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ConAgra Foods Strengthens Brand Portfolio Through Aquisition of Lincoln Snacks

OMAHA, Neb., Sept. 7, 2007 — ConAgra Foods, Inc. (NYSE: CAG) announced today that it has acquired Chicago-based Lincoln Snacks, a privately-held popcorn snacks manufacturer. Lincoln Snacks' priority brands include Poppycock and Fiddle Faddle and various retailers' private label products. The brands align with ConAgra Foods' strategy of optimizing its portfolio to continue sustainable, profitable growth.

Acquired by Chicago-based Ubiquity Brands in 2004, Lincoln Snacks generates approximately $45 million in annual sales of products which are available at all major grocers and large national retailers across the U.S. and internationally. Lincoln Snacks' Lincoln, Nebraska-based manufacturing facility will continue to produce the two brands. The brands will report up through ConAgra Foods' Snack Foods operation headquarters in Edina, Minn.

“This acquisition positions ConAgra Foods to further meet consumer demand for snacks,” said Gary Rodkin, chief executive officer of ConAgra Foods. “We plan to grow Poppycock and Fiddle Faddle through our marketing expertise and operating infrastructure, and we're pleased to welcome the brands into the ConAgra Foods portfolio.”

ConAgra Foods manufactures and markets several leading national snacks brands, including Orville Redenbacher's and ACT II popcorn, Crunch 'n Munch, DAVID seeds and Slim Jim meat snacks.

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 also include: Banquet, Chef Boyardee, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, Marie Callender's, PAM and many others. For more information, please visit us at www.conagrafoods.com. More information on Lincoln Snacks-branded products is available at www.lincolnsnacks.com.

Note on Forward-Looking Statements:

This release contains forward-looking statements. 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 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, the company's ability to execute its operating and restructuring plans, 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, 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.

MEDIA
Annie Haas		
Corporate Communication Manager
tel:  402-990-5047			

ANALYSTS
Chris Klinefelter	
Vice President, Investor Relations	
tel:  (402) 595-4154