ConAgra Foods Completes the Sale of Its Cook's Ham Business to Smithfield Foods, Inc.

OMAHA, Neb. -- Transaction follows March 31 sale of company's seafood business; ConAgra Foods receives more than $440 million in cash for ham and seafood businesses

ConAgra Foods Inc. (NYSE:CAG), one of America's leading packaged food companies, today announced that it completed the previously announced divestiture of its Cook's ham business to Smithfield Foods, Inc. (NYSE:SFD). The completion of this divestiture follows ConAgra Foods' announcement on March 31 that it finalized the sale of its seafood businesses. The company said that it received more than $440 million in cash for both its ham and seafood businesses.

These transactions reflect ConAgra Foods' plan to drive consistent and sustainable growth by focusing in those areas where the company has the strongest competitive position. At a recent analyst and investor meeting in New York, the company discussed its intention to divest its cheese and seafood businesses as well as most of its refrigerated meats business. The company said that proceeds from these divestitures could be used for a number of alternatives, including reducing debt, repurchasing shares, reinvesting in the business and pursuing acquisitions.

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: 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 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.