ConAgra Foods approves US$750M increase to company's share repurchase authorization, with no expiration date

OMAHA, Nebraska , December 14, 2011 (press release) – ConAgra Foods, Inc., (NYSE: CAG - News) one of North America’s leading food companies, today announced that the board of directors approved a $750 million increase to the company’s share repurchase authorization, with no expiration date. Shares are expected to be repurchased periodically over several years, depending on market conditions and other factors, through open-market or privately negotiated transactions. The repurchases are expected to be funded by cash generated from operations. This authorization is part of broader capital allocation priorities that include maintaining an investment grade rating and strong balance sheet while deploying the company’s strong free cash resources towards a top-tier dividend policy, strategic acquisitions and other growth investments, and share repurchases.

ConAgra Foods, Inc., (NYSE: CAG - News) is one of North America's leading food companies, with brands in 97 percent of America’s households. Consumers find Banquet, Chef Boyardee, Egg Beaters, Healthy Choice, Hebrew National, Hunt’s, Marie Callender’s, Orville Redenbacher’s, PAM, Peter Pan, Reddi-wip, Slim Jim, Snack Pack and many other ConAgra Foods brands in grocery, convenience, mass merchandise and club stores. ConAgra Foods also has a strong business-to-business presence, supplying frozen potato and sweet potato products as well as other vegetable, spice and grain products to a variety of well-known restaurants, foodservice operators and commercial customers. For more information, please visit us at www.conagrafoods.com.

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