CONAGRA FOODS


                              FOR IMMEDIATE RELEASE


      CONAGRA FOODS COMPLETES SALE OF FRESH BEEF
      AND PORK BUSINESS


     OMAHA, Neb., Sept. 19, 2002--Today  ConAgra Foods, Inc. (NYSE: CAG), one of
     America's  leading  packaged  food  companies,   completed  the  previously
     announced  sale of its  fresh  beef and  pork  operations  in a book  value
     transaction  to a venture led by Hicks,  Muse,  Tate & Furst Inc. and Booth
     Creek  Management,  Inc.  Funds were  transferred  and ownership  documents
     exchanged in a New York closing that was  finalized at  approximately  2:00
     p.m. EDT.

     Bruce  Rohde,  chairman  and chief  executive  officer  of  ConAgra  Foods,
     commented,  "This divestiture  reflects our long-term  strategic resolve to
     focus on branded and value-added  food products.  We have great respect and
     admiration  for John Simons,  Dennis Henley and the team they have built at
     Swift  &  Company.  We  look  forward  to  maintaining  a  strong  business
     relationship  with  Swift & Company  as an  important  supplier  to ConAgra
     Foods."



     Financial  details  related  to  this  transaction,   including  pro  forma
     financial  information,  will be  available  on the  company's  website  at
     www.conagrafoods.com/investors  when the final  Form 8-K is filed  with the
     SEC within the next 15 days.

     ConAgra Foods,  Inc. (NYSE: CAG) is one of North America's largest packaged
     food  companies,  with a strong  presence  in  consumer  grocery as well as
     restaurant and foodservice  establishments.  ConAgra Foods' consumer brands
     include:  Hunt's, Healthy Choice, Banquet,  Armour, Bumble Bee, Louis Kemp,
     La Choy,  Lunch Makers,  Knott's Berry Farm,  Wesson,  Country Pride,  Blue
     Bonnet, Kid Cuisine, Parkay, Reddi-wip,  Cook's,  Butterball,  ACT II, Slim
     Jim, Eckrich, Chef Boyardee,  Orville  Redenbacher's,  PAM, Snack Pack, Van
     Camp's,  Peter Pan, Hebrew National,  Gulden's,  Pemmican,  Brown 'N Serve,
     Swiss Miss,  and many  others.  For more  information,  please  visit us at
     www.conagrafoods.com.

     Note  on   Forward-Looking   Statements:   This   news   release   contains
     "forward-looking"  statements  within  the  Private  Securities  Litigation
     Reform Act of 1995.  These  statements  are based on  management's  current
     expectations  and are subject to uncertainty and changes in  circumstances.
     Actual results may vary materially from the  expectations  contained in the
     forward-looking   statements.   Future  economic  circumstances,   industry
     conditions,  company  performance and financial  results,  availability and
     prices of raw  materials,  product  pricing,  competitive  environment  and
     related  market  conditions,  operating  efficiencies,  access to  capital,
     actions of  governments  and  regulatory  factors  affecting  the company's
     businesses are examples of factors,  among others,  that could cause actual
     results to differ  materially from those described in the company's reports
     filed with the Securities and Exchange Commission.  The company is under no
     obligation to (and  expressly  disclaims any such  obligation to) update or
     alter  its   forward-looking   statements   whether  as  a  result  of  new
     information, future events, or otherwise.