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ConAgra Foods, Inc. One ConAgra Drive Omaha, NE 68102-5001

ConAgra Foods, Inc. All rights reserved.

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We agree with the companys strategy and think that the new management team is a

frst-class group, assembled rom among the best consumer packaged good companies,

and has the capacity to drive real improvements at ConAgra. Management has done a good

job in increasing the companys advertising budget and new product innovation, which

has boosted sales growth trends at the company. Furthermore, we believe managements

restructuring eorts aimed at reducing the complexity o the company and improving itsefciency are well placed.(David Driscoll, Citigroup Analyst, Feb. 16, 2010)

As a leading ood company, ConAgra Foods makes the ood you love. Brands include Banquet,Che Boyardee, Healthy Choice, Hunts, Marie Callenders, Orville Redenbachers, PAM,Peter Pan, Reddi-wip and more. ConAgra Foods also has a very signifcant presence incommercial ood products and is a top provider o specialty potato products to restaurantsand other oodservice establishments.

Under the leadership o CEO Gary Rodkin, the company has developed a strategic plan thatserves as a roadmap to sustainable, proftable growth and leverages fve areas o competitiveadvantage: Convenient Meals, Potatoes, Snacks, Meal Enhancers and Specialty.

ConAgra Foods oers employees a unique opportunity to have a direct, meaningul impacton company perormance and provides a deeper and richer career experience. The matrixedorganizational structure allows employees more direct access to senior leadership.

Learn more at conagraoodscareers.com.

ConAgra Foods by the Numbers

$12.7 billion in net sales or fscal year 2009

Fortune 500 company

25,000 employees

ConAgra Foods brands are ound in 96 percent o U.S. households

ConAgra Foods top 25 brands make up more than 80 percent o the Consumer Foodssegments $8+ billion in annual sales

ConAgra Foods sells nearly 13 million packages o ood products each day, includingmore than 3 million packages o rozen ood

More than $105 million was invested in quality, ood saety and inrastructure

upgrades in fscal 2009; prior year investments were $170 million Capital investments o $442 million or fscal year 2009 included improving

efciencies and upgrading three manuacturing plants, including Russellville, Ark.;Marshall, Mo.; and Lincoln, Neb.

Productivity improvements in the Consumer Foods business resulted in savingso more than $300 million or fscal 2009

Opening in November 2010, ConAgra Foods Lamb Weston is building a newstate-o-the-art, environmentally riendly sweet potato plant near Delhi, La.

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Recent Honors

In recognition o ConAgra Foods creative, insights-driven and results-producingmarketing, Brandweeknamed the company in 2009 as a top 12 marketer o the year.

The Shopper Marketing team received two important honors in 2009: a Gold OgilvyAward or Excellence in Shopper Marketing and named by The Hub Magazineas No. 2in its 2009 annual report on shopper marketing excellence

CRO Magazinenamed ConAgra Foods to its 11th Annual 100 Best Corporate Citizens List.This list is known as one o the worlds top corporate responsibility rankings

ConAgra Foods was named as a Best Company or Internships by Bloomberg BusinessWeekor 2009

ConAgra Foods became the frst SAP customer in the Americas to achieveCustomer Center o Expertise Advanced Certifcation

ConAgra Foods was awarded the 2009 Processor o the Year or its rozen oodbusiness by Rerigerated & Frozen Foodsmagazine

Healthy Choice Ca Steamers entrees were named as the No. 1 new ood item, measured by sales across the grocery store in 2008 by Information Resources, Inc. (IRI)

Lamb Weston was named as the top ood supplier by SYSCO, the nations largestoodservice business

Hunts ketchup won the prestigious WorldStar Award rom theWorld Packaging Organization or its innovative, sustainable packaging

For the second year in a row, ConAgra Mills was named the No. 1 supplier ograin products in Food Processingmagazines Readers Choice Awards

Mission

One company. One goal. Making the ood you love.

Operating Principles

SimplicityWe do less o what doesnt matter, and more o what really does. We are getting moreeach day rom our time and energy through intense clarity and ocus on our objectives.

CollaborationWe trust and respect our people. Were an inclusive organization that values engageddialogue. That means we seek diverse viewpoints to fnd the best ideas, and weproactively align on execution to get to the best result, aster.

AccountabilityWe keep our promises. We align on very specifc goals, objectives and strategies.We always act with integrity and urgency against commitments to our customers,consumers, shareholders and employees. We dont oer excuses; we oer solutions.

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People

ConAgra Foods is committed to nourishing people to attract, retain, engage and diversiytalent to drive success. The company is creating a culture o development where youcan discover your talents and advance your skills. Company leaders participate in unique

leadership programs developed by ConAgra Foods. Our talent management program clearlydefnes and aligns business needs with the individual career aspirations o our employees.

In addition to expanding employees knowledge, ConAgra Foods learning anddevelopment programs help give employees the opportunity to advance. Last year,more than 750 employees were promoted rom within.

Representing the companys commitment to a diverse, inclusive workplace, six EmployeeResource Network groups oer proessional development, mentoring, and the opportunity tobring unique insights to product innovation and other business goals. These groups include:

Young Proessionals Network (YPN)

ConAgra Asian Network (CAN) ConAgra Black Employee Network (CBEN)

ConAgra Latino Network (CLN)

Womens Leadership Council (WLC)

Illuminations GLBT employees and allies

Products

We continue to expect the company to drive double-digit earnings growth, urther realize

cost savings, deliver improving margins, and leverage its brand portolio. While we believemuch ocus will remain on top-line perormance in the consumer oods segment, we believe

management will continue to deliver against expectations even in a potentially more price

competitive environment.(Ann Gurkin, Davenport & Company Analyst, March 29, 2010)

ConAgra Foods specializes in ood that Americans have loved or generations, and isalways creating new recipes and innovations or the next generation. With a ocusexclusively on branded, packaged ood, 19 brands generate more than 100 million insales each year.

At the heart o the business is the ood people want in their lives every day. Food like

Healthy Choice

meals and entrees, Lamb Weston

potatoes, Orville Redenbachers

popcorn, Hunts tomatoes, and Banquet dinners. Food thats delicious, innovative,convenient, nutritious, and trusted.

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Innovation

Going orward, the company continues to innovate strongly, particularly in the rozen

segment, and is using its combination o new technologies (e.g. Ca Steamers) plus market

insights (e.g. an unmet consumer need or multiple-serving, high-quality, home-style meals

at a good price point) to drive the top line. These actions are clearly driving growth in the

companys strongest brands.(Alexia Howard, Bernstein Research Analyst, March 26, 2010)ConAgra Foods ocuses on breakthrough technologies and platorm innovations. In just itsfrst year, Healthy Choice Ca Steamers meals delivered over $100 million in sales andwere crowned the No. 1 new ood product or 2008 by Inormation Resources, Inc. (IRI).The company used its proprietary expertise in steaming to create new Marie CallendersPasta Al Dente meals and introduced a line o gourmet-quality Healthy Choice All Natural Entres.Our consumer-driven innovation extends to how we make our ood as well. In fscal 2009,ConAgra Foods became the frst company in North America using post-consumer recycledplastic in rozen meal trays, diverting 8 million pounds o plasticthe equivalent o 128

million 20-ounce plastic bottlesrom landflls each year.

Locations

The world headquarters or ConAgra Foods is in Omaha, Neb.

Omaha is home to the headquarters o our Fortune 500 companies, includingConAgra Foods

More than $2 billion in new capital investment transormed the riverront and

downtown in less than a decade Omaha was listed as Americas Fastest-Recovering City (Forbes.com, 2009)

Named the third-best U.S. city or business (Dow Jones MarketWatch, 2009)

The city ranked fth among The Best Places to Start Over(Bloomberg BusinessWeek, 2009)

Other key ofce locations include Naperville, Ill., Edina, Minn., and Kennewick, Wash. Thecompany has more than 90 manuacturing plants located across the country and salesofces strategically located to best meet customers needs. Main sales locations are:Bentonville, Ark., Pleasanton, Cali., Cincinnati, Ohio, Dayton, Ohio, and Boston, Mass.

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Benefts

WorkPerks brings together programs pay, benefts, work environment and learning anddevelopment that help make ConAgra Foods a leading employer. The programs vary bylocation, but the philosophy never wavers.

ConAgra Foods comprehensive benefts package includes: medical, dental, vision,disability, lie insurance, pre-tax spending accounts, pension plans, 401(k) and a stockpurchase plan. Not to mention 10 paid holidays on an annual basis and a generousvacation time package.

Tuition reimbursement Company stores On-site ftness acilities and classes On-site caeterias 15 days o paid vacation annually

Summer hours (ofce locations close at 1 p.m. Memorial Day through Labor Day) Services or new parents Paternity leave Adoption assistance Same-sex/domestic partner benefts Volunteer opportunities Free parking

*Services vary by location.

Corporate Responsibility

ConAgra Foods is dedicated to improving not only what it makes, but how it makes it.From innovative packaging to energy- and water-efciency projects, the company hasdemonstrated that sustainability is a key component to exceptional manuacturing processes.

The company recently announced fve aggressive sustainability goals to signifcantlyreduce packaging, water, greenhouse gas and solid waste by 2015. In 2009, ConAgra Foodspledged to reduce salt across its portolio o ood products by 20 percent by 2015.This eort, which began in 2006, will ultimately remove 10 million pounds o salt romAmerican diets each year.

ConAgra Foods partnership with Feeding America (the nations leading domestichunger-relie charity) is the largest corporate initiative in the U.S. solely dedicated tofghting child hunger. Over the past 15 years, ConAgra Foods has donated more than230 million pounds o ood and invested more than $30 million as the frst company tocomprehensively und child hunger programs nationwide. O all the reasons to considerConAgra Foods, consider this it just might be the career youve been looking or, thecareer you love. Learn more at conagraoodscareers.com.