Document:

<PAGE>
                                                                   EXHIBIT 10.2

                               FIRST AMENDMENT TO
                           SECOND AMENDED AND RESTATED
                        AGREEMENT OF LIMITED PARTNERSHIP
                                       OF
                           POST APARTMENT HOMES, L.P.

         This First Amendment to Second Amended and Restated Agreement of
Limited Partnership of Post Apartment Homes, L.P. (this "Amendment") is entered
into as of October 28, 1997, by and among Post GP Holdings, Inc. (the "General
Partner") and the Limited Partners of Post Apartment Homes, L.P. All capitalized
terms used herein shall have the meanings given to them in the Second Amended
and Restated Agreement of Limited Partnership of Post Apartment Homes, L.P.,
dated October 24, 1997 (the "Partnership Agreement").

         WHEREAS, Post Properties, Inc. ("PPI"), on even date herewith, has
issued 2,000,000 shares of its 75/8% Series B Cumulative Redeemable Preferred
Shares, par value $0.01 per share, having a liquidation preference equivalent to
$25.00 per share (the "Series B Preferred Shares"), and has sold such Series B
Preferred Shares in a public offering;

         WHEREAS, PPI has contributed to Post LP Holdings, Inc. ("Post LP
Holdings") the net proceeds of the sale of the Series B Preferred Shares;

         WHEREAS, Post LP Holdings desires to contribute such net proceeds of
the sale of the Series B Preferred Shares to the Partnership in exchange for
partnership interests in the Partnership as set forth herein;

         WHEREAS, the General Partner is authorized to cause the Partnership to
issue interests in the Partnership to Post LP Holdings in exchange for such
contribution;

         NOW THEREFORE, in consideration of the mutual covenants herein
contained, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

         Section 1.        Contribution.

         PPI has contributed to Post LP Holdings, and Post LP Holdings in turn
hereby contributes to the Partnership, the entire net proceeds received by PPI
from the issuance of the Series B Preferred Shares. As provided in Section 4.3
of the Partnership Agreement, Post LP Holdings shall be deemed to have made a
Capital Contribution to the Partnership in the amount of the gross proceeds of
such issuance, which is $50,000,000.00, and the Partnership shall be deemed
simultaneously to have reimbursed Post LP Holdings (and Post LP Holdings shall
be deemed to have reimbursed PPI)

<PAGE>
pursuant to Section 7.4.C of the Partnership Agreement for the amount of the
underwriters discount and other costs incurred by PPI in connection with such
issuance.

         Section 2.        Issuance of Series B Preferred Partnership Units.

         In consideration of the contribution to the Partnership made by Post LP
Holdings pursuant to Section 1 hereof, the Partnership hereby issues to Post LP
Holdings 2,000,000 Series B Preferred Partnership Units (as defined herein).

         Section 3.        Definitions.

         In addition to those terms defined in the Partnership Agreement, the
following definitions shall be for all purposes, unless otherwise clearly
indicated to the contrary, applied to the terms used in the Partnership
Agreement and in this Amendment:

                  "Series B Preferred Partnership Unit" means a Partnership Unit
         issued by the Partnership to Post LP Holdings in consideration of the
         contribution by Post LP Holdings to the Partnership of the entire net
         proceeds received by Post LP Holdings from PPI in connection with PPI's
         issuance of the Series B Preferred Shares. The Series B Preferred
         Partnership Units shall constitute Preferred Partnership Units. The
         Series B Preferred Partnership Units shall have the voting powers,
         designation, preferences and relative, participating, optional or other
         special rights and qualifications, limitations or restrictions as are
         set forth in Exhibit G, attached hereto. It is the intention of the
         General Partner, in establishing the Series B Preferred Partnership
         Units, that each Series B Preferred Partnership Unit shall be
         substantially the economic equivalent of a Series B Preferred Share.

                  "Series B Preferred Shares" means the 75/8 % Series B
         Cumulative Redeemable Preferred Shares, par value $0.01 per share,
         having a liquidation preference equivalent to $25.00 per share, issued
         by PPI.

         Section 4.        Exhibits to Partnership Agreement.

         The General Partner shall maintain the information set forth in Exhibit
A to the Partnership Agreement, as such information shall change from time to
time, in such form as the General Partner deems appropriate for the conduct of
the Partnership affairs, and Exhibit A shall be deemed amended from time to time
to reflect the information so maintained by the General Partner, whether or not
a formal amendment to the Partnership Agreement has been executed amending such
Exhibit A. In addition to the issuance of Series B Preferred Partnership Units
to Post LP Holdings pursuant to this Amendment, such information shall reflect
(and Exhibit A shall be deemed amended from time to time to reflect) the
issuance of any additional Partnership Units to one or both of the Post Partners
or any other Person, the transfer of Partnership Units and the redemption of any
Partnership Units, all as contemplated herein.

         In addition, the Partnership Agreement is hereby amended by attaching
thereto as Exhibit G the Exhibit G attached hereto.

                                      -2-

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         IN WITNESS WHEREOF, the parties hereto have executed the Amendment
under seal as of the date first written above.

                              GENERAL PARTNER:

                              POST GP HOLDINGS, INC.,
                              a Georgia corporation

                              By: /s/ John A. Williams
                                 -----------------------------------------
                                 John A. Williams
                                 Chairman and Chief Executive Officer

                              Attest: /s/ Sherry W. Cohen
                                     -------------------------------------
                                     Sherry W. Cohen
                                     Vice President and Secretary

                                                [CORPORATE SEAL]

                              LIMITED PARTNERS:

                              POST GP HOLDINGS, INC.,
                              a Georgia corporation,
                              as attorney-in-fact for the
                              Limited Partners

                              By: /s/ John A. Williams
                                 -----------------------------------------
                                 John A. Williams
                                 Chairman and Chief Executive Officer

                              Attest: /s/ Sherry W. Cohen
                                     -------------------------------------
                                     Sherry W. Cohen
                                     Vice President and Secretary

                                                [CORPORATE SEAL]

                                       -3-

<PAGE>

                                    EXHIBIT G

                           POST APARTMENT HOMES, L.P.

         DESIGNATION OF THE VOTING POWERS, DESIGNATION, PREFERENCES AND
          RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS AND
                   QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS

                                     OF THE

                      SERIES B PREFERRED PARTNERSHIP UNITS

         The following are the terms of the Series B Preferred Partnership Units
established pursuant to this Amendment:

         (a)      NUMBER. The maximum number of authorized Series B Preferred
Partnership Units shall be 2,300,000.

         (b)      RELATIVE SENIORITY. In respect of rights to receive quarterly
distributions and to participate in distributions of payments in the event of
any liquidation, dissolution or winding up of the Partnership, the Series B
Preferred Partnership Units shall rank senior to the Common Partnership Units
and any other class or series of Partnership Units of the Partnership ranking,
as to quarterly distributions and upon liquidation, junior to the Series B
Preferred Partnership Units (collectively, "Junior Partnership Units").

         (c)      QUARTERLY DISTRIBUTIONS.

         (1)      The Post Partners, in their capacity as the holders of the
then outstanding Series B Preferred Partnership Units, shall be entitled to
receive, when and as declared by the General Partner out of any funds legally
available therefor, cumulative quarterly distributions at the rate of $1.90625
per Series B Preferred Partnership Unit per year, payable in equal amounts of
$0.47656 per unit quarterly in cash on the last day of each March, June,
September, and December or, if not a Business Day (as hereinafter defined), the
next succeeding Business Day beginning on December 31, 1997 (each such day being
hereafter called a "Quarterly Distribution Date" and each period ending on a
Quarterly Distribution Date being hereinafter called a "Distribution Period").
Quarterly distributions on each Series B Preferred Partnership Unit shall accrue
and be cumulative from and including the date of original issue thereof, whether
or not (i) quarterly distributions on such Series B Preferred Partnership Units
are earned or declared or (ii) on any Quarterly Distribution Date there shall be
funds legally available for the payment of quarterly distributions. Quarterly
distributions paid on the Series B Preferred Partnership Units in an amount less
than the total amount of such quarterly

                                       G-1

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distributions at the time accrued and payable on such Partnership Units shall be
allocated pro rata on a per unit basis among all such Series B Preferred
Partnership Units at the time outstanding.

         "Business Day" shall mean any day, other than a Saturday or Sunday,
that is neither a legal holiday nor a day on which banking institutions in New
York City are authorized or required by law, regulation or executive order to
close.

         (2)      The amount of any quarterly distributions accrued on any
Series B Preferred Partnership Units at any Quarterly Distribution Date shall be
the amount of any unpaid quarterly distributions accumulated thereon, to and
including such Quarterly Distribution Date, whether or not earned or declared,
and the amount of quarterly distributions accrued on any Series B Preferred
Partnership Units at any date other than a Quarterly Distribution Date shall be
equal to the sum of the amount of any unpaid quarterly distributions accumulated
thereon, to and including the last preceding Quarterly Distribution Date,
whether or not earned or declared, plus an amount calculated on the basis of the
annual distribution rate of $1.90625 per unit for the period after such last
preceding Quarterly Distribution Date to and including the date as of which the
calculation is made based on a 360-day year of twelve 30-day months.

         (3)      Except as provided herein, the Series B Preferred Partnership
Units shall not be entitled to participate in the earnings or assets of the
Partnership, and no interest, or sum of money in lieu of interest, shall be
payable in respect of any distribution or distributions on the Series B
Preferred Partnership Units which may be in arrears.

         (4)      Any distribution made on the Series B Preferred Partnership
Units shall be first credited against the earliest accrued but unpaid quarterly
distribution due with respect to such Partnership Units which remains payable.

         (5)      No quarterly distributions on the Series B Preferred
Partnership Units shall be authorized by the General Partner or be paid or set
apart for payment by the Partnership at such time as the terms and provisions of
any agreement of PPI, General Partner or the Partnership, including any
agreement relating to its indebtedness, prohibits such authorization, payment or
setting apart for payment or provides that such authorization, payment or
setting apart for payment would constitute a breach thereof or a default
thereunder, or if such authorization or payment shall be restricted or
prohibited by law. Notwithstanding the foregoing, quarterly distributions on the
Series B Preferred Partnership Units will accrue whether or not the Partnership
has earnings, whether or not there are funds legally available for the payment
of such quarterly distributions and whether or not such quarterly distributions
are authorized.

         (d)      LIQUIDATION RIGHTS.

         (1)      Upon the voluntary or involuntary dissolution, liquidation or
winding up of the Partnership, the Post Partners, in their capacity as the
holders of the Series B Preferred Partnership Units then outstanding, shall be
entitled to receive and to be paid out of the assets of the Partnership

                                       G-2

<PAGE>

available for distribution to its partners, before any payment or distribution
shall be made on any Junior Partnership Units, the amount of $25.00 per Series B
Preferred Partnership Unit, plus accrued and unpaid quarterly distributions
thereon.

         (2)      After the payment to the holders of the Series B Preferred
Partnership Units of the full preferential amounts provided for herein, the Post
Partners, in their capacity as the holders of the Series B Preferred Partnership
Units as such, shall have no right or claim to any of the remaining assets of
the Partnership.

         (3)      If, upon any voluntary or involuntary dissolution,
liquidation, or winding upon of the Partnership, the amounts payable with
respect to the preference value of the Series B Preferred Partnership Units and
any other Preferred Partnership Units of the Partnership ranking as to any such
distribution on a parity with the Series B Preferred Partnership Units are not
paid in full, the holders of the Series B Preferred Partnership Units and of
such other Preferred Partnership Units will share ratably in any such
distribution of assets of the Partnership in proportion to the full respective
preference amounts to which they are entitled.

         (4)      Neither the sale, lease or conveyance of all or substantially
all of the property or business of the Partnership, nor the merger or
consolidation of the Partnership into or with any other entity or the merger or
consolidation of any other entity into or with the Partnership, shall be deemed
to be a dissolution, liquidation or winding up, voluntary or involuntary, for
the purposes hereof.

         (e)      REDEMPTION.

         (1)      OPTIONAL REDEMPTION. On and after October 28, 2007, the
General Partner may, at its option, cause the Partnership to redeem at any time
all or, from time to time, part of the Series B Preferred Partnership Units at a
price per unit (the " Redemption Price"), payable in cash, of $25.00, together
with all accrued and unpaid distributions to the and including the date fixed
for redemption (the "Redemption Date"). The Series B Preferred Partnership Units
have no stated maturity and will not be subject to any sinking fund or mandatory
redemption provisions.

         (2)      PROCEDURES OF REDEMPTION.

                  (i)      At any time that PPI exercises its right to redeem
         all or any of the Series B Preferred Shares, the General Partner shall
         exercise its right to cause the Partnership to redeem an equal number
         of Series B Preferred Partnership Units in the manner set forth herein.

                  (ii)     No Series B Preferred Partnership Units may be
         redeemed except from proceeds from the sale of capital stock of PPI,
         including but not limited to common stock, preferred stock, depositary
         shares, interests, participations or other ownership interests (however
         designated) and any rights (other than debt securities convertible into
         the exchangeable for equity securities) or options to purchase any of
         the foregoing. The

                                       G-3

<PAGE>

         proceeds of such sale of capital stock of PPI shall be conveyed by PPI
         to the Post Partners, by contribution or loan, and thereupon
         contributed by the Post Partners to the Partnership pursuant to the
         requirements of Section 4.2 of the Partnership Agreement.

         (f)      VOTING RIGHTS. Except as required by law, the General Partner,
in its capacity as the holder of the Series B Preferred Partnership Units, shall
not be entitled to vote at any meeting of the Partners or for any other purpose
or otherwise to participate in any action taken by the Partnership or the
Partners, or to receive notice of any meeting of Partners.

         (g)      CONVERSION. The Series B Preferred Partnership Units are not
convertible into or exchangeable for an other property or securities of the
Partnership.

         (h)      RESTRICTIONS ON OWNERSHIP. The Series B Preferred Partnership
Units shall be owned and held solely by one or both of the Post Partners. As of
the date hereof, all of the Series B Preferred Partnership Units are owned by
Post LP Holdings.

         (i)      GENERAL. The rights of the Post Partners, in their capacity as
holders of the Series B Preferred Partnership Units, are in addition to and not
in limitation on any other rights or authority of the Post Partners, in any
other capacity, under the Partnership Agreement. In addition, nothing contained
herein shall be deemed to limit or otherwise restrict any rights or authority of
the Post Partners, under the Partnership Agreement, other than in their capacity
as the holders of the Series B Preferred Partnership Units.

                                       G-4<PAGE>

                                                                   EXHIBIT 10.3

                               SECOND AMENDMENT TO
                           SECOND AMENDED AND RESTATED
                        AGREEMENT OF LIMITED PARTNERSHIP
                                       OF
                           POST APARTMENT HOMES, L.P.

         This Second Amendment to First Amended and Restated Agreement of
Limited Partnership of Post Apartment Homes, L.P. (this "Amendment") is entered
into as of December 23, 1997, by and among Post GP Holdings, Inc. (the "General
Partner"), and the Limited Partners of Post Apartment Homes, L.P. All
capitalized terms used herein shall have the meanings given to them in the
Second Amended and Restated Agreement of Limited Partnership of Post Apartment
Homes, L.P., dated October 24, 1997, as amended by the First Amendment to Second
Amended and Restated Agreement of Limited Partnership of Post Apartment Homes,
L.P., dated as of October 28, 1997 (the "Partnership Agreement").

         WHEREAS, certain Limited Partners of Post Apartment Homes, L.P. (the
"Partnership") have requested an amendment to the Partnership Agreement as
provided herein, and such amendment has been approved by the requisite number of
Limited Partners as set forth in the Partnership Agreement;

         WHEREAS, the parties hereto accordingly desire to amend the Partnership
Agreement in accordance with the approved amendment;

         NOW THEREFORE, in consideration of the mutual covenants herein
contained, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

         Section 1.        Amendment to Partnership Agreement - Election to
Restore Deficit Capital Account.

         The Partnership Agreement is hereby amended by adding the following new
Sections 13.3.D, 13.3.E, 13.3.F and 13.3.G immediately following the existing
Section 13.3.C:

                  D.       Any Partner (other than a Principal or a
         Principal-Controlled Partnership, whose rights and obligations shall be
         as set forth above) may elect at any time to undertake deficit Capital
         Account restoration liability under Section 13.3.E (or increase the
         amount of such deficit Capital Account restoration liability previously
         undertaken) by delivering written notice of such election to the
         General Partner. Any such notice of election shall include a statement
         of the maximum dollar amount of such Partner's deficit Capital Account
         restoration obligation (the "Stipulated Liability Cap") or a statement
         that such obligation shall be unlimited in amount. Such election,
         including the Stipulated Liability Cap, shall

<PAGE>

         be subject to the written approval of the General Partner. At such time
         as the General Partner gives such written approval, such electing
         Partner shall be deemed an "Electing Partner" for purposes of this
         Section 13.3. The General Partner may prescribe such form or forms (if
         any) for an election under this Section 13.3.D as the General Partner
         deems appropriate.

                  E.       Subject to Section 13.3.F, if an Electing Partner (as
         hereinafter defined), on the date of the "liquidation" of his interest
         in the Partnership (within the meaning of Regulations Section
         1.704-1(b)(2)(ii)(g)), has a negative balance in his Capital Account,
         then such Electing Partner shall contribute in cash to the capital of
         the Partnership the lesser of (i) the amount required to increase his
         Capital Account as of such date to zero or (ii) such Electing Partner's
         Stipulated Liability Cap (as defined above). Any such contribution
         required of an Electing Partner hereunder shall be made on or before
         the later of (x) the end of the Partnership Year in which the interest
         of such Electing Partner is liquidated; or (y) the ninetieth (90th) day
         following the date of such liquidation. Notwithstanding any provision
         hereof to the contrary, all amounts so contributed by an Electing
         Partner to the capital of the Partnership shall, upon the liquidation
         of the Partnership under this Article 13, be first paid to any then
         creditors of the Partnership, and any remaining amount shall be
         distributed to the other Partners, if any, then having positive
         balances in their respective Capital Accounts in proportion to such
         positive balances.

                  F.       After the death of a Control Person (as hereinafter
         defined), the executor of the estate of such Control Person, on behalf
         of an Electing Partner, may elect to reduce (or eliminate) the deficit
         Capital Account restoration obligation of such Electing Partner
         pursuant to Section 13.3.E. Such election may be made by such executor
         by delivering to the General Partner within two hundred seventy (270)
         days of the death of such Control Person a written notice, on behalf of
         such Electing Partner, setting forth the maximum deficit balance in
         such Electing Partner's Capital Account that such Electing Partner
         agrees to restore under Section 13.3.E, if any. If such executor does
         not make a timely election pursuant to this Section 13.3.F (whether or
         not the balance in the Electing Partner's Capital Account is negative
         at such time), then such Electing Partner (and the beneficiaries of any
         Control Person who receive distribution of Partnership Units therefrom)
         shall be deemed to have a deficit Capital Account restoration
         obligation as set forth pursuant to the terms of Section 13.3.E. For
         purposes of this Section 13.3.F, "Control Person" means, with respect
         to any Electing Partner, (i) such Electing Partner, if such Electing
         Partner is an individual, and (ii) if such Electing Partner is not an
         individual, an individual who owns, directly or indirectly, a majority
         of (A) the power of the voting equity securities of such Electing
         Partner or (B) the outstanding equity interests of such Electing
         Partner.

         Section 2.        Amendment to Partnership Agreement - Allocation of
Net Losses

         Section 6.1.B of the Partnership Agreement is hereby deleted in its
entirety and the following new Section 6.1.B is inserted in its place:

                                       -2-

<PAGE>

                  B. Net Losses. After giving effect to the special allocations
         set forth in Section 1 of Exhibit C, Net Losses shall be allocated to
         the Partners as follows:

                  (1)      To the Partners who hold Common Partnership Units in
                  accordance with their respective Percentage Interests held
                  with respect to Common Partnership Units, except as otherwise
                  provided in this Section 6.1.B.

                  (2)      To the extent that an allocation of Net Loss under
                  Section 6.1.B.(1) would cause a Partner to have an Adjusted
                  Capital Account Deficit at the end of such taxable year (or
                  increase any existing Adjusted Capital Account Deficit of such
                  Partner), such Net Loss shall instead be allocated to those
                  Partners, if any, for whom such allocation of Net Loss would
                  not cause or increase an Adjusted Capital Account Deficit.
                  Solely for purposes of this Section 6.1.B.(2), the Adjusted
                  Capital Account Deficit shall be determined (i) in the case of
                  the Post Partners, without regard to the amount credited to
                  the Post Partners' respective Capital Accounts for the
                  aggregate Liquidation Preference Amount attributable to
                  Preferred Partnership Units and without regard to any deemed
                  deficit restoration obligation of the General Partner
                  recognized under Regulations Section 1.704-1(b)(2)(ii)(c)(2),
                  and (ii) in the case of an Electing Partner, Principal or a
                  Principal-Controlled Partnership, without regard to such
                  Partner's deficit Capital Account restoration obligation under
                  Section 13.3 hereof. The Net Loss allocated under this Section
                  6.1.B.(2) shall be allocated among the Limited Partners who
                  may receive such allocation in proportion to their respective
                  Percentage Interests in Common Partnership Units, but for any
                  particular Limited Partner not in excess of the maximum amount
                  of Net Loss that could be allocated to such Partner without
                  causing such Partner to have an Adjusted Capital Account
                  Deficit.

                  (3)      Any remaining Net Loss that cannot be allocated under
                  Sections 6.1.B.(1) and (2) hereof shall be allocated to the
                  Post Partners in proportion to their respective Percentage
                  Interests with respect to Preferred Partnership Units, to the
                  extent that such allocation of Net Loss would not cause or
                  increase an Adjusted Capital Account Deficit of the Post
                  Partners determined, in the case of the General Partner,
                  without regard to any deemed deficit restoration obligation of
                  the General Partner recognized under Regulations Section
                  1.704-1(b)(2)(ii)(c)(2).

                  (4)      Any remaining Net Loss shall be allocated to the
                  Electing Partners, Principals and the Principal-Controlled
                  Partnerships who may receive such allocation without causing
                  an Adjusted Capital Account Deficit as to such Partner, in
                  proportion to their respective Percentage Interests in Common
                  Partnership Units; provided that if, after the death of a
                  Control Person (as defined in Section 13.3.F hereof) or
                  Principal, an election is made on behalf of the applicable
                  Electing Partner, Principal or Principal-Controlled
                  Partnership under Section 13.3 hereof to eliminate or reduce
                  its deficit Capital Account restoration obligation under
                  Section 13.3 hereof, Net Losses shall not be allocated to such
                  Partner to the extent that such allocation would cause such

                                       -3-

<PAGE>

                  Partner to have an Adjusted Capital Account Deficit (or would
                  increase any existing Adjusted Capital Account Deficit of such
                  Partner) as of the end of such taxable year, and instead shall
                  be allocated to those Electing Partners, Principals and
                  Principal-Controlled Partnerships as to whom the foregoing
                  limitation does not apply, in proportion to their respective
                  Percentage Interests in Common Partnership Units.

                  (5) Any remaining Net Loss shall be allocated to the General
                  Partner.

                  C.       For purposes of Regulations Section 1.752-3(a), the
         Partners agree that Nonrecourse Liabilities of the Partnership in
         excess of the sum of (i) the amount of Partnership Minimum Gain, and
         (ii) the total amount of Nonrecourse Built-in Gains3 shall be allocated
         among the Partners in accordance with their respective Percentage
         Interests in Common Partnership Units.

                  D.       Any gain allocated to the Partners upon the sale or
         other taxable disposition of any Partnership asset shall to the extent
         possible, after taking into account other required allocations of gain
         pursuant to Exhibit C, be characterized as Recapture Income in the same
         proportions and to the same extent as such Partners have been allocated
         any deductions directly or indirectly giving rise to the treatment of
         such gains as Recapture Income.

         IN WITNESS WHEREOF, the parties hereto have executed the Amendment
under seal as of the date first written above.

                                  GENERAL PARTNER:

                                  POST GP HOLDINGS, INC.,
                                  a Georgia corporation

                                  By: /s/ John A. Williams
                                     ------------------------------------
                                     Name: John A. Williams
                                          -------------------------------
                                     Title: Chairman and Chief
                                            Executive Officer
                                           ------------------------------

                                  Attest: /s/ Sherry W. Cohen
                                         --------------------------------
                                         Name: Sherry W. Cohen
                                               --------------------------
                                         Title: Vice President and
                                                Secretary
                                                -------------------------

                                                    [CORPORATE SEAL]

                                      -4-

<PAGE>

                                         LIMITED PARTNERS:

                                         POST GP HOLDINGS, INC., a
                                         Georgia corporation, as
                                         attorney-in-fact for the
                                         Limited Partners (other
                                         than Post LP Holdings,
                                         Inc.)

                                         By: /s/ John A. Williams
                                            -----------------------------------
                                            Name: John A. Williams
                                                 ------------------------------
                                            Title: Chairman and Chief
                                                   Executive Officer
                                                  -----------------------------

                                         Attest: /s/ Sherry W. Cohen
                                                -------------------------------
                                                Name: Sherry W. Cohen
                                                      -------------------------
                                                Title: Vice President and
                                                       Secretary
                                                       ------------------------

                                         POST LP HOLDINGS, INC.,
                                         a Georgia corporation

                                         By: /s/ John A. Williams
                                            -----------------------------------
                                            Name: John A. Williams
                                                 ------------------------------
                                            Title: Chairman and Chief
                                                   Executive Officer
                                                  -----------------------------

                                         Attest: /s/ Sherry W. Cohen
                                                 ------------------------------
                                                Name: Sherry W. Cohen
                                                     --------------------------
                                                Title: Vice President and
                                                       Secretary
                                                      -------------------------
                                                           [CORPORATE SEAL]

                                      -5-

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