SOME OF THE PARTS Post Holdings, Inc. 2019 Annual Report NET SALES ADJUSTED EBITDA(1) OPERATING CASH FLOW (in millions) (in millions) (in millions) 718.6 688.0 6,257.2 1,230.7 1,210.4 5,681.1 989.1 5,225.8 933.9 5,026.8 502.4 4,648.2 457.7 386.7 657.4 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 NET SALES BY CATEGORY 15% Active Nutrition Post Consumer Brands 33% 16% Refrigerated Retail 29% Foodservice Weetabix 7% FINANCIAL HIGHLIGHTS 2015 2016 2017 2018 2019 (in millions except per share data) Net Sales $ 4,648.2 $ 5,026.8 $ 5,225.8 $ 6,257.2 $ 5,681.1 Gross Profit 1,180.0 1,550.5 1,570.8 1,854.0 1,792.1 Operating Profit 218.3 548.8 516.7 573.5 781.0 Net (Loss) Earnings Available to Common Shareholders (132.3) (28.4) 34.8 457.3 121.7 Diluted (Loss) Earnings per Common Share $ (2.33) $ (0.41) $ 0.50 $ 6.16 $ 1.66 Operating Cash Flow 457.7 502.4 386.7 718.6 688.0 Adjusted EBITDA(1) 657.4 933.9 989.1 1,230.7 1,210.4 Adjusted Net Earnings Available to Common Shareholders(1) 35.7 205.8 211.0 318.9 368.8 Adjusted Diluted Earnings per Common Share(1) $ 0.62 $ 2.59 $ 2.67 $ 4.20 $ 4.91 ACTIVELY POSITIONED FOR FUTURE GROWTH BellRing Brands Well positioned as a leader in convenient nutrition, Post’s historical Active Nutrition business, now named BellRing Brands, completed its initial public offering in October 2019 and now trades under the ticker symbol “BRBR” on the New York Stock Exchange. POST HOLDINGS, INC. 2019 ANNUAL REPORT 1 Post Consumer Brands Formed from the combination of two cereal companies with rich histories dating back over 100 years, Post Consumer Brands continues to adapt with 2019 being a year of process overhaul aimed at becoming more flexible and efficient. BUILDING ON THE LEGACIES OF TWO CEREAL PIONEERS 2 POST HOLDINGS, INC. 2019 ANNUAL REPORT Weetabix Through implementation of sustainable pricing and promotional strategies, Weetabix has emerged stronger and healthier and is poised to be a platform for international growth opportunities. RESETTING TO CREATE A HEALTHIER, MORE STABLE BUSINESS POST HOLDINGS, INC. 2019 ANNUAL REPORT 3 Foodservice Strong demand for value-added egg and potato products led our Foodservice business to a successful 2019, supporting our decision to build a new precooked egg manufacturing facility, which opened for production in October 2019. ELEVATING OUR POSITION AS THE NATION’S LEADER IN VALUE-ADDED EGG PRODUCTS 4 POST HOLDINGS, INC. 2019 ANNUAL REPORT TRANSFORMING FOR THE FUTURE Refrigerated Retail By transforming its supply chain and product development capabilities, our Refrigerated Retail business will be fortified and equipped to leverage its strong brands and market position, enhancing its long-term prospects. POST HOLDINGS, INC. 2019 ANNUAL REPORT 5 POST CONSUMER BRANDS With all deference due Dickens, 2019 was neither #3 (2) the best of times nor the ready-to-eat U.S. cereal manufacturer worst of times. To Our Shareholders With all deference to Dickens, 2019 was neither the best of continue to believe, that combining their private label business times nor the worst of times. Our ultimate scorecard, the with ours will add competition to an already competitive change in our share price, grew approximately 8% in fiscal category. As of the date of this letter, the transaction remains 2019. This well outpaced the broader market indices, but fell under regulatory review, so it has not been completed. This well below our historical long term growth rate. Since forming experience however has not changed our appetite or focus, in 2012, our share price has compounded at an average of and we expect to continue pursuing M&A opportunities. 20% per annum. Among this year’s accomplishments, we: FACING CHANGE • Delivered on financial targets for the year, including The environment in which we compete remains dynamic and generating Adjusted EBITDA(1) of $1.2 billion and challenging. It is no surprise that consumers are changing. $414 million in free cash flow(1). Some examples: • Completed the recapitalization of 8th Avenue Food & • Increasingly, consumers occupy realities of their own Provisions, Inc. (“8th Avenue”) via a partnership with selection. It turns out that facts are far less stubborn Thomas H. Lee Partners, L.P (“THL”). things than Mr. Adams suggested. And if consumers are selecting their facts, the construction of each paradigm • Executed the initial public offering (the “IPO”) of BellRing hardens not just the political perspectives — the most Brands, Inc. — the Active Nutrition segment of Post, which obvious manifestation of this phenomenon — it also began trading on the NYSE under the ticker symbol BRBR entrenches biases that drive purchase selection. on October 17, 2019. • In general, consumers trust in voices of authority has • Continued progress on various substantial, multi- year eroded. Technologies like blockchain are attractive projects within Post Consumer Brands, Foodservice and because the transparency lifts the burden of trust. Refrigerated Retail, all aimed at improving flexibility, increasing customer service levels and reducing costs. • There is a generational shift in how consumers relate to brands. Without putting too fine a point on the cutoff • Delivered on synergies resulting from the Weetabix and between “older” and “younger,” older consumers tend to Bob Evans Farms acquisitions. think about brands as messages about quality and product characteristics. Younger consumers demand a purpose. Notably absent from the above list is M&A — a hallmark of our first seven years as a public company. It was not from • Consumer decisions are more mobile. Not a blinding lack of interest or effort. In May 2019, we announced our insight, but no contextual summary would be complete agreement to acquire from Treehouse Foods, Inc. its private without noting that consumers purchase in dramatically label ready-to-eat cereal business. We believed, and we different ways than even a few short years ago. 6 POST HOLDINGS, INC. 2019 ANNUAL REPORT WEETABIX FOODSERVICE #1 (3) 3% ready-to-eat U.K. cereal brand volume growth in fiscal 2019 on a pro forma basis(4) This year, Post celebrated 125 years since its formation. Post Consumer Brands Since its formation resulting from the Can a 125-year old company compete in such a changing combination of MOM Brands and Post Foods, Post Consumer world? Of course we can. But to do so we must constantly Brands has performed exceptionally well. The initial mission be willing to adapt. Tolstoy wrote that “all happy families are was to reduce costs enabled by the combination and the team alike, but all unhappy ones are unhappy in their own ways.” delivered over $100 million in savings. Meanwhile, market Like happy families, we believe companies that thrive for long share expanded with success in our core franchises and newly periods of time share one common trait — the ability to read licensed products. We determined that building upon that their environment and adapt to it. success required an organization that was foundationally Our focus on adaptability starts with our holding more adaptable. To be more specific, we wanted to strengthen company model. Our structure enabled us to acquire active the innovation process and the ability to be a platform for nutrition businesses, manage them independently enough to acquisitions in other categories. We also wanted to execute maintain their own identity distinct from Post, and ultimately this effort without a reduction in margin. This process was turn them into a free standing company. At the same time, our launched in late 2018 and continued this year. It has had model provided ample room to acquire and add onto one of its share of speedbumps, but such is the nature of change. the best foodservice platforms in the country. Decentralized We are committed to the effort and we expect to see modest decision making attracts terrific managers and empowers payoffs in 2020, but to be more impactful starting in 2021. them to make an impact. However, the model comes with complexity and it makes our business arguably more difficult Weetabix Our other cereal business is the UK’s leading brand, to value than many of our peers. To value Post, the parts Weetabix. Weetabix performed remarkably well this year. comprising the whole must be separately considered. With We are quite pleased with the prospects for this business as some of the parts, recent transactions (such as the IPO) have a platform upon which to build. moved this from the abstract to the demonstrable. Brexit remains a source of frustration. We continue to carry higher levels of working capital in order to mitigate the OUR BUSINESSES risk of supply chain disruption. It has a small cost. The more BellRing Brands We are quite proud of the BellRing Brands meaningful exposure to Brexit is in currency volatility. story. Between September 2013 and October 2014, Post acquired three businesses that came to form our Active Foodservice and Refrigerated Retail These segments were Nutrition segment. We acquired approximately $50 million in formed as a result of our decision to make pure channel Adjusted EBITDA for approximately $700 million in purchase organizations from the combined Michael Foods and Bob price. In connection with the IPO, Post received proceeds of Evans organizations. $1.225 billion and retained 71% of the equity of our historical Foodservice had a terrific year growing in volume Active Nutrition business. This newly constituted business is and profit in line with our long-term algorithm. This is an well-positioned as a leader in convenient nutrition to produce excellent business and we would like to find acquisition attractive growth for the future.