ConAgra Foods Expects Fiscal 2007 EPS to Be Higher Than Expected; Appoints Two New Board Members

ConAgra Foods, Inc., (NYSE:CAG) announced today that it expects to report higher-than-projected earnings per share for fiscal 2007, and that two new members have been appointed to the company’s Board of Directors.

ConAgra Foods said it now expects fiscal 2007 earnings per share to be above the high end of the $1.28-$1.33 range it had previously announced. This upward revision is due primarily to significantly stronger-than-expected results from the company’s Trading and Merchandising segment in the fiscal fourth quarter. Earnings-per-share projections exclude items impacting comparability but reflect the adverse impact on profits from the peanut butter recall, including one-time costs. ConAgra Foods will provide details on its performance, including current estimates of the cost of the peanut butter recall, in its fourth-quarter earnings release and conference call scheduled for June 27, 2007.

ConAgra Foods also announced the appointments of Ruth Ann Marshall and Andrew J. Schindler to the company’s Board of Directors, effective immediately. The appointments bring the total size of the Board to 13 members.

Ruth Ann Marshall was president of MasterCard International’s Americas region, a post she held until her retirement in June 2006. Prior to joining MasterCard in 1999, Marshall held executive leadership positions with leading companies in the payment processing industry, and she spent approximately 18 years at IBM. Frequently recognized by FORBES Magazine as one of the nation’s top business women, Marshall currently sits on the boards of Global Payments, Inc., American Standard Companies, Inc., and Pella Corporation.

Andrew J. Schindler was chairman and CEO of R.J. Reynolds Tobacco Holdings Inc., where he held various senior management positions over a 30-year career. In 2004, following the merger of R.J. Reynolds with the U.S. business of Brown & Williamson, Schindler was named chairman of Reynolds American Inc., a position he held until his retirement in 2005. Schindler currently sits on the boards of ArvinMeritor, Inc., Hanesbrands Inc. and Krispy Kreme Doughnuts, Inc.

“I am delighted to welcome Ruth Ann and Andy to our board,” said Steven Goldstone, chairman of ConAgra Foods. “They are proven leaders with outstanding business experience who will be invaluable in helping ConAgra Foods achieve its potential.”

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, and many others. For more information, please visit us at www.conagrafoods.com.

Note on Forward-looking Statements:

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 document 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, 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, the company’s ability to execute its operating and restructuring plans, 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 document, which speak only as of the date made.