News Release

ConAgra Foods Announces Dividend Payment

Dec 1, 2005, 10:07 AM EST

OMAHA, Neb.--(BUSINESS WIRE)--Dec. 1, 2005--Today the board of directors of ConAgra Foods Inc. (NYSE:CAG) approved a dividend payment of $0.2725 per common share, to be paid on March 1, 2006, to shareholders of record on Jan. 30, 2006. This is a continuation of the current dividend rate. The March 1 dividend represents the company's 122nd consecutive dividend payment, and reflects the company's longstanding capital allocation policy of balancing cash available to distribute to shareholders with the cash needed to reinvest for future growth.

ConAgra Foods Inc. (NYSE:CAG) is one of North America's largest packaged food companies, serving consumer grocery retailers, as well as restaurants and other foodservice establishments. Popular ConAgra Foods consumer brands include: ACT II, Armour, Banquet, Blue Bonnet, Brown 'N Serve, Butterball, Chef Boyardee, Cook's, Crunch 'n Munch, DAVID, Eckrich, Egg Beaters, Fleischmann's, Golden Cuisine, Gulden's, Healthy Choice, Hebrew National, Hunt's, Kid Cuisine, Knott's Berry Farm, La Choy, Lamb Weston, Libby's, Lightlife, Lunch Makers, MaMa Rosa's, Manwich, Marie Callender's, Orville Redenbacher's, PAM, Parkay, Pemmican, Peter Pan, Reddiwip, Rosarita, Ro*Tel, Slim Jim, Snack Pack, Swiss Miss, Van Camp's, Wesson, Wolf, and many others. For more information, please visit us at www.conagrafoods.com.

Note on Forward-Looking Statements:

This news release 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. 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, company performance and financial results, availability and prices of raw materials, product pricing, competitive environment and related market conditions, operating efficiencies, 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.

CONTACT:
ConAgra Foods Inc., Omaha
Media:
Chris Kircher, 402-595-5392
or
Analysts:
Chris Klinefelter, 402-595-4154
www.conagrafoods.com

SOURCE: ConAgra Foods Inc.