CAG ConAgra Brands Inc

Today the board of directors of ConAgra Foods, Inc. (NYSE:CAG), authorized two items related to the company�s capital allocation program: a dividend payment of $0.18 per common share to be paid on Dec. 1, 2006, to shareholders of record on Oct. 30, 2006; and an additional $500 million of share repurchases. The company plans to repurchase shares periodically, depending on market conditions, and may make purchases in the open market or through privately negotiated transactions. Today�s authorization, along with amounts remaining under the company�s existing authorization, permits the company to repurchase up to approximately $650 million of its shares. The company notes it has a strong cash position, given the recent divestiture activity and solid operating trends. Today�s announcement reflects the company�s policy of benchmarking capital allocation decisions against share repurchases while maintaining a healthy balance sheet and a sustainable dividend. ConAgra Foods, Inc. (NYSE:CAG), is one of North America�s largest packaged food companies, serving 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, Reddi-wip, PAM and many others. 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. 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, availability and prices of raw materials, product pricing, competitive environment and related market conditions, operating efficiencies, the company�s ability to execute its operating and restructuring plans, 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. Today the board of directors of ConAgra Foods, Inc. (NYSE:CAG), authorized two items related to the company's capital allocation program: -- a dividend payment of $0.18 per common share to be paid on Dec. 1, 2006, to shareholders of record on Oct. 30, 2006; and -- an additional $500 million of share repurchases. The company plans to repurchase shares periodically, depending on market conditions, and may make purchases in the open market or through privately negotiated transactions. Today's authorization, along with amounts remaining under the company's existing authorization, permits the company to repurchase up to approximately $650 million of its shares. The company notes it has a strong cash position, given the recent divestiture activity and solid operating trends. Today's announcement reflects the company's policy of benchmarking capital allocation decisions against share repurchases while maintaining a healthy balance sheet and a sustainable dividend. ConAgra Foods, Inc. (NYSE:CAG), is one of North America's largest packaged food companies, serving 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, Reddi-wip, PAM and many others. 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. 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, availability and prices of raw materials, product pricing, competitive environment and related market conditions, operating efficiencies, the company's ability to execute its operating and restructuring plans, 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.