FOR IMMEDIATE RELEASE

CONAGRA FOODS TO DIVEST UNITED AGRI PRODUCTS
Accomplishes Strategic Focus on Branded and Value-Added Food Business

OMAHA,  Neb.,  October 30, 2003 -- Today ConAgra Foods, Inc. (NYSE: CAG), one of
America's  leading  packaged food  companies,  announced  that it has reached an
agreement to sell United Agri Products (UAP),  its U.S. and Canadian crop inputs
business.  Apollo  Management,  L.P. will purchase the business in a transaction
expected to close before December 31, 2003.  This  divestiture by ConAgra Foods,
the sixth since September 2002 of primarily commodity businesses,  underscores a
strategic shift in the company's mix of businesses and brands,  which is part of
a planned program to build its branded and value-added food business.

Since September 2002 major divestitures  completed or announced by ConAgra Foods
include  its  fresh  beef and pork  businesses,  its  poultry  business,  canned
seafood,  cheese processing and now UAP. This repositions ConAgra Foods, a major
supplier to both foodservice and retail  customers,  as a focused packaged foods
business - with leading  brands like Banquet,  Butterball,  Chef  Boyardee,  Egg
Beaters,  Healthy  Choice,  Hebrew  National,  Hunt's,  Knott's Berry Farm, PAM,
Parkay, Reddi-wip, Orville Redenbacher's, Slim Jim and Swiss Miss.

Bruce Rohde,  ConAgra Foods  chairman and chief  executive  officer,  commented,
"This  divestiture  brings us closer to  achieving  our ultimate aim of becoming
America's  Favorite Food Company by providing  consumers with quality  favorites
and customers with superior service. It also focuses our resources on businesses
which have higher margin opportunities."



Terms of the Agreement

o    The sale price is expected to be approximately $600 million;  ConAgra Foods
     will  receive  approximately  $540  million  in cash and the  remainder  in
     preferred securities.

o    As a result of the transaction,  ConAgra Foods will take an approximate $25
     million charge or $0.04 per diluted share to the fiscal second quarter.

o    Apollo  Management,  L.P.  is  purchasing  all of UAP's U.S.  and  Canadian
     businesses,  which accounts for  approximately  $2.55 billion of UAP's $2.8
     billion in total annualized sales.

ConAgra Foods noted that the pending  divestiture  of UAP does not alter its EPS
expectations for Fiscal 2004. Additional details regarding this announcement are
posted in a  question-and-answer  document  located on the  company's  Web site,
www.conagrafoods.com, in the Investors section.

ConAgra Foods,  Inc. (NYSE: CAG) is one of North America's largest packaged food
companies,  serving consumer grocery retailers, as well as restaurants and other
foodservice  establishments.  Popular ConAgra Foods consumer brands include: ACT
II, Armour, Banquet, Blue Bonnet,  Butterball,  Chef Boyardee,  Cook's, Eckrich,
Gulden's,  Healthy Choice, Hebrew National,  Hunt's, Kid Cuisine,  Knott's Berry
Farm, La Choy, Louis Kemp, Marie  Callender's,  Orville  Redenbacher's,  Parkay,
Reddi-wip,  Slim Jim, PAM,  Pemmican,  Peter Pan,  Snack Pack,  Swiss Miss,  Van
Camp's,  Wesson,  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 meaning of
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 and other
risks described in the company's  reports filed with the Securities and Exchange
Commission  are  examples  of factors,  among  others,  that could cause  actual
results  to  differ  materially  from  those  described  in the  forward-looking
statements.  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.