Conagra Brands (CAG) 10-Q 2014 Q3 Quarterly report

Exhibit 12

ConAgra Foods, Inc. and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

($ in millions)

	Thirty-nine weeks ended
	February 23, 2014
Earnings:
Income from continuing operations before income taxes and equity method investment earnings	$	849.6
Add (deduct):
Fixed charges	346.0
Distributed income of equity method investees	17.7
Capitalized interest	(10.8		)
Earnings available for fixed charges (a)	$	1,202.5
Fixed charges:
Interest expense	$	291.8
Capitalized interest	10.8
One third of rental expense (1)	43.4
Total fixed charges (b)	$	346.0
Ratio of earnings to fixed charges (a/b)	3.5

⁽¹⁾ Considered to be representative of interest factor in rental expense.