ConAgra Foods Holds Annual Meeting of Shareholders

ConAgra Foods, Inc., (NYSE:CAG) one of America’s leading packaged food companies, held its annual meeting of shareholders in Omaha, Neb., today.

Chief Executive Officer Gary Rodkin reviewed key elements of the progress the company made in fiscal 2007, which ended in May. Key highlights included several new product introductions, cost-saving achievements and the ongoing creation of a culture that is the foundation for driving sustainable, profitable growth.

Steve Goldstone, ConAgra Foods’ non-executive chairman of the board, opened the meeting, and commented on the company’s performance. “2007 was a year of reinvention for ConAgra Foods,” Goldstone said. “CEO Gary Rodkin was firmly in place for his first complete year at the company, and the accomplishments of 2007 allowed reinvestment in the future. It’s also worth noting the company achieved diluted earnings per share from continuing operations of $1.35 in fiscal 07, which is much higher than we originally expected.”

Shareholders elected the six director candidates nominated by the board, ratified the appointment of the company’s auditors for fiscal 2008 and rejected a shareholder proposal. Certified vote results will be presented in the company’s first-quarter Form 10-Q to be filed with the Securities and Exchange Commission.

Earlier today, the board of directors of ConAgra Foods announced two items related to the company’s capital allocation program:

The quarterly dividend has been raised to $0.19 per common share. This new rate will start with the Dec. 3, 2007, dividend payment, which will be made to shareholders of record as of Nov. 2, 2007.

An additional $500 million of share repurchases has been authorized. The company plans to repurchase shares periodically, depending on market conditions, and may make purchases in the open market or through privately negotiated transactions.

“I am pleased with the progress we’re seeing,” Rodkin said. “We are investing in the growth of the business through high-quality marketing programs, product innovation, and operating systems that will drive sustainable, profitable growth for our shareholders.”

ConAgra Foods, Inc.,(NYSE:CAG) is one of North America’s leading packaged food companies serving grocery retailers, as well as restaurants and other foodservice establishments. Popular ConAgra Foods consumer brands include: Banquet, Chef Boyardee, Egg Beaters, Healthy Choice, Hebrew National, Hunt’s, Marie Callender’s, Orville Redenbacher’s, PAM, Reddi-wip, and many others.

Annual Shareholder Meeting Webcast:

The company will webcast its Fiscal 2007 Annual Meeting of Shareholders on Thursday, Sept. 27, 2007. This event will be webcast live beginning at 2:30 p.m. EDT. The webcast will be archived starting at 4:30 p.m. EDT on Thursday, Sept. 27, and can be accessed at http://investor.conagrafoods.com.

Note on Forward-looking Statements:

This release contains forward-looking statements. These statements are based on management’s current views and assumptions of future events and financial performance and are subject to uncertainty and changes in circumstances. The company undertakes no responsibility to update these statements. Readers of this release should understand that these statements are not guarantees of performance or results. Many factors could affect the company’s actual financial results and cause them to vary materially from the expectations contained in the forward-looking statements. These factors include, among other things, future economic circumstances, industry conditions, the company’s ability to execute its operating and restructuring plans, availability and prices of raw materials, product pricing, competitive environment and related market conditions, operating efficiencies, the ultimate impact of the company’s peanut butter recall, access to capital, actions of governments and regulatory factors affecting the company’s businesses and other risks described in the company’s reports filed with the Securities and Exchange Commission. The company cautions readers not to place undue reliance on any forward-looking statements included in this release, which speak only as of the date made.