ materially from those expressed in the forward-looking statements. Actual results may differ as a result of factors over which we have 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 energy and raw materials costs. Management believes these forward-looking statements to be reasonable; however, undue reliance should not be placed on such statements that are based on current expectations. We undertake no obligation to publicly update such forward- looking statements. More detailed statements regarding significant events that could affect our financial results are included in our annual report on Form 10-K for the year ended June 30, 2005 filed with the Securities and Exchange Commission.