November 24, 2003 Q&A
Deal Closings

     1.   How do today's announcements fit with the company's overall strategy?

          Today's divestiture announcements regarding the chicken processing and
          crop inputs  businesses  represent  the  successful  completion of the
          company's  strategy to favorably reshape its portfolio.  ConAgra Foods
          indicated  that it would  alter  its  portfolio  to focus on  branded,
          value-added  food  opportunities  with strong profit  margins,  strong
          returns on  capital,  and solid  growth  opportunities.  With  today's
          announcements, those portfolio changes are now complete.

          o    ConAgra  Foods has reshaped its  portfolio  over the last several
               years  through  strategic  acquisitions  of  brands  as  well  as
               divestitures of commodity-oriented businesses.

          o    With over 40  favorite  and famous  brands  that  serve  consumer
               grocery  retailers as well as restaurants  and other  foodservice
               establishments,  ConAgra  Foods is working on becoming  America's
               Favorite Food Company.

          o    Other recent strategic divestitures toward this goal of portfolio
               change have  included  divesting the fresh beef and pork business
               (September  2002),  divesting  the canned  seafood  business (May
               2003), and divesting  significant cheese operations over the last
               24 months  (most  recently  blue  cheese and cream  cheese in May
               2003).

     2.   The purchase price of the chicken processing business is based on book
          value  as  of  the  closing  date,  estimated  at  $545  million.  The
          consideration  received  of $300  million  in cash plus the 25 million
          Pilgrim's  shares (at Friday's  closing price of $14.39)  appear to be
          worth more than $545 million. Why the difference?

          The Pilgrim's  Pride shares that ConAgra Foods received were valued at
          $245 million for the purpose of this deal; the number of shares issued
          was determined by an average  trading price  established  over several
          months,  as opposed to the  trading  value on the  closing  date.  The
          trading price of Pilgrim's  Pride stock has increased  since this deal
          was originally  announced.  The actual value realized by ConAgra Foods
          won't be known until these shares are sold  pursuant to our  agreement
          with Pilgrim's Pride.

     3.   What is the agreement  regarding  ConAgra Foods' sale of the Pilgrim's
          Pride shares received in the  transaction?

          After a year following the  transaction,  ConAgra Foods may dispose of
          up to 1/3 of the shares in any given year; however,  ConAgra Foods may
          dispose of more than this in any given year through  mutual  agreement
          with the Pilgrim's Pride board.

          After the shares are registered for resale, ConAgra Foods expects to
          reduce its ownership level of Pilgrim's Pride over time, based on
          market conditions. The registration for resale is expected to occur
          within 1 year from the closing of the transaction.

     4.   Will ConAgra Foods account for the Pilgrim's Pride shares using equity
          method accounting?

          No. Any portion of the shares,  which are eligible for resale within 1
          year,  will be accounted for as securities  held for resale.  When the
          eligibility  for  resale is  greater  than 1 year  away,  they will be
          accounted  for using the cost  method of  accounting.

     5.   Where is the chicken  business  currently  reported in ConAgra  Foods'
          financial  results?

          It's currently part of  Discontinued  Operations.  Prior to the fourth
          quarter 2003, it was part of the Meat Processing reporting segment.