Bobby Labonte to Run Banquet Chevrolet in Cabela's 250 Busch Race; Banquet Brand Extends Partnership with Winston Cup Series Champion Bobby Labonte and Joe Gibbs Racing Team.

Sports Editors/Business Editors

FMI Show 2004

CHICAGO--(BUSINESS WIRE)--May 3, 2004

Multi-Brand NASCAR Strategy Pairs Mike Bliss with Hunt's and Slim

Jim for Nextel Cup

Legendary NASCAR driver Bobby Labonte and his long-time sponsor ConAgra Foods, Inc. announced today that Labonte will return to the Busch Series for the Cabela's 250 Race on August 21, 2004 at Michigan International Speedway. He will be driving the bright red No. 19 Banquet Chevrolet featuring the Banquet(R) brand and logo. This car was unveiled at the 2004 Food Marketing Institute Show (FMI) at McCormick Place in Chicago.

This extended partnership with Joe Gibbs Racing (JGR) highlights ConAgra Foods' growing involvement in the sport of NASCAR. Having recognized the power of NASCAR to reach families nationwide almost a decade ago, the company was an early supporter of Labonte's racing team. Under this new agreement, Labonte will appear in advertising and promotions as well as provide personal appearances and publicity for Banquet and ConAgra Foods.

Labonte, the 2000 Winston Cup Series Champion, is currently tenth in the 2004 Nextel Cup points race. The Cabela's 250 Race marks Bobby's return to the Busch Series. "I'm excited to run the No. 19 Banquet Chevrolet in the Busch series later this summer," said Labonte. "My goal is to take Banquet and ConAgra Foods to the winner's circle at the Cabela's 250."

"NASCAR is a great match for many of our brands and working with JGR, Bobby and Mike really allows us to connect with our consumers," said Mike Hargrave, vice president, sponsorship and event marketing. "We continue to aggressively pursue marketing properties that support our multi-brand approach and give our retailers the tools they need to sell more ConAgra Foods products."

ConAgra Foods will continue to maximize its association with NASCAR in 2004 with a series of sponsorships and promotions. Banquet's title sponsorship of the Banquet 400 Nextel Cup Series race at Kansas Motor Speedway in October continues for the second year, and the partnership with JGR will offer several ConAgra Foods brands in the snack and grocery categories the opportunity to appear on the No. 80 car driven by Mike Bliss during two Nextel Cup Series races. Bliss will race the No. 80 Slim Jim Chevrolet at the Tropicana 400 in Chicago this July and he will run the No. 80 Hunt's Chevrolet at the Chevy Monte Carlo 400 at Richmond International Raceway in September.

"NASCAR fans place real value on great family names like Labonte and Banquet," said John Hanson, vice president, marketing, for Banquet. "We love being a part of a sport that so many families across the country enjoy together."

This summer Banquet will be rolling out a retail promotion called "0 to Dinner with Banquet," which gives fans the opportunity to collect five proofs of purchase from frozen and grocery products and receive a die cast No. 19 Banquet Chevrolet.

For almost 50 years, Banquet has been making classic family meals that provide consistently good taste at a great value. Banquet products include Banquet frozen dinners - such as Salisbury Steak, and Macaroni and Cheese - pot pies, a multitude of prepared-chicken products, and Banquet Homestyle Bakes and Dessert Bakes. At the 2004 FMI Show, Banquet is officially announcing Banquet Crock-Pot Classics, the first and only complete, frozen meals specifically designed for the slow-cooker. Banquet meals are available at grocery and discount club stores across the nation.

ConAgra Foods, Inc. (NYSE:CAG), based in Omaha, Neb., 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, Butterball, Chef Boyardee, Cook's, Eckrich, Gulden's, Healthy Choice, Hebrew National, Hunt's, Kid Cuisine, Knott's Berry Farm, La Choy, Louis Kemp, Marie Callender's, Orville Redenbacher's, Parkay, Reddi-wip, Slim Jim, PAM, Pemmican, Peter Pan, Snack Pack, Swiss Miss, Van Camp's, Wesson, and many others. For more information, please visit us at www.conagrafoods.com.