Conagra Brands (CAG) 10-Q 2008 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 24, 2008
Earnings:
Income from continuing operations before income taxes and equity method investment earnings	$	1,020.5
Add/(deduct):
Fixed charges		248.2
Distributed income of equity method investees		22.6
Capitalized interest		(7.5	)
Earnings available for fixed charges (a)	$	1,283.8
Fixed charges:
Interest expense	$	205.1
Capitalized interest		7.5
One third of rental expense(1)		35.6
Total fixed charges (b)	$	248.2
Ratio of earnings to fixed charges (a/b)		5.2

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

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