News Release

                           ConAgra, Inc.
                           One ConAgra Drive
                           Omaha, NE  68102-5001
                           (402) 595-4000

                                                          FOR IMMEDIATE RELEASE

CONAGRA, INC., REPORTS COMPLETION OF
INTERNATIONAL HOME FOODS ACQUISITION

     OMAHA,  Neb.,  August 24, 2000 -- ConAgra,  Inc.  (NYSE:  CAG),  one of the
world's largest branded foods  companies,  and  International  Home Foods (NYSE:
IHF) announced today that ConAgra has completed its acquisition of International
Home Foods.

     Bruce Rohde,  ConAgra chairman and chief executive  officer,  said, "We are
excited  about the  growth  prospects  of the  International  Home  Foods  brand
portfolio as it becomes part of ConAgra's already powerful lineup of products we
offer our customers."

     Rohde added, "As we continue to focus on the value-added  portion of all of
our  businesses  and aligning our  resources  around our retail and  foodservice
customers,  International Home Foods fits well with our growth objectives.  This
deal is a good fit with our strategy."

     ConAgra's transfer agent, Wells Fargo Shareowner Services, will soon mail a
Letter of Transmittal to International Home Foods stockholders with instructions
on surrendering their certificates of International Home Foods stock in exchange
for cash and shares of ConAgra stock.

     "With a mixture of stock and cash as  consideration  for this  deal,"  said
Rohde,  "ConAgra  has  preserved  its  flexibility  to  pursue  other  strategic
opportunities  while attempting to make a tax-efficient  deal for  International
Home Foods' shareholders."

     For each International  Home Foods share,  ConAgra will pay $11 in cash and
0.54692 of a  ConAgra share.  ConAgra will issue approximately 41 million shares
of ConAgra common stock as the  stock  portion  of the  consideration.  The deal
represents  a  total  value  of  approximately  $2.9  billion,   reflecting  the
assumption of $1.3 billion in existing IHF debt.

     The number of ConAgra  shares  issued  for each IHF share  transaction  was
determined  by dividing $11 by $20.1125,  the average  closing  price of ConAgra
stock from August 4 through August 17 -- the relevant  pricing period set by the
merger agreement for determining the conversion rate of ConAgra stock.

     ConAgra,  Inc., a $25-billion-plus food company, is North America's largest
foodservice  manufacturer and second-largest  retail food supplier.  The company
employs more than 85,000  worldwide and  manufactures and markets brands such as
Hunt's,  Orville  Redenbacher's,  Snack  Pack,  Van  Camp's, Peter Pan, Manwich,
Beanee Weenee, Swiss Miss and Knott's Berry Farm.

     International  Home Foods,  Inc. is a  nationally  prominent  manufacturer,
distributor and marketer of food products.  Its significant  established  brands
include Chef Boyardee pasta products, PAM cooking spray, Bumble Bee seafood, and
Gulden's mustard.